Recessions

By: A Staff Writer

Updated on: Oct 23, 2024

Downturn = Time to Get Scrappy 🥊

Recessions suck. But smart businesses don’t just survive them, they find ways to thrive.

• Cash is KING: Cut non-essential costs ruthlessly, build that runway to weather the storm.
• Focus on Retention: Keeping loyal customers is cheaper than finding new ones in a downturn.
• Niche Down: Broad offerings get lost. Become the go-to for a hyper-specific need.
• Partnerships Power Up: Join forces with complementary businesses to tap new audiences, share resources.
• Pivot Pro: Is there an unmet need created by the recession? Adjust your offerings to seize it.
• Mindset Matters: Stay positive, look for opportunity, team morale is critical when times are tough.

Recessions force innovation. Adapt quickly, and you’ll emerge from it even stronger.