A recession is coming.
If you’re an entrepreneur, here are three things that you can do to prepare your organization for it.
1. Spot Arbitrage Opportunities
During a recession, people think their best move is to pull back on everything: marketing, hiring, customer service, and everything else that usually happens in a business.
But when others cut back, that creates opportunities for you.
Invest in the marketing campaigns they wouldn’t. Hire more great people when others are laying them off. Get more for less.
2. Become an Expert in Customer Service
Treating your clients as if they’re guests at the Ritz-Carlton is always important, but it’s never more vital than during a recession.
Your competition is cutting back on the amount of time they’re even spending with their clients, and they are scaling back their investments in great service.
But if you have a strong relationship with your clients and continue to provide excellent service, they’re less likely to cut your firm out of their expenses. You will get more by giving more when times get tough.
3. Ramp Up the Intensity
This is perhaps the most non-traditional key to surviving a recession, but it’s easily the most important one.
When everyone else runs and hides, that’s your time to step it up across the board.
The companies doing that are the ones that make huge strides when the markets are down.
Don’t believe me? Look back at history. The most successful companies are the ones that went on the offensive as opposed to the ones that went on the defensive.
Always go on the offensive — especially during a recession.
