Build A Recession-Proof Business In 2023

Our quick guide on growing your sales & building a recession-proof business even when times are hard!

With recession looming and Rishi Sunak taking up position as our third PM of the year, it finally looks like the madness of the last few months is coming to an end and that we can all focus on the genuine challenges facing British business. At least for now…

But what happens next?

 

What might a Rishi Sunak administration mean for business?

Truth is, nobody really knows. In a post-Brexit United Kingdom, still dealing with a lingering pandemic, war in Europe, spiraling fuel bills and the cost of living crisis has it ever been harder to plan for the future of your business?

Mr Sunak is now captain of a ship that is sailing into truly uncharted waters. And while the new Prime Minister certainly knows his numbers – and how to make a few quid – how will his administration be helping British businesses ride out the coming storm?

We don’t know. But whatever’s coming our way, we do have a few ideas on how to minimise its effects, whether we’re ready for Rishi or not.

A few months back, we warned of the dangers in riding the post covid wave without investing in sustainable growth, namely through smarter marketing, SEO and lead generation. Well guess what? Crunch time seems to have arrived.

There’s no doubt the economic downturn will result in some businesses sadly going under. So what can we do, as small and medium-sized companies, to make sure we don’t become another statistic over the coming months and years?

Best bet is to create a plan and stick with it. Because the last thing any business needs right now is upheaval, internal disagreement or major changes in direction. You don’t need to look much further than the nightly news to see just how much damage that can do.

 

Ride out the economic storm and continue to grow your business

Here are our 5 top tips:

1. Buckle up and prepare for battle
2. Believe and support your people (or yourself if you’re a sole trader)
3. Increase your marketing spend
4. Raise your prices (everyone else is)
5. Seek out fresh opportunities (because they are out there)

Now while most of the above is pretty much common sense, you’re probably wondering about number 3 – Increase your marketing spend. And you might expect us – as a marketing agency – to have suggested that. But hear us out…

If you cut the resources you invest in generating new business during (or maybe just before) a recession, you’ll be putting your company into reverse gear!

Sure, you might be cutting costs. But you’ll also be reducing the number of new customers finding your business and consequently hiring, booking or buying from you. Couple this reduction with the typical ‘customer churn’ that’s a key feature of any recession and you’ll very quickly start to see your business shrink!

 

Strong & Stable. A recession-proof business is within your reach

Conversely, by having a plan that focuses and increases your marketing activities now you’ll maintain (and quite probably grow) a consistent pipeline of fresh enquiries and new customers. Not only will you be perfectly placed to ride out the worst effects of any economic downturn, you’ll also pick up market share from any competitors scaling back their own operations.

It’s no secret that there are always winners as well as losers when times are hard. But what’s less well known is that a consistent and sustainable pipeline of new enquiries, website visitors, bookings or sales results in a recession-proof business!

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