How to Manage & Grow Your Business During a Downturn
The rise in commodity prices and inflation, and slow economic growth speak of a future recession. World Bank President David Malpass has recently stated that it’ll be hard for many countries to avoid recession. The good news is that there is more than one step businesses can take to recession-proof their existence.
13 Steps to Take to Stay Afloat During a Downturn
Here is a list of essential steps you can take to keep your head above water during a downturn:
- Though loyal customers are your main source of cash flow and organic growth, you should double down on your marketing efforts to keep your company in your customers’ minds.
- Build a strong online presence to attract qualified leads.
- Offer enhanced customer service to build greater customer satisfaction.
- Run loyalty programs and customer incentives.
- Adapt your products and services to your customers’ current wants and needs.
- Diversify your business to reduce potential damage caused by the loss of customers.
- Reveal the challenges your customers might be facing during the downturn to solve them successfully.
- Brainstorm with your team to be able to weather the storm more easily. Work with your leadership team to build a plan, inform your team about the changes to your staff, and openly tell your team what you know and what you don’t.
- Be honest about the new reality.
- Communicate with your customers to find out what problems they have and offer them your help.
- Adjust hiring and spending without delay.
- Use remote and global talent