10) Care for your clients. Take these times to strengthen relationships with your existing clients and let them know you are there for them, especially during tough times.
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10) Care for your clients. Take these times to strengthen relationships with your existing clients and let them know you are there for them, especially during tough times.
9) … But don’t stop marketing. When business is shaky, balls may get dropped, and customers might seek an alternative. Marketing doesn’t have to cost much. Personal calls, email newsletters, improving your website context, and social media marketing are low-cost and high-impact methods.
8) Focus on your competitive advantages. Higher-margin products, more automated, or competent services should be the focus. Stop doing what hasn’t been working and lean into the areas of strength to multiply your success.
7) Cash (flow) is king. Trim unnecessary recurring expenses such as subscriptions or memberships that don’t add value. Evaluate your vendor contracts to see if there’s room for negotiation, or shop around if you’re dissatisfied.
6) Build your operating and savings accounts. While too much cash can be an opportunity cost, having a few to several months’ worth of expenses provides flexibility and security.
5) If you have extra liquidity, consider paying off any variable-rate debt getting more costly as the Federal Reserve continues to increase interest rates.
4) Systematically invest during a down market. Wealth is built by investing during the times most are waiting for things to turn around.
3) Get financing lined up (before you might need it). If you wait until you hit a snag, you may not be able to get the loan, or you’ll wind up with less favorable terms.
2) Take lessons from this downturn to prepare for the next. During a period of strong economic growth, it’s tempting to take on more risk in your business or in your investments than you can assume. If you are overextended, gain wisdom for future market cycles.
1) Use the lean times to prepare and plan. Start building the strategy now for the recovery phase so you are best positioned to not only recover with the economy, but to flourish.
