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7 Ways to Recession Proof Your Business
Because it is important for all small businesses to prepare for the unexpected, I have provided suggestions to recession proof your small business. If you implement just a few of the following strategies, you will position your business to thrive during this economy turndown. No matter what is happening in the economy, you want to watch your cash position, keep sales leads flowing, and stay in touch with current customers so you don’t struggle to stay afloat.
A small business may make the mistake of cutting back its marketing budget when times are tough. Reaching out to your current and potential customers is one of the best investments you can make in your small business. Your email list is your most valuable asset. Having an engaged list of people who trust you will enable you to always generate income. You must know your customer and provide what that need and how they want it.
When a recession hits, what you are doing needs to change. Analyze the purchasing habits of your existing customers over the past three years. Prices are now a concern. Could you offer a discount if you repackaged your main offers? Is it time to introduce a new product or service? Does your marketing message have a clear focus and consistency? Can you clearly describe your value proposition? Can you validate your solutions with social proof? Can your website use a refreshing? Is it time to create a new lead magnet?
Get in touch with your customers. Whenever you are struggling, remember that they are struggling as well. Make a call to your client if they recently reduced their workforce or number of products that they purchase from you. Support your clients. If she doesn’t have cash on hand to keep up with her orders, offer her credit terms if you can. Always be willing to brainstorm with a client. Ask if there are any other ways you can help.
Your marketing activities might be wasting money if you don't measure them. Testing and tracking all marketing efforts are crucial. Only then can you determine what is working and what is not. You can find out which content resonates best with visitors to your website by reviewing your Google Analytics monthly. Examine the open rates of all your emails, and make sure they are within that 15% to 20% range of engagement. It may be necessary to remove people who aren't reading your emails from your list. You should also check your social media accounts to see if they are meeting the goals for connecting with people and referring people. Measuring your marketing will help you decide where to invest your time and money and which activities to eliminate completely. For example, you can track the number of clicks that come from each social media post and compare it to the number of likes, shares, and comments. This can help you determine which content resonates best with your audience, allowing you to refine your strategy.
It is common for small business owners to reduce service levels when they cut back, which is a big mistake. You can distinguish your small business in a recession by providing amazing customer service. People tend to be loyal to those businesses providing a customer experience that is so strong that there is a connection that makes the customer want to come back. Be the company that your customers brag about by creating a memorable service experience. This is similar to a five-star restaurant - if you provide delicious, fresh food in a luxurious atmosphere with impeccable service, customers are more likely to come back and even recommend it to their friends. The same can be said for customer service in a small business - it is the attention to detail that sets you apart and keeps customers coming back.
Revenue must come from more than one source for a business to be successful. Make sure you don't have to rely on just one source of income by expanding your product or service offerings. For example, besides doing taxes, small business accountants can offer training courses on Quickbooks setup so that they can help their clients. They can consider establishing a membership program for accountants to learn how to run a stronger business and build a team. Diversifying your income base is critical so that you have multiple streams of income.
Put marketing and sales at the top of your priority list. Ensure you are driving new leads with content, phone calls, and emails every day. Take the time to follow up on your leads, as your fortune is in the follow-up. You should spend two hours a day or two days a week on sales activities. For example, you could spend one hour a day doing outreach via email, and the other hour doing follow-up calls with your leads. Small business success, especially in a recession, depends on ongoing sales.
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