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Start planning now for the next global recession

Let’s start by asking yourself one very important question: if there was a downturn in the world economy tomorrow how bigger impact would there be upon your business? Since the last recession wasn’t that long ago its not that hard to imagine the consequences, and since most economists now agree that we are now likely closer to the next recession than we are to the previous one, its a really good time to start taking action (even if it does still end up being several years away).

chess1So what can you do? Here’s a few pointers:

  • Be 100% clear on your USP: Even if you think you know exactly what sets you apart from all your competitors, your unique selling points are something that you should regularly review. Write them all down and justify each one. Have any new ones become apparent as your business has grown and adapted? Are some points less unique than they used to be? It’s something that every business owner should know and be taking advantage of no matter how well they are doing. You never know when things might change.
  • Audit, Audit, Audit! Go through everything in as much detail as possible and make a list of actionable points. Are staff trained to perform their job to the highest standard? What impression do customers get when they search for your company online? Whilst the list of things to review might seem endless, really prioritising those things most likely to have an impact on company profits will serve you well.
  • Have contingency plans: Sometimes the worst does happen. No matter how hard you try things can get pretty bad. Having clear plans in place can help to alleviate this, and really can be the difference between sinking and swimming. It might seem rather pessimistic but knowing what to do when the going gets tough will give a real advantage.
  • Your social Media Channels: Chances are that if your customers don’t find your website directly via Google, then they’ll first have visited one of your social media pages. Go through all of these with a fine toothcomb. Ensure that your page summaries sell your strongly, that page headlines/titles will grab people’s attention, that your imagery is appealing to your target audience, and that what you post is what your audience want to read.
  • Undertake a marketing review: Make a list of all the marketing strategies you have deployed over the past year and review the success of each one. Is there one particular strategy that’s been generating more business than any other? Don’t be afraid to completely abandon a strategy if it isn’t working. Your time will likely be better spent elsewhere. Once you’ve done this make a new list: the marketing strategies you are going to focus on moving forward. For each one detail how you plan to achieve this, as well as the time and costs involved.
  • Conduct a personal review: This one is more important than anything else. Mindset plays a huge role in how successful you become, and how your team feel about you and your business. Consider whether there’s anything holding you back? What personal goals can you set for yourself that will have a huge impact upon your business as a whole? It really is worth taking some quality time out to think about this

About me: I’m Matt, the founder of Matt Barber Interactive Ltd. I’m a web designer, developer and digital expert. I provide the advice and the know-how to really progress your business online. My Website: http://mattbarberinteractive-co-uk.stackstaging.com

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