5 ways to take opportunity from a downturn

Doing business in a recession is a totally different ballgame. Your strategies – from operations to marketing – will almost certainly need to shift. And I should know. Unleashing Potential is twelve years old, which, if you do the math, means we launched just as the world was spiralling down into the GFC. We didn’t spiral with it – in fact, the recession seemed to suit us. Now that the business world is heading for more rocky waters, we thought we’d share some of the marketing secrets that meant we survived and thrived through the last recession.

1: Cut frivolous spending

It’s hard to see what ‘frivolous’ means at first, but you know that you’ll need to get lean. Start by looking at your big costs – are they truly important and adding tangible value? If they’re essential to running and (this is important!) growing your business, then they’re in the ‘keep’ pile. There will be other items that, if you think really hard about it, are just nice-to-haves – do you need that big, fancy office? Those company cars? Could you find savings in your office supplies, services, apps or other subscriptions? Can you reach out to suppliers to discuss a different, more efficient way of working?

2: Communicate

– with everyone! Tell your team, your suppliers and your clients what’s going on. Most people are understanding – they’ll do what they can to help get you paid faster, to take a wage decrease or a short-term discount. A combination of two or more of those might give you enough space to breathe or grow. Make sure you stay close to your accountant, lawyer and other consultants too – now is when their advice is more valuable than ever.

3: Invest

When the economy is looking desperate it can feel tempting to go onto hibernation, but the reality is that you need to invest to combat the current pressures. That might mean investing in training your team, getting more leads with marketing and advertising or getting advice from trusted consultants. That’s why you’ve been working so hard to reduce spend and improve cash flow – this is the time to move that cash into activities that will see you through.

4: Look for ways to adapt

Don’t just be adaptable – actively look for ways your business could evolve. Be on the lookout for smart, logical changes you can make to all areas of your business. This will help you find efficiencies, uncover new opportunities and position you to take advantage of them aggressively.

5: Treat yourself!

Make no bones about it, this is going to be a stressful time. You’ll need to put in more work to achieve gains that seemed easy to come by in cushier times. So don’t forget to reward yourself along the way. Make sure you take time out and set aside some budget to treat yourself and the team in ways that will keep you motivated and ready for action.

Trim, invest, communicate, evolve

When the world looks like it’s land-sliding into a major recession, now is not the time to do nothing. Look for ways to trim costs so you can spend money more effectively – on training, better marketing or consultants’ fees. Stay in touch with your people – staff, suppliers, customers, consultants – and make sure they know what’s happening. Keep an eye out for opportunities to evolve your business to take advantage of the new world order, and above all in these stressful times, be kind to yourself and your team. Everyone needs an occasional treat to stay motivated.