It has already been a solid decade since the last major economic recession. Another downturn may be just around the corner. No one knows exactly when or how the next one will start, but there are signs of a gathering storm. That’s why it’s important to recession-proof your business now, while you still have both time and wiggle room.
Keep an Eye on Money Matters
During a recession, your sales will drop, and money will dry up. All of your customers and clients are going to be working in the same environment you are, and they will have no cash to spare, either. It will be much harder to secure any kind of loan from a bank or other investors. Don’t expect to get any easy help in a pinch.
Do what you can to lock in recession-proof financing terms with your favorite creditors now. After a recession starts, it will be almost impossible to get a new deal that’s really favorable to you. Get a good line of credit, use it wisely while you build up your credit rating, and when times are tough, the banks will feel that they can trust you.
Grow Recession-Proof Networks
It’s hard to recession-proof your business after a downturn starts because everyone you work with, from suppliers to customers, will be dealing with the same tight conditions. People you depend on now may not be there for you in those days, so plan for that now.
Keep reaching out to more and more people who can help you, and who you can help. The bigger your network, the more opportunities you have to get a brilliant new idea and pivot to save your business. This also applies to learning about backup suppliers and distributors. You need to have people you can call if a third party you rely on goes belly-up.
Build The Right, Recession-Proof Team, Right Now
Do all you can to avoid having to resort to layoffs during hard times. Focus on finding people who are a good fit for your company’s culture, and treat them like family. Only hire when you’re sure that the candidate can provide value no matter what’s going on outside.
For all other needs, it’s smartest to rely on contractors and freelance workers. The flexibility they provide makes it much easier to scale up and down when you need to.
Never Stop Marketing
Likewise, you should always keep building your brand. Even during a serious downturn, you need to market your solutions so people know that the value you offer is worth spending on, even when it’s hard.
Remember that you can get a huge ROI by using low-cost marketing tools like blogs and social media. Enlist your customers to help share and promote your content!
Grow Your Customer Base, All The Time
When a recession hits, you will lose customers faster than usual. The fewer you have, the harder the impact. If most of your revenue comes from just a few big accounts, losing one can cripple you. You always need to be going after new ones.
When times are tough, both current and future customers are looking for exceptional value and stability. This is where 10DAYDEV comes in.
We make sure that your company’s website is forward-looking and functional. You’ll be able to ensure that your customers see your brand as relevant and vital. The alternative is to feel stuck in the past, which can have dangerous connotations during an economic crisis.
The last thing you need is for your brand to convey the idea that you haven’t learned anything since the last time the market went bust. Our clean and clear recession-proof designs speak for themselves. They show your visitors that you care about their needs, and that you know what you’re doing.
To get a high-quality new design for your website as fast as possible, contact us. When storm clouds gather, you can stand out as a ray of sunshine from a better future.
Get ready for what’s next. It might be exciting, or it may be dangerous. But it will definitely be an opportunity for you to succeed!