Hi there. Today I want to talk to you about a few ways that your business can plan for and offset the effects of an economic downturn.
My name is Rick Whittington and I work at Whittington Consulting, which is a growth agency that helps companies meet or exceed the revenue growth goals.
Now, I'm not an economist, but I am a business owner, and I started this business right before the last economic downturn. I do like to plan for leaner times just in case.
You've probably seen that the stock market erased all of its gains from 2018 back in December. It has rebounded lately though. There are also a lot of stories about economic downturn in the news. Let's face it. Times have been pretty good here in the United States since the Great Recession and we are due for an economic downturn.
As a business owner, you want to make sure that you're planning to protect the sales targets that you set for this year. This year, more than in years past, the economy could start to make an impact on your revenue in the event of a downturn. So what can you do about it? Let's look at five things that you can do.
Summary 5 things to do to prepare your business for an economic downturn or recession
- Lube your lead generation flywheel
- Improve focus on existing customers
- Have a plan for cuts you'll make during an economic downturn or recession
- Work on ways to prove value to prospects
- Invest in sales technology and process right now
1. Lube Your Lead Generation Flywheel
Number one is lube your lead generation flywheel right now. If you don't have an intentional demand generation program in place right now, it's going to take at least six months of runway to get it ramped up. So now's a great time to start. Here at Whittington Consulting, we're big believers in having a content strategy in place to build thought leadership and awareness.
Related: How effective is your website at lead generation? Use our calculator to find out.
2. Improve Focus on Existing Customers
Number two is to improve focus on existing customers. We like to chase new business, but don't do that at the risk of letting your customer relationships go untended. Get to know your customers' needs better than ever and improve your product and service to fit their needs.
3. Have a Plan For Cuts You'll Make in Case of an Economic Downturn or Recession
Number three is to have a plan for cuts you'll make during an economic downturn. If you have to cut your marketing budget, have a plan for what gets cut. Get an advisor to help you with that -- someone internally or maybe a trusted partner. You don't want to cut things that are going to have an impact on your lead generation during an economic downturn.
4. Work on Ways to Prove Your Value to Prospects
Number four is work on ways to prove value to prospects. Even in an economic downturn, B2B companies are still going to spend money. They're just going to be more discretionary about their spending. Putting together case studies that tell the story of how you've helped other customers with similar problems can be the tipping point in working with a new customer during an economic downturn.
5. Invest in Sales Technology and Process Now
Number five is invest in sales technology and process right now. Technology and process ensure that opportunities you have don't fall through the cracks. Using sales technology like a CRM makes your sales people more effective and more efficient so they can spend more of their time generating leads on their own and "shaking the bushes" if they need to.
Well, I hope this has given you some food for thought during your strategic planning time. How are you preparing to hit your revenue targets during an economic downturn? I always invite you to leave a comment and share any ideas you have. Thanks for listening and I'll see you soon.