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News of slowing revenue growth and layoffs in almost every industry is currently dominating headlines in all places where we consume media. In combination with the inverted yield curve we saw in November, typically a harbinger of a global recession, it’s no wonder we feel stressed. What can we as entrepreneurs and business owners do in a looming recession? How do we protect our businesses and mitigate the impact of a global economic downturn?
I unwittingly founded my marketing agency during the Great Recession in 2008, not understanding how severe and long-lasting the recession would become and its effects on the entire global economy. Fortunately, my company weathered that turbulence and emerged on the other side with more customers and revenue than expected. Now that we’re on the cusp of an economic downturn that feels eerily familiar, I want aspiring female entrepreneurs to learn how to not only endure, but thrive during the potential next recession.
Why? Because everything everywhere is telling entrepreneurs and entrepreneurs to pause now, back off, support and play it safe. I want to give you permission to do the opposite. Despite your natural tendency to hesitate, now is the time to implement these measures: Take action before the recession is even declared.
In addition to scrutinizing your budget and cutting non-essential expenses to ensure you have working capital during the potentially lean times, here are the top four tips I’ve used to help my business grow during the last recession.
Related: What Is a Recession and How Do You Prepare for It?
1. I’ve made networking a priority
Making regular connections helps keep your business at the top of the list, regardless of economic conditions. Most of us have heard the saying, your wealth is in your network. Cultivating mutually beneficial relationships with clients and other business owners is a great way to maintain a steady stream of potential clients for your services.
There are plenty of ways you can network in person and online, including connecting with clients and prospects on social media (yes, you can even slip into DMs) and attending industry events and conferences to meet potential clients and partners.
In addition, you can join professional organizations related to your industry or target market. You can even reach out to influencers in your industry or target market and ask for their advice or feedback on your products or services and connect with other businesses in your area who could be potential partners or referral sources.
2. I’ve redoubled my content marketing efforts
Content marketing is an excellent way to reach your target audience and build relationships with them. When done effectively, content marketing can increase brand awareness, generate leads, and drive sales. If you want to double down on content marketing for your business, like I did, here are some tips to get you started:
- Create a content strategy: Develop a plan detailing what types of content you will create, how often you will post it, and where it will be distributed.
- Always focus on quality over quantity: High-quality content is in all cases more likely to be shared and attract readers than low-quality content. Quality content doesn’t have to be complex, but it should add value.
- Leverage multiple marketing channels: Use different marketing channels such as your monthly newsletter, your company blog and social media to reach your target audience. Furthermore, you can host webinars or workshops related to your industry or target market to build relationships with potential customers and partners.
- Monitor results: Monitor the performance of your content marketing efforts so you can adjust your strategy accordingly.
- Invest in tools: Invest in tools that help you create better content faster and more efficiently. Tools I use include Google Trends, Grammarly, StackEdit, and Answer the Public.
Related: How to Adapt Your Marketing to Survive a 2023 Recession
3. I made sure my business had multiple streams of revenue
As an ukbusinessupdates.com, if you rely only on a single income stream, you need to take the time to diversify. Multiple streams of income are critical to creating a thriving business as it helps diversify your sources of income, reduce risk and increase potential profits.
Easy ways to create multiple revenue streams include: offering additional services or products, building digital products such as courses, affiliate marketing, selling advertising space, creating subscription-based services, speaking, and offering consulting services. You want to find additional ways to monetize your business IP so you can diversify your offerings and ensure you have a steady stream of income.
4. I have acquired new business skills to improve my services.
This is the time to invest in your professional development. By acquiring new skills that can enhance your customers’ experience, you can achieve astronomical ROI, especially once the economic downturn is over. For example, if we all learn and learn about all things Web3, what skills could you learn to help your customers in that area? Other professional development skills and training to consider:
- Take a digital marketing course to learn how to use social media, search engine optimization, and other online tools to promote your services.
- Get certified in project management to learn how to manage projects more effectively and efficiently.
- Get certified in financial management to become more proficient in the financial aspects of running a business.
- Learn about data analytics and analytics to make better decisions based on data-driven insights.
- Take a public speaking or presentation course to communicate more effectively with customers and prospects.
Related: 5 ways to accelerate your business during the 2023 recession
I took many other steps during the last recession to ensure my business was successful, but these were the actions that yielded the most returns. As business owners, we are always looking for ways to increase sales and a loyal, enthusiastic customer base. The central principle of all my actions was how to better serve my customers.
Remaining customer-focused is critical, focusing on providing excellent customer service in every interaction. Customers who feel valued and valued are more likely to come back and recommend your company to others during an economic downturn or boom. Using these tips will give you and your company more advanced skills and resources, ultimately putting you ahead of the competition.
