At a recent conference I attended, there was a common buzz among the participants. The pending recession was mentioned time and time again, followed by the question: “How can I recession-proof my business?”
The short answer is, “You can’t.”
But you can make it “recession-ready.”
It has a lot to do with looking forward instead of looking back. You must remain agile and in lockstep with your customers.
Compass Rose Ventures trusts a tried-and-true method to prepare for the worst and plan for the best.
When was the last time you got a clear picture of what is happening in your customers’ hearts and minds? You must lean in and listen. Their ever-changing journey will help you reposition your brand to stay relevant.
Compass Rose uses Listening Labs to go deep into the customer psyche.
It may be time for a Brand Jam. This is the Compass Rose tool for realigning the brand and making sure you are positioned properly facing your company’s north star.
Content planning is the key to a successful communications strategy, so plan.
Some great top-level ideas recently compiled by SIS International Research include the notion of “Identify the white space – do what others are not.” Check it out here https://lnkd.in/eTyWyn3F.
Proactive risk management is crucial in uncertain times. It’s not just about being ready for a downturn but also about transforming potential challenges into opportunities for growth. Assess operational efficiencies and cost structures. Are there any processes that can be streamlined? Are there any costs that can be cut without sacrificing quality?
Engage with your team to create a culture of innovation and resilience. Employees do have insightful ideas on improving efficiency and customer service.
Diversifying your revenue streams can provide a buffer against economic shocks.
Maintain strong relationships with your suppliers and partners.
I would love to hear how your business prepares “just in case.” Send me a DM or comment below.
