Turning it Around: How to Survive a Downturn in Business
3 Minute read
Running a business can at times resemble a rollercoaster, with prosperous and productive highs and polar opposite lows. Whether it be an economic downturn, a bad business decision or the low point in your sales-cycle, chances are you will be forced to work your way back at some point.
The good news, there are always strategies and processes you can implement that will help you turn your business around.
The first place businesses will generally look to change things is within their immediate environment. Whether this be their local staff, business practices or communications. However, looking beyond your local environment may serve you better.
In tough times, consider tapping into tools such as outsourcing or focusing on expanding into outside markets. Not only, will these options help to reverse your current downturn but once you are out of it, you’ll be in a stronger position than before.
Cost-effective marketing strategies
During hard times, many businesses will look at their marketing budgets as the first place to scale down operations.
However, communicating with your target audience is vital. Instead of a drastic downsize or a complete stoppage, investigate cost-effective solutions to meet your marketing objectives.
Whether this be, redistributing your marketing budget to online platforms, such as Facebook or email marketing, or establishing an offshore marketing team. Both strategies will allow you to maxamise a smaller marketing budget while still engaging with your target market.
Make informed decisions
A typical approach for many businesses experiencing problems, is to go through their operations with a fine-tooth comb.
For small or emerging businesses, cost-cutting processes need to be conducted in a smart and well-informed manner. Reduce costs too much, and your business could struggle to recover. Cut too little, and you will be in the same position you are currently in.
Before making any drastic decisions regarding cutting costs, make sure you seek sound advice from a trusted source. This could be the difference between a quick bounce-back or a long, hard road back to better times.
Go back to the start
When business is good, things tend to come easily. Your marketing messages hit all the right notes, sales pitches feel like a friendly conversation and business is booming. But when business is bad, often times it can feel like nothing works.
It is important you go back to square one and tighten up your processes and systems. Surviving these times will require you to redefine your goals and vision, conduct regular financial checks, brush up on your product knowledge and understand who your customers are.
Going back to the elements at the core of your business, will help to realign your focus and get back to what makes your business great.
It is important you maintain a positive frame of mind and implement smart business decisions that are backed by solid strategies. Remember downturns are a natural part of business and there is always a light at the end of the tunnel.
At Deployed, our bespoke approach to outsourcing is tailor-made to help businesses succeed even when times are tough. We pride ourselves on building teams that can evolve with your business as it grows.
If you are interested in seeing how Deployed can help your business, contact us today!