In the summer of 2022, a great debate raged among politicians, economists, and market professionals over whether or not the U.S. economy was in recession.
The argument, inevitably influenced by politics, came down to how you defined the word recession according to a recent report by Forbes.
So it’s not surprising this has sent shockwaves throughout the business community, with many small businesses left wondering how they will weather the storm.
While it may seem like all hope is lost during these tough economic times, there are several things that your business can do to ensure its survival whether you are in Atlanta, or anywhere else across the globe.
Join our experts in web development services here at Rockers Technology in Atlanta, to find out 22 hacks that will help your business weather the recession.
Let’s start first with one of the best ways you can make sure your business thrives no matter the state of the economy
1. Diversify your products and services
When demand for one of your products or services decreases, you can offset the loss by selling other items.
According to business gurus such as Jay Abraham, you should have a portfolio of at least 10 products or services to ensure that your business can weather any economic storms.
Make sure to have a diverse range of products and services that you can offer your customers.
This could be anything from adding new menu items at a restaurant to offering seasonal discounts on your products or services.
2. Keep your existing customers
According to experts such as Jay Baer, author of “Hug Your Haters,” it costs six to seven times more to attract a new customer than it does to keep an existing one.
To add to this, according to a recent Harvard report, acquiring a new customer is anywhere from five to 25 times more expensive than finding new customers.
So making sure you focus on keeping your current customer base happy can help businesses in Atlanta beat a recession like a boss!
A few ways to do this are by focusing on providing excellent customer service and offering discounts or loyalty programs.
3. Get creative with your marketing
People are naturally more cautious with their spending during a recession.
This is why it’s important to get creative with your marketing and find ways to reach the target market for your Atlanta business without breaking the bank!
There are some free or low-cost marketing channels that you can use, such as social media, email marketing, and content marketing.
You can also get creative with your offline marketing by partnering with other businesses or hosting events that are open to the public
4. Keep your overhead low
One of the best ways to save money during a recession is to keep your overhead costs as low as possible.
Business overheads can hit the pocket of Atlanta businesses hard, so it’s important to find ways to reduce them.
You can do this by negotiating lower rent payments, switching to energy-efficient lighting, cutting back on unnecessary costs like travel and entertainment, or even selling unnecessary office furniture.
If you can reduce your overhead costs, you’ll be in a much better position to weather an economic downturn.
5. Offer discounts and promotions
Customers are always looking for a bargain, so make sure you promote any discounts or special offers you have available.
For example, you could offer a 10% discount for customers who purchase within the next week.
6. Cut costs
Recent studies by the National Bureau of Economic Research show that businesses that cut costs during a recession are more likely to survive and even thrive afterward.
So along with cutting down overheads, take a close look at your business expenses and see where else you can cut costs.
This may involve reducing staff hours, renegotiating supplier contracts, or eliminating non-essential services.
7. Increase efficiency
Experts such as Harvard Business School professor Michael Porter have long argued that businesses should focus on becoming more efficient as a way to survive economic downturns.
There are many ways to increase efficiency, such as streamlining your production process, automating tasks, or investing in new technology.
8. Focus on cash flow
During a recession, it’s essential to closely monitor your business’s cash flow. This means knowing exactly how much money is coming in and going out regularly.
You may need to tighten your belt when it comes to spending and consider ways to increase your revenue.
For example, you could offer discounts or promotions, or extend payment terms to customers.
9. Build a strong online presence
In today’s digital world, it’s essential to have a strong online presence. This means creating a website and social media accounts and making sure your content is engaging and informative.
If you are struggling to build your online presence or if your existing website is not attracting visitors and leads, our experts here at Rockers Technology can help!
After conducting in-depth research about your business, competition, and customers, our experienced web consultant experts will build a strategic customized plan to help connect your business with your customers effectively.
This way your Atlanta business can keep ahead of the game and your competitors.
10. Be flexible with your pricing
Be prepared to adjust your pricing in response to changes in the market.
This could involve offering discounts or special deals to customers. The pricing you offered when the economy was booming, might not be appropriate during a recession.
So take a good look at your pricing strategy and see where you could make some adjustments.
11. Review your marketing strategy
Take a close look at your marketing strategy and see if there are any areas where you could make some changes or improvements.
Now is the time to get creative with your marketing and come up with some new and innovative ways to reach your target market. For instance, you could try :
- Sponsoring a local event or charity
- Doing some joint marketing with other businesses in your industry
- Hosting a contest or giveaway
- Creating informative blog posts or helpful videos
All of these ideas can help you attract attention and get people talking about your business – even amid a recession.
12. Focus on Sustainability
According to recent research from Business wire, a third of customers worldwide are willing to pay up to a third more for environmentally friendly and sustainable alternatives.
So even during a recession, it’s worth thinking about how you can deliver a more eco-friendly product or service.
focus on being a sustainable and eco-friendly business to attract the types of customers who are willing to pay more.
There are many ways to be sustainable, such as:
- Reducing your carbon footprint
- Using recycled materials
- Using energy-efficient lighting
In addition to being sustainable, you should also focus on being a socially responsible business. This means giving back to the community and helping those in need.
Getting involved in activities and initiatives in your local community can help you to build goodwill and raise the profile of your business.
This can be anything from sponsoring a local sports team to taking part in a charity event.
And to finish on…
Finally, it’s important to be flexible during a recession. This means being willing to change your plans and adapt to the current market conditions.
One crucial way is to make sure your digital offering is up to date so your business is better able to adapt to fluctuating economic situations.
Rockers Technology is a web design and development company serving Atlanta and surrounding areas.
Our experts are passionate about empowering Atlanta businesses through strategic, creative, and ROI-driven solutions.
So whether hitting a recession OR a better business climate, we can guide you to your online success.
We merge imagination and technology to bring you low-cost technology-driven and result-oriented custom web development.
Contact us to recession-proof your Atlanta business today.