Five Things To Do In A Downturn

FIVE THINGS TO DO IN A DOWNTURN

As we look down the barrel of 2023 with the full year ahead it can feel intimidating, full of the anticipation and anxiety of what’s to come. This might be especially prominent at the moment as a business owner facing tumultuous times and an economic downturn. 

Looking at the New Year Tom Allchurch lays out the five things to do in an economic downturn as a business owner.

1. Mindset 

“Whether you think you can or you think you can’t you’re right” 

Henry T Ford

Negative thoughts lead to negative actions. If your mindset is focussed on the positive thoughts about the changes that you can make as a ‘business to prepare yourself for a downturn you will do those positive things. 

Thinking of business as four seasons is a useful tool to help look at your mindset and to make preparations for Spring; the growth of your business.

Whether you are a relatively new entrepreneur that has had to navigate Covid or you are seasoned business owner, the commitment to your “why” of starting a business means that to weather a year you should always predict and prepare for a storm.

2. Leadership 

If you are thinking about a downturn as a business owner your team is also thinking about it. The first step is addressing the “elephant in the room”. Using the tools of communication and direction helps prepare the team and you as a business adapt and gives your team confidence going forward.

3. Management 

Where leadership is about focus, communication and direction, management is about building competency and efficient productivity.

During the “good times” systems and processes fall below the optimum level. Losing sight of these inefficiencies in the good times can mean we pay for them in a downturn. 

4. Marketing

In a downturn when there are budget cuts, people often jump to cut the marketing budget. If there are less active leads for your business to chase then you are going to have to work harder to bring the leads in.

“ Be a louder voice in a quieter space”

Stephanie Briggs (Spring PR)

5. Sales

Sales ties in with all of the previous points. In a downturn you are dealing with an ever-changing environment which your Sales tactics and team need to adjust to.When there are less leads the focus is to increase your conversion rates, tighten up your processes and look at your touch points.