Do you know if your small business could survive the next recession?
For a small business to be considered recession proof, it would simply mean that your business could go on making money as usual during a time where other businesses are experiencing economic hardship. Imagine an economic landscape where either no or very sparse business growth exists, however your business is growing and thriving. This is very likely if you make the right strategic decisions from the very start.
Many small businesses will be forced to close their doors, all because they are ill prepared to successfully weather an economic storm – this doesn’t have to be you.
Recent economic indicators are all pointing towards continued persistent high inflation, weak economic growth and even recession. As our economy contracts the first likely victim will be small businesses. Inflation and recession are a threat to all businesses, however small businesses can be particularly vulnerable.
On the bright side, one of many positive attributes of being a small business owner is that out of necessity we have learned to adapt to whatever is thrown in our direction – what is indeed thrown in our direction is out of our control however the discipline we have at the plate is controlled solely by us.
The truth is, you can grow and thrive in any economic circumstance as long as you keep a level head, deploy your capital wisely, utilize the right tools and then implement a winning strategy.
While some conventional voices may tell you to downsize your business operations and cut costs wherever you can, and that may be wise under certain circumstances, however indiscriminately cutting your operations could also have a grave impact and could possibly lead to business failure.
Small Businesses that are able to grow during economic downturns are usually the ones that double down on their efforts. You may require more time and effort to acquire new customers, however, if you are willing to put the time in, you will increase your customer acquisition, all while your competitors lose market share – or even lose their business.
Here are five key strategies for creating your own success.
- Business Listing Management >
Before ever even considering spending any money on paid marketing it is critical to first make sure that your business listing or business citations are consistent across all channels. The most important places are business listing directories or authority sites like Google, Facebook, Bing, HotFrog, MerchantCircle and many more. You can also run a free business listing scan by clicking here.
It’s important to check periodically as this consistency influences how you appear in Google search results.
Here are some of the more popular Business Listing Management Services: BirdEye, WhiteSpark, Thryv, Synup
- Google Business Page Optimization >
The amount of traffic and activity that your business gains from properly optimizing your Google Business page is staggering. A properly optimized GBP page in conjunction with your business citations being consistent across all channels (strategy 1 directly above) will without question generate website visits, inbound calls, booked appointments and direction requests to your business.
- Email Marketing >
Email marketing by far is still one of the top converting digital marketing channels in 2022. It’s a simple concept, build your own email list and you can make money consistently over a long period of time by promoting your products and services. Email marketing campaigns are a cost effective way to convert prospects to purchasers and even lifetime customers. Email marketing is one of the best ways of communicating with your contact database.
Here are some of the more popular Email Marketing Campaign options: MailChimp, SendBlue, ActiveCampaign, OptinMonster.
- SMS/Text Message Marketing >
Set up an SMS marketing campaign service and start measuring your success immediately. It is absolutely imperative to communicate with your customer on the platforms in which they exist and one of the most important places these days is text messaging. It’s not only affordable – it’s very effective.
Here are some of the more popular SMS Marketing Campaign options: Twilio, Podium, Klaviyo.
- Content Generation and Syndication>
Content is indeed still king. Keep your content fresh and interested people will find it. Your website content provides specific information and this information will educate your potential customers as well as the search engines about what you do. Without engaging content, no one will know what your business is offering and how consumers can benefit from what your business offers.
Here are some of the more popular services for writing and syndicating content:: iWriter, Jarvis, Upwork, TextBroker, Grammarly, Fiverr.
>>>For Maximized Return on Investment (ROI) <<<
It is highly recommended that prior to implementing the above recommended digital marketing strategy, you should research the best possible Customer Relationship Management Software( CRM). A reputable CRM should always be implemented first prior to deploying a paid digital marketing campaign as it will provide accountability and as well as a safety net so that none of your money falls through the cracks. The WP > Small Business Growth Platform we feel is the best value on the market but we also encourage you to do your own research. Here are some of the popular CRM’s available: SalesForce, PipeDrive, HubSpot, Thryv, SalesLoft just to name a few.
> Learn more about the WP > Small Business Growth Accelerator
What exactly is a recession?
A recession is a macroeconomic term that refers to a measurable decline in general economic activity in a region, state or country. In the past a recession had been recognized as two consecutive quarters of 0% or negative GDP growth, along with a rise in unemployment.
> Visit Investopedia to learn more about what a recession is
What exactly does recession proof mean?
Recession proof in the context of business is a term used to describe a company or industry that is believed to be resistant to the effects of a broad economic downturn or recession.