If you’re a business leader today, one of the main thoughts on your mind is likely how to recession proof your business. While it’s not entirely possible to escape the reach of economic upheaval, there are some business strategies you can use to make it through to the other side. Here’s some advice about deciding where to double down as you handle your corporate budget planning.
Put The Pedal To The Metal With Marketing
There are plenty of stats out there that confirm this truth: investing more into your marketing during economic downturns will serve you in the long run. So even though your initial reaction might be to cut whatever expenses aren’t truly “essential,” I’d challenge you to reframe that reasoning. Marketing drives sales, which power everything else in your business. If that isn’t essential, what is?
Of course, you might face the reality of having to do more with less due to customer spend decreasing or other economic factors. If so, double down on the tactics that have proven to yield you the highest returns in the past. For many companies, trade show marketing falls into this category. Yes, we have a dog in this fight, but the unbiased truth is that people are hungry for face-to-face interaction more than ever before. And, there are few other avenues through which you can reach the volume of potential buyers like you can at the right show.
The point is – review your own metrics from the past five or so years, and try to get real insight into which channels perform the best. If social media marketing isn’t getting you much in terms of tangible results, cut it – or reduce it. But if something is delivering returns, do all you can to keep funding it sufficiently.
Don’t Skimp On Your People
After having to let go of many of our employees for a period of time during covid, we know the value of a great team better than anyone. So we can say this with great confidence: when it comes to corporate budget planning, make sure you’re not making knee-jerk reactions that will negatively impact your people.
After all, shortchanging the folks who deliver your products or services will only cause morale to tank, productivity to come to a halt and results to dry up. But even more importantly, your team deserves to be treated fairly because they’re talented and they’re loyal to your company.
If you need to make cuts, try to have a plan in place to bring folks back when you’re able to. And if you don’t anticipate being able to do that, be honest. Hopefully, you can continue to operate with the team you already have, investing in their well-being and the environment in which you all work while paring down on unnecessary perks for the time being.
Trying to recession proof your business is a juggling act, but if you double down on your investments into marketing and your team, you’ll have the best chance of coming through this stronger on the other side. Want to go big with your next trade show booth? Let’s talk!