Given the state of the economy right now, a recession may be on the horizon, which would be even worse for small business owners. So, to make small businesses recession-proof and able to weather an economic downturn, we have asked our network of business owners, specialists, advisors, and entrepreneurs to share their best tips. Below, their responses are listed in no specific order.
Some of the ideas on the list may seem similar, but I separated them out because how each is put forth may have a different effect on you.
Create Engaging Content
You should boost your social media presence by posting interesting posts like images, videos, blog entries, and many others, advises Jonathan Merry of CryptoMonday. On some platforms, call-to-action is implemented using the “add” buttons. It may aid in improving communications and boosting engagement. Posting images instead of plain text can help you gain more attention.
Jonathan Merry- cryptomonday.de
Prepare Your Marketing Strategy
eCommerce is now a requirement rather than a passing fad. So, it’s time to prepare your marketing strategy if you aren’t already selling online. According to Justina Blakeney from Niawigs, the good news is that eCommerce presents numerous opportunities for companies of all sizes.
There is a spot for you in the online market, regardless of how long you have been in business. The secret is to start by considering your target market’s purchasing preferences. Once you are aware of this, you can begin creating a marketing plan that will enable you to connect with your target audience and generate sales.
Invest in social networking sites: social media is an effective tool for promoting your online store. Businesses have excellent opportunities to target their ideal clients and generate ads that drive traffic to their online stores and websites using platforms like Twitter, Facebook, and Instagram. In addition, connecting with customers can create connections that might result in future sales.
Launch an Email Marketing Campaign: When launching an online store, it’s critical to start assembling email lists and customer databases. Try including an opt-in form on your blog or website to encourage people to join your mailing list.
You can reach your target market through a variety of marketing channels, so it’s crucial to pick the ones that will be most effective for your company. For example, you might consider using social media, email marketing, or even paid advertising to reach your target audience. Whatever channels you select, be sure to develop a solid eCommerce marketing plan that will assist you in achieving your sales objectives.
Justina Blakeney- niawigs.com
Simplify the Online Shopping Experience
Your customers’ inability to access the products is your biggest obstacle when trying to sell your goods online. They cannot touch them, unlike in a physical store, says Caitlyn Parish of Cicinia.
Additionally, suppose you are selling a service. In that case, your client won’t be able to listen to you because you cannot conduct in-depth Q&A sessions with them. How are you going to do that? Give them the best possible shopping experience.
You should recognize the challenges and remove them to give customers the most enjoyable shopping experience. You can attract more customers by making your online store easy to use.
Caitlyn Parish- cicinia.co.uk
Identify your Niche and Focus
When they first start selling, most small and new online businesses make many mistakes. They either concentrate on the incorrect markets or products or fail to carefully consider their competition.
In the beginning, many sell anything and everything in the hopes that there will be a market for their goods, including shoes, apparel, watches, electronics, children’s toys, etc. This is complete insanity because the only reason to try it is if your only goal is to lose money.
You must focus on a particular niche if you want success instead of financial ruin. If you do this, you will be more successful at drawing in and converting your targeted audience.
According to MattressNextDay’s Martin Seeley, the eCommerce sector is flourishing and offers countless chances for business owners to succeed. First, however, it’s crucial to remember how fiercely competitive the eCommerce market is.
It’s critical to pinpoint your niche and concentrate on selling goods that fit within it if you want to differentiate yourself from competitors. He continued, “You can develop a unique market offering that will draw customers and aid in expanding your business by focusing on a particular target market.”
You’ll also be able to compete with more prominent eCommerce companies that sell various products by concentrating on a niche market.
Martin Seeley- mattressnextday.co.uk
Invest in Your Employees’ Health
Wellness benefits are essential because they link good health and productivity. Small businesses can get innovative health programs to motivate staff to strive for good health, from setting up in-office exercise classes to providing discounts at their neighborhood gym and yoga studio. It not only encourages a healthy work environment but also a benefit that your staff members value.
Brian Greenberg- insurist.com
Hire Professionals to Handle Finances
It’s crucial to keep track of every expense when several projects are active to comprehend how it affects the project’s overall financial structure.
This entails keeping track of and organizing invoices from suppliers, subcontractors, equipment rentals, etc., within each project. This can quickly become disorganized.
Simply taking on too much at once is one-way construction companies lose money. Even business owners who have selected the best professionals to assist them in managing their finances concur that periodic reviews of those finances are still necessary.
Regular checks should be made no matter how much help you hire. Keeping track of earnings and spending with a tracking app helps. The only challenges are finding honest, diligent candidates who are available to at least review things once a month.
The solution is to entrust all financial matters to a full-time professional. The problems are easier to identify, and they can assess the situation and advise on fixing them. Moreover, they assist us in determining the direction our company will take. Additionally, it frees time so we can easily concentrate on other essential things.
Matt Wooldridge- invisionroofing.com
Lift Your Network
Tom Miller of FitnessVolt advises regularly and effectively lifting your network, like lifting weights in a gym to expand your professional network. Regularly participating in formal and informal networking events can establish connections with the appropriate people, such as peers and thought leaders in your industry.
The more relationships you have with other people, the more value you can contribute to interactions. In addition, since people will know your brand, you will benefit more.
Ryan Hetrick- epiphanywellness.com
Optimize Your Website for Search Ranking
Website ranking is a crucial factor for an eCommerce business. Your website must be highly ranked in search engine results if potential customers want to see it. You’ll lose out on valuable traffic if you do that.
Make sure your eCommerce platform is first search engine optimized. Using pertinent keywords on your website and writing in-depth product descriptions are two examples of how to do this.
Second, produce top-notch content that will interest prospective clients. This might include articles on blogs, infographics, or even videos.
Finally, advertise your online store on social media and other websites. By paying attention to these pointers, you can ensure that people searching for what you have to offer can find your website.
When people search for products or services online, they will find you in this way. The long-term benefits of investing in search engine optimization (SEO) include improved positioning on search engine result pages like Google.
George Mitsov – Proxyempire.io
Research the Competition
Now that you have the idea, it’s time to research your rivals. Know them inside and out, as well as their advantages and disadvantages. Learn about the significant players in your sector and how they succeed. Gather as much information as possible to help you plan your course of action should everything turn out as you had hoped.
A wise real estate investor should always look for valuable information. So, along with monitoring your rivals, become an expert in the field by staying up to date with the latest trends. She added that you’ll be able to deliver distinctive offerings, stay alert, and challenge yourself to produce innovative solutions to problems that have existed for a while.
Richard Zi – Zwcables.com
Develop an Exit Strategy
Entrepreneurs must know when to pause, stop, or push even harder, concurs Katrina Bector of BuySellEmpire. You shouldn’t ever let pride hold you back. If a project doesn’t work out, figure out where you went wrong, note your errors, and move on. Who knows? It could have failed for reasons that were out of your control. You must learn and move forwards.
Katrina Bector- buysellempire.com
Conclusion
Economic uncertainty can be frightening for everyone, but it doesn’t have to be debilitating. You can learn new techniques for managing and growing your business when the economy recovers by being proactive and implementing plans to weather a potential economic downturn better. And while these suggestions won’t eliminate the stress associated with running and maintaining a company during periods of significant decline, they can help you stay in control and make sure you’re better prepared to handle any changes that may arise.
