This article is tagged as Recession, Tips

6 Tips to Prepare Your Small Business for a Recession

May 19, 2022

I tend not to listen to the news as I find it a tad depressing. However a headline caught my eye yesterday because it mentioned the word ‘recession’.

It immediately got me thinking, especially as I’m already hearing rumblings from clients and other online biz friends that people just don’t seem to be buying.

Now of course, in many respects it depends on what you are selling and who you are trying to sell it to…but no one can deny that the economy isn’t in a great state at the moment.

Here in the UK inflation has risen to 9% -the highest it’s been in 40 years! Interest rates are likely to rise and need I say anything about the cost of fuel 🤷🏾‍♀️ when I first started driving petrol was less than £1 a litre.

Anyhow, I’m not an economist and this isn’t intended to scaremonger or be all doom and gloom 😱 but as small business owners I do believe we have to prepare ourselves for tougher times ahead.

But how?

Well here’s 6 things that I’m really focusing on over the coming weeks and months…

1. More Marketing

If ever there was a time to zero in on expanding your audience and growing your list, it’s now. Prepare those stellar lead magnets and get them out there so you can start building relationships from now, instead of having to try pushy sales tactics later. 

If you’re looking for a little guidance with this – be sure to join The Marketing Reset facebook group.

2. Clearer focus

Really analyse the products/services that are performing the best and focus your time and energy on promoting them and making them better. Don’t waste time, money and effort on weaker offerings.

3. Less spending

Seems obvious doesn’t it? But I bet we are all spending on things (platforms/memberships etc.) that we don’t really need. Do an audit and cut the non-essentials. Less spend = more profits = more ‘rainy-day’ cashflow.

4. Nurture existing relationships

We all know it costs more to acquire a new customer than it does to maintain an existing one. Love on the people who have already spent their hard-earned cash with you. Show them they are valued and don’t take them for granted.

5. Automate & Delegate

Of course I was going to get this one in here 😊. But if you really think about it, freeing up your time to focus on revenue generating activities is both practical and logical. If you find you are doing repetitive tasks for little return, there’s probably a way to automate it…otherwise hand it over to someone else.

6. CEO Days

My lovely friend Selina Johnson (who coincidentally is a delegation superstar #point 5)  introduced me to this concept and I absolutely love it. In fact my out of office is on for today and tomorrow because I need time to work on my business instead of in it. When you create space to really think and gain clarity on where you are going and what you are trying to achieve, it makes a huge difference to the day to day running of things.

 

Business is challenging at the best of times… Add a potential recession into the mix and it may feel even harder (unless you operate a recession proof business). But as the saying goes ‘failure to plan, is planning to fail’.

So, what do you reckon? Is there anything from the above list that you’re doing, or going to do?

Let us know in the comments below.

Toni x

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