1. Be Adaptable
If 2020 taught business owners anything, it was that they need to be adaptable. It’s imperative to get creative and brainstorm different ways to deliver your service or products in times of stress and strain. Think about group discounts, subscription-style deals, and other incentives to stay ahead of the competition. You may also want to use customer surveys to get a feel for what they are seeking out.
2. Cater to Your Current Customers
Turning your attention to your existing and loyal customers is one of the best ways to recession-proof your business. In strategizing how to build upon the following you’ve managed to gain, the significance of customer service can’t be stressed enough. When the willingness to spend decreases during tough economic times, the need to impress with top-notch service increases. Word of mouth is a bigger benefit than most business owners realize. At the end of the day, happiness and satisfaction are what sell.
Source: Market Point
3. Monitor Your Cash Flow
Forecasting your monthly cash flow is a not-to-be-missed step in staying ahead of the curve. With a monthly forecast, you can ensure that expenses and planned expenditures align with your accounts receivable, eliminating any unwelcome surprises. Implementing cash flow statements also enables you to project where your business will stand three months in advance, removing dangerous guessing games from the equation.
4. Boost Your Marketing
During difficult times, your small business needs to be seen and heard more than ever. It is common for marketing budgets to take a hit when profits get lean, but you can’t lose sight of the necessity to stay competitive and present in the market. Explore new ways to expand your advertising efforts like cross-promoting with other businesses, garnering free publicity for a charity event or hosting a grand re-opening. Thinking outside the box (a nod to being adaptable, which was first on this list) is all part of boosting your marketing mojo!
5. Revisit Your 3 Ps of Business
Revisiting the 3 Ps of business is one of the most fundamental steps in ensuring the success of your company before, during, and after challenging times.
These proven principles are your building blocks of success and allow you to make updated, informed decisions as you move through those sometimes-daunting moments of business ownership.
No matter the economic landscape, these five strategies for surviving and thriving through the hardest of times can keep you on track. With tBp, we’ve built a vision that supports your passion for perseverance and offers a like-minded community ready to meet you wherever you are in your journey.