Start a Recession Fund (Slowly But Surely)
Planning for a recession can be tough, especially when you’re not quite sure if, when or how it will happen. Having liquid assets set aside for economic downturns can help recession proof of business.
Rather than putting aside large sums of money a few times a year, start slow. Put a set amount of your earnings every week into a dedicated account for potential recessions. We will explore your financial options and see if you can benefit from active or passive options rather than having your money simply sit there.
Review Your Messaging to Target Profitable Customers
The last thing you want during a recession is unclear messaging that misses the mark and doesn’t resonate with customers. You can recession proof your business by taking the time to beef up you’re marketing and brand with clear and compelling messages.
In a strong economy, consumers and businesses alike are more likely to take a leap of faith on non-essential goods/services. During a recession, though, their wallets naturally get a bit tighter. Remember, always prioritize features over benefits
Double Down on Existing Customers By Improving Service and Adding Value
Marketing and advertising are undoubtedly essential as you take your business to the next level. But if you’re learning how to recession proof your business, be sure to pay attention to existing customers too.
Buying a new customer is more expensive than retaining an existing one. While your business grows, gradually take steps to improve the way that you serve them. By going the extra mile, you not only separate yourself from the competition, but also forge a deeper connection by becoming an essential part of your customers’ lives.