Doom. Gloom. Despair.
According to MarketWatch, economists predict a “whopper” of a recession is headed our way in 2023. And whether or not you understand why five months of zero M2 growth is driving it, taking action now is the smartest thing you can do to protect your business.
Eyal Lifshitz, CEO of BlueVine, advises securing capital before you need it. Other financial experts recommend building cash reserves, managing receivables, and diversifying your client base. But before evaluating your choices or panicking, remember that a recession can force you to control growth, optimize your workforce, and get creative with employee benefits. So, it’s not all bad.
Ironically, the skills we learn and our resiliency during a recession can become our greatest strengths for future endeavors.
Twenty years ago, recessions meant cutting marketing out of the budget entirely for most businesses because it was considered an unnecessary investment. Times have changed, though, and marketing gurus have repeatedly proven that quality marketing can be a silver bullet. If you stop marketing, people will forget about you. Staying visible and relevant is your lifejacket for staying afloat during scary financial times.
To avoid gloomy panicking about the impending recession, we suggest devising a game plan that includes the following action items:
- Improving conversion rates
- Identifying new partnerships
- Engaging at a higher level with current clients
- Refining your brand voice
- Developing a resilient attitude and tone to set the stage for your employees and company culture
Consider this. Becoming recession-proof is two-fold. It requires shoring up your assets, but it also forces you to think outside the box.
If you need help planning and evaluating your processes to prepare for 2023, email us at email@example.com.