4 Ways to Build a Resilient, Recession-Proof Business
It’s never been a better time to recession-proof your business. As 2022 comes to an end, I think of all the uncertainty we all felt this past year (or two). We’ve experienced an ongoing global pandemic, which led to dramatic changes on how we conduct our daily lives. This doesn’t even include the economic fluctuations, political and social turmoil, as well as the number of natural disasters across the globe.
As we enter a new year with a recession on the horizon, here are four key ways you can recession-proof your business for 2023—and beyond.
The last two years have reminded us that the only constant in business (and life) is change. Naturally, some business owners and CEOs are more open to this principle than others. But whichever your degree of acceptance or resistance is, it’s clear that businesses must adapt to change.
It’s natural to be afraid of the unknown. Getting comfortable with the idea that change is empowering and critical as it helps you embrace new ideas and technologies that lead to growth during times of uncertainty.
Lean Into Vulnerability
While business leaders prepare to tackle 2023, Brene Brown, author, researcher, and public speaker, notes it’s helpful to drop the armor from time to time. In her book, ‘Dare to Lead’, Brown talks about how armor inhibits us from leading to our fullest potential.
“The greatest barrier to daring leadership is not fear; the greatest barrier is armor, or how we self-protect when we’re in fear.”
It’s vital for leaders and business owners to embrace vulnerability. This allows you to engage in unfamiliar situations and consider innovative ideas and solutions. This is especially important during times where businesses need to get creative to survive.
Lead with Empathy
It should go without saying—good leaders must care, trust, and connect with their team. Between concerns at work and at home, employees are dealing with a lot during an economic downturn. The past few years have thrown many obstacles, leaving many of us to experience burnout in at least one facet of our lives.
Therefore, leaders should empathize by listening to employees’ concerns and answering any questions. By nurturing your team, you’re making them a priority—they’ll continue to return the favor by overcoming hurdles for your business alongside you.
During a recession, most business leaders understandably start looking for ways to cut costs and lower overhead. Although it’s wise to contain costs, now is the time businesses need marketing the most. Savvy business leaders see this as an opportunity to increase their market share and put themselves in a position for success when the economy recovers.
When you continue your marketing efforts during a recession, your audience will witness strength, leadership, and big-picture mindedness—all of which consumers are looking for from businesses during uncertain times.
However, cutting back on marketing during a financial downturn reduces your digital and physical presence, leaving the door wide open for competitors to fill in the gaps.
Be Proactive: Recession Proof Your Business Now
At RED66, we understand the importance of building a resilient business and marketing strategy during an economic downturn. We’ll work with you to develop the best, most thoughtful marketing strategies—all while staying within budget.
Do you have questions about the future of digital media? Looking to pivot your marketing strategy, but don’t know how to get started? Contact us today!