Recession-Proof Your Business
Recessions can be frightening— after the '08 boom, it took many companies years to climb back to where they were (if they made it at all). If you're a business owner, you wouldn't be alone if you were looking for ways to feel secure about the future. Now there isn't much we can do to control the economy as a whole, but there are a couple of ways that you can work to secure your company's future.
Many articles preach tenets such as "become indispensable," which is often easier said than done. Instead, we offer three tips to help any size business endure tough times.
Lead by Example
Often purely associated with a temporary economic decline, recessions have some side effects which can profoundly impact your business. Chief among them are increased feelings of doubt, mistrust, and wariness. Typically these feelings are caused by a lack of economic stability, but they can spiral and cause problems within the workplace.
As leaders within your company, you may not be able to fix the economy, but you can help stabilize your work environment and maintain a semblance of health and balance in the workplace. This can be combated by leading from the front or leading by example.
Leading by example shows that you are one with your employees and are all one team. Morale is easier to maintain, and you have a greater capability of responding to crises or other vital situations. This is extra important for small businesses!
Invest in Targeted Marketing
Where spending money might not seem to make sense when facing an economic downturn, the act of promoting your business is essential to overcoming a recession. However, as with most things, you must be tactical in your approach; not all marketing efforts are created equal, and you must choose what is most efficient for you.
It's crucial to do your marketing with people you trust to understand your business. Marketing efforts can be divided into three main categories: Social, SEO, and Web Design.
Social Media is an excellent example of "you get out what you put in." The barrier for entry is extremely low, but the ceiling of what you can accomplish is nearly astronomical. The good news is that you don't have to spend any money to achieve the basics of social media— you can have a good social strategy without spending a cent. Reaching the next level, however, generally requires an expert.
When you spend money on your social media, ensure you're paying to get expertise and efficiency. These are the biggest aspects that any social media marketing company can offer you. If they have experience or knowledge about your industry, all the better.
SEO has the potential for the highest value per dollar amount of any marketing effort. The successes of SEO stick with your website long after you stop paying for services, and a good SEO marketing company will set you up for future success as well.
These evergreen services help clients big and small. No matter the size of your website or how long you’ve been in business, SEO can help your website appear for more people and drive more traffic to your website.
Existing in the digital world is essential in today's business landscape, and the success of your online efforts can often be determined by the appearance and usefulness of your website. Everyone who has spent time on the internet has visited a website and immediately left because it either didn't have the professionalism they were looking for or gave off a less than confident appearance.
Upgrading your user experience and the design of your website is a surprisingly efficient way of improving all marketing efforts.
Stay Ahead
Don't get surprised by shortages in the supply chain, and don't let suppliers get surprised by business on your end. There's a good chance that suppliers and similar companies are also going through a tough time, and communication between your company and theirs can make life easier for everyone involved.
From a strategy standpoint, you want all players on your team to be on the same page. If you're a startup looking for financing, get financing early rather than when you're in dire straits. If you're a Mom & Pop Shop, ensure that your customers and suppliers know about your company, the gaps in supply, and what can be done to streamline things. The prepared are often the most successful in any scenario.
Recession-Proof Your Business
Economic highs and lows aren't something we can control individually, but by preparing your company and laying a sound foundation, you can weather any storm. Creekmore offers a variety of consulting and marketing services to any level of client. Interested in how we can help? Get a free quote or call us at (859) 270-3169 today to start securing your company's future.
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We are an internet marketing firm that specializes in local Search Engine Optimization (SEO), pay-per-click ads (PPC), social media management solutions and advertising, responsive website and logo design, review marketing, online reputation protection, webchat, texting and digital receptionist. We proudly serve small businesses all over the US and Canada.
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