3 ways to thrive during a recession
2020. The year everyone will remember. The pandemic has hit us all in different ways, and now it’s been announced that the UK is officially in a recession. Business owners, Board members and staff are all nervous, and unemployment is at an all-time high. Having said this, there are ways to thrive during a recession…
Focus on what your business does best
It is easy to panic and try to “diversify” by adding other products or services to your offering. However, taking a big risk like this without proper planning may prove to be a waste of time and money. You could damage the core of your business by taking your time away from what you do best. You might end up damaging your reputation, brand and confusing your existing client base, leading them to look for another solution elsewhere. Stay true to your business’s core mission and focus on what you do best.
Make the most of your existing client base
Your existing clients or customers are your bread and butter. These customers are an opportunity for you to make more sales without having to spend more cash trying to secure new ones. The really loyal customers will potentially give you even more business. Make sure your clients or customers really like what you sell or do and work hard to ensure they are happy. Identify what they’ll need from you when they are having to cut costs themselves and ensure you can deliver.
Keep your marketing campaigns
In the 2009 recession, a number of smaller businesses had to cut back their marketing budget or eliminate it completely. However it was identified that marketing was exactly what was needed. Taking this approach again, if you can then keep your marketing. We are in a digital age so it might be that advertising in the local newspaper isn’t going to grow your client base now, so explore how you can move this campaign into a digital format instead. Customers are restless and are always looking to make changes in their buying decisions. By continuing to get your name out there, more customers are likely to find your products rather than your competitors.
To find out how we can help your business to thrive during this difficult time, get in touch with your local branch.
Written by Adele Chantry, Branch Manager, Brook Street Woking