How to Recession Proof Your Business
A recession can be a very challenging time, but it can also present great opportunities. Here’s how your business can take advantage of the oncoming recession and thrive:
A recession reestablishes the value of a customer
In today’s world, a lot of businesses are purely transactional. Customer care isn’t a priority – and customer service is sadly lacking. During a recession, these sloppy businesses quickly get found out – and often fail as a result. A business that values and prioritizes its customers, on the other hand, will continue to succeed and prosper, no matter what. If you want to flourish and grow in difficult economic circumstances, building trust with your customers is key. You can do this by being consistent, demonstrating care and displaying commitment in all of your interactions. Focus on how your customers feel and how you can serve them at the highest levels and you’ll create relationships for life, not just for a transaction.
A recession improves service
Many customers these days don’t get to enjoy a great service experience – sadly most don’t even get the basics. As a business owner facing an oncoming recession, you need to make sure that you go above and beyond to give phenomenal service and build the kinds of solid relationships that will keep your customers coming back for more. Look people in the eye, smile, listen, say please and thank you, write personal notes. When you get these fundamentals right, you can then work to deliver the unexpected extras that make people feel so exceptionally good that they become advocates for you in the marketplace and refer you to everyone in their circle. As Walt Disney said, “Do what you do so well that they will want to see it again and bring their friends.”
A recession increases efficiency
A recession can shine a light on where your business needs to improve. First, look at everything with new eyes and think outside the box. Where are the efficiencies? How could you change your model to improve? Next, you should reexamine your methods. Just because something has always been done a certain way doesn’t mean it should stay like that – the world is moving at an incredible pace and a business needs to innovate to keep up. As John Maxwell once said, “The person who insists on using yesterday’s methods in today’s world won’t be in business tomorrow.” Finally, you’ve got to embrace the future. If you want to succeed, you need to proactively build for what’s coming, not wait for it to happen to you.
A recession is a wakeup call for all businesses. The good news is there’s time to prepare. If you make good decisions now, you can help your business to stand out and win no matter what happens. To learn more, listen to the latest episode of “It’s a Good Life”.