With soaring costs of living and talk of a new recession on the horizon, it’s normal that small business owners are starting to feel nervous about the future. Even if the worst isn’t going to happen immediately, here are some things you should be doing now to reinforce your business as much as you can, so that when the hard times do come (and they will at some point!), you’ll be in the best possible position.
1. Commit fully. Uncertainty can lead to indecisiveness, which in turn leads to bad business choices. If you want your business to thrive, it needs your full commitment and attention. Move forward as confidently as you can, rather than getting paralyzed by the fear of worst-case scenarios that may never even happen.
2. Focus on providing value. As finances tighten, consumers start asking themselves which purchases give them the most value, and which ones they can live without. The more value your business provides for your customers, the more likely they are to stick with you even when times are lean.
3. Position yourself as a thought leader. Part of providing value is not just in the products and services you offer, but also your expertise and willingness to educate. People trust someone who clearly knows what they’re talking about, and who will readily share that information rather than gatekeeping.
4. Get your online presence in shape. Remember when the pandemic hit and suddenly everyone was scrambling to move everything online? This time we’ve got a little more warning, so take advantage of that. What educational resources could you put on your website to attract more traffic? What video content could you start including on your social channels to boost engagement? Start building those assets up now so that you will be prepared when everyone else is panicking.
5. Dial in your marketing. When times get really rough, quality marketing is often the dividing line between businesses that make it and businesses that don’t. Rather than cutting back, double down and get creative so that your marketing efforts stand out amongst everyone else in your space.
6. Think about what’s next. It sounds counterintuitive, but times of widespread hardship often provide the best opportunities for exploring something new. What would you try next if your current product line wasn’t bringing in enough revenue? How could you pivot or expand to make your services even more valuable to potential customers? Always keep these questions in mind.
7. Remember we’re all in the same storm… but not the same boat. Any potential economic downturn will hit everyone, but only the most robust boats will weather the harshest storms. Building up that strength takes time – it’s important to start preparing for the future now so that your business will be ready no matter what happens.
If you’re feeling uncertain about what to do next, contact us for a free consultation. We’ll help you evaluate your current efforts, and give you personalized tips on the best steps to move your business in the right direction.
COGO Interactive is an award-winning digital marketing agency specializing in online marketing strategy, web design, SEO and social media marketing. We work with clients in Virginia, Maryland, Washington, DC and across the nation.