Say what? There are perks that come along with a recession? Well not across the board, but for those who can take a step back and evaluate the whole scene, there are real opportunities to strengthen and set a business apart from the competition during a recession.
When markets experience a downswing, it tends to affect the emotions and dealings of businesses around the world. As we face weighty stock drops and fear of bank closures, the natural response is to spend time and energy to worry and stress. Instead of mulling over down revenue or client loss, a recession is the ideal time to improve areas of your business you normally don’t have the time to pay attention to.
What does this mean for you? How can you make the most of a down market?
Network: On days that you’d normally be stuck at the office until 7 or 8pm at night, get out and hit a happy hour or speaking event. Broadening your contacts even in your local community can open doors, and now’s the time to do it.
Marketing: They say the first thing to go in a company’s budget is usually ad or marketing dollars. Now, more than ever, your clients need to know – by hearing and seeing – that you’re still in the game. Amp up your marketing, PR and ad efforts while other stay on the sidelines and there’s a real opportunity to make a quantum leap.
Study: Take one hour of every day and dedicate it to learning about your business – or another in your client circle. Whether it’s the newspaper , the latest and greatest business book, or a slew of knowledgeable magazines, we always tell our clients that reading the news is akin to getting a master’s degree on the side.
Engage Your Employees: Now more than ever, employees need to feel safe and secure. With fears of losing a job on the lips of everyone, a five-minute sit down to check in with your employees on a weekly basis can go far.
Know the Changing Needs of Your Clients – A recession will bring about different needs. It’s important to have open conversations with your clients about the direction of their business and how you can help them through the time.
History has proven that markets will eventually bounce back. How soon we may not know, but keeping your head on straight amidst a very emotional and irrational time is the key to maintaining a strong, growing business.