2021 gave the U.S. economy a hefty amount of new, small businesses. Creative thinkers took advantage of the pandemic and the entrepreneurial spirit drove the economy through what could have been a major catastrophe. But with a slump looming, how can you recession-proof your business in 2022?
If you’ve been paying any attention to the economists, you probably suspect that things can’t continue the way they’ve been going. Most economists and experts are predicting a recession as soon as 2023, but most definitely by 2025.
The good news is that it gives you a chance to build up some protection before any slumps occur.
So what can you do to protect your business from a recession in 2022?
There are quite a few ideas that might help you stay on top and keep your business from feeling the sting of the next recession. Let’s take a look at a few of those.
How efficient is your team?
Sure, it’s probably a great idea to hire more staff when business starts to boom, but that’s a really short-sighted strategy. What’s more important are the systems and processes that you put in place to help the staff you do have run more efficiently.
It takes some time to build these processes, put them in place, and train your staff to run them, but in the end, investing the time to do this step will save you time and money. Plus you won’t have to worry too much about firing several staff members when things slow down.
Take advantage of tech tools now
Regardless of the industry you’re in, there’s bound to be some great tech that your business could benefit from. Right now, things are back up and running. But if the pandemic taught us anything it’s that things can change in an instant.
Take the time now to invest in, learn, and implement these tools in your business before we end up in another situation like March 2020. Companies that had already installed video conferencing technology prior to then were way ahead of the game when the world shut down. Don’t be one of the businesses left dying on the vine because you’re having to play catch up.
Make Use of Your Slow Time
When your business slows down, what are you doing? This is the perfect opportunity to invest in your continuing education and your business development. There are so many more conferences, networking events, educational workshops that you can attend online. That gives you so much more access to continue to grow your business, learn new ideas, and stay on top of all the latest trends.
If you really want to scale your business, staying current in your field is not just encouraged, it’s a necessity. Technology has truly changed how quickly businesses have to change in order to keep things moving.
For example, Facebook continuously changes its algorithms for advertising and content placement. The strategies you learned a year ago probably don’t work the same way they did when you first implemented them. It’s imperative that you continue to learn as the tech evolves.
Stay in Touch With Your Audience
Speaking of Facebook, content marketing will continue to dominate marketing strategies into 2022 and beyond. But it’s important to narrow your focus and stay in contact with your target audience.
Email marketing still reigns supreme for intimate contact. But don’t overpopulate your customer’s inbox. Too much contact will desensitize your audience. Reach out to them on a regular basis, but try to keep it to no more than once a week after your initial welcome sequence.
Automation is the name of the game, but be sure to practice good list hygiene. You certainly don’t want to upset the internet gods by having too many bounces in your list.
Focus on the right things
Stay focused on efficiency, processes, technology, and your marketing efforts. You might even talk to a financial planner who can help keep your finances in check. Continue to educate yourself and be open to learning things that force you out of your comfort zone. When you stay focused on the future, you will be able to see the storm coming rather than reacting to it once it arrives.