When the waves get stronger, the strong ones are revealed: how to get through the economic slowdown safely - voila! Marketing & Digital

A woman working in a small business (Photo: ShutterStock)

There is no need for a fortune teller or a crystal ball, all signs point to a recession coming by leaps and bounds. Economic newspapers report that consumer spending is falling, the job market is between waves of layoffs and slowing hiring, and inflation is rearing its ugly head.

In general, it can be said that business owners are more resilient to crisis situations, show composure in challenging business times and are accustomed to thinking quickly and flexibly, after going through several significant crises in recent years. Even for businesses that still do not feel the recession immediately, it is strongly recommended to be vigilant and cautious in management.

This is the time for every business owner to consider measures to reduce expenses, move to a proactive state, take responsibility, analyze the business in detail, control the budget, work processes and understand the revenue mix in depth.

Clarity and understanding of all your options allows for powerful control, turning you into an enterprising and non-reactive business owner. Business owners who succeed in the challenge will reap the fruits that will grow afterwards.

So how will you get through the current wave and emerge from it strengthened and profitable? Here are five tips for controlling spending and increasing revenue that you can immediately implement in your business.

1. Rethink your marketing and advertising

The cost of marketing and advertising can be a significant expense, especially for those businesses running pay-per-click campaigns or employing a digital agency. During times of slowdown, there are smart ways to generate quality leads on a low budget:

• Replace high-budget campaigns with SEO performance on your business website. At a low cost, you can get recommendations of popular search words for your service and divide content preparation tasks among employees, such as: writing blog articles, updating new projects and customer testimonials on your business website.
• Grow organic social media marketing using hashtag research and creating community and valuable content.
• Create collaborations with brands, products and services that complement your own and enjoy exposure to a targeted audience you want to reach.
• Create a proactive human appeal for accurate data
• Look for the money "under the flashlight" Do in-depth work on past customers - prepare a targeted inquiry in mailings, messages or phone calls
• Reach out to your existing customers and try to understand what additional value you can bring them, and create an appeal to increase their total products
• If you haven't done this before, ask loyal and satisfied customers to give you recommendations

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2. Quality human capital does not have to cost capital

In the past, hiring highly experienced employees was a standard for business quality, and experienced professionals are, for the most part, significantly more expensive than their less experienced counterparts.

Many high-tech layoffs and quality job seekers today are reinventing themselves and looking for work in fields that go beyond their professional experience and education, but they can do an excellent job and bring great value to your business.

The prevailing rule in such cases is: "Recruit slowly and fire quickly" (in case of discrepancy). Carefully examine the candidate's degree of openness to learning and his degree of "hunger" to work with you, in terms of commitment and suitability for the job.

In the recruitment process, it is worthwhile to integrate examination of the candidates on social networks, and give a home assignment that represents the challenges of the position. In addition, it is recommended, if necessary, to use an external consulting company, which will accompany you in the process, examine together with you the work processes, times and performance You will be surprised how much money is wasted in fixed processes over years that can change easily.

3. Outsourced (freelance) roles

Employees are obviously an essential asset to your business, but with payroll costs, employer costs, and office space, your people are also one of your business's biggest expenses.

Not every task necessarily has to be performed by someone with a fixed salary. It is important to examine the possibility of outsourcing some of the work to independent contractors or third-party service providers. There are tasks that can be defined as a project and not employ a salaried employee over time, alongside tasks that are periodic and outsourcing services can only be purchased as needed.

4. Negotiating with suppliers

When the economy slows, almost everyone feels the pain, and the same goes for your suppliers. Their willingness to adapt to your needs is important, and it shows how committed they are to the success of your business in good times and bad. Try to reach better agreements with your suppliers in pricing, plus services, and payment terms. You should also consider re-negotiating the lease of office space, if any.

5. Search for opportunities

In every period there are opportunities, even in challenging times, look for the opportunities that are present for your business during this period. The best way to find accurate opportunities is to have an open conversation with long-time customers, understand their needs, and explore ways you can address them. This can be done through phone calls, a focus group or a customer questionnaire. It's always surprising how many good ideas for growth you get in such a process.

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This is a great time to stand out – with better service, more precise marketing, having more collaboration meetings than usual, strengthening relationships with existing customers, and generally keeping your energy high and positive.

Recession funds can be a period of growth and a breakthrough to a new path. Precisely when stability is undermined and the comfort zone is less comfortable, business owners tend to make bold and significant moves that produce improvement and excellence. Remember that at the end of every crisis come periods of business growth. The question of business survival largely depends on your approach. If you see during this period an opportunity for a "home inspection" to streamline work processes and effective management, this important activity will serve you for years to come and catapult your business to success.


Hagit Even Tzur is a business coach and organizational consultant, and owner of the consulting company Bright.

• Marketing & Digital
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Tags

• recession
• Economic crisis
• marketing
• Cuts
• Dismissal
• Personnel
• Recruitment
• Independent
• Small Business