By Lili Dewrance, freelance consultant specialising in digital content creation and journalism
It’s no secret that the current economy is in peril. Jobs are scarce, businesses are struggling, and people are feeling the pinch. For those of us who work in or own startups, it can be especially difficult to stay afloat. In this harsh environment, how can we make sure our businesses don’t sink? Here are some tips on why your business faces an extra struggle and ways you can help keep things on track.
Why Small Businesses Face a More Difficult Struggle
The current economy is tough on everyone, but it can be especially difficult for newer businesses. During a recession, people are less likely to take risks and are more likely to stick with what they know. That means that they are less likely to invest in new businesses, which can be a death sentence for startups. Additionally, businesses that have been around for a while have more name recognition and more customers who are loyal to them. In a recession, people are much more likely to stick with their tried-and-true brands instead of taking a chance at something new.
All of this means that it is more important than ever for startups to make sure that they are doing everything possible to stand out from the competition. They need to have a clear vision and a plan for how they are going to succeed. They also need to be willing to put in the extra work to make sure their business is seen as valuable by potential customers. If startups can do these things, they may still be able to survive during these tough times.
Utilizing the Right Tools
Many newer businesses lack the tools they need to succeed in a recession. This can be due to a lack of planning, a lack of funding, or simply a lack of knowledge.
Without the right tools, businesses can quickly find themselves struggling.
One of the most important tools that businesses need is a good marketing strategy. In a recession, it’s vital to make sure that potential customers know about your business and what it has to offer. You also need to make sure that your prices are competitive and that you are offering something that people want. If you can’t do these things, your business is unlikely to survive.
Another important tool for businesses is a good financial plan. It is more important than ever to make sure that your business is making money and that you are staying within your budget. If you can’t do this, you may find yourself in trouble very quickly.
Finally, businesses need to be aware of the competition. In a recession, you must make sure that you are differentiated from the competition and that you have a unique selling proposition. If you can’t do this, your survival rate can dwindle.
Shift Focus to Foundational Basics
Many newer businesses focus on acceleration and growth rather than foundational basics. This can be a recipe for disaster, as it can lead to businesses making mistakes that can be difficult to correct. It is important for businesses to focus on the basics, such as having a clear vision and a plan for how they are going to succeed. Additionally, businesses need to make sure that they are utilizing the right tools, such as a good marketing strategy and a solid financial plan.
Defining Your Business Model
One of the most important things for any business, regardless of the economic climate, is to have a clear business model. A business model is a description of how a business works and what it offers to customers. Without a clear business model, it can be difficult for businesses to make decisions about what they should be doing to succeed.
In order to define your business model, you need to answer a few questions. First, you need to figure out who your target market is. Who are you selling your products or services to? Next, you need to figure out what your unique selling proposition is. What makes your company different from the competition? Finally, you need to figure out how you are going to make money. How are you going to generate revenue?
Once you answer these questions, you will have a much better understanding of how your business works and what you need to do to make it successful. Defining your business model can be a difficult process, but it is well worth the effort.
Leverage Technology to Your Advantage
Utilizing the right technology can help businesses to streamline their processes and become more efficient. In a recession, it is important for businesses to be as efficient as possible so that they can save money and stay afloat.
One of the most important pieces of technology that businesses can use to streamline their processes is a good CRM system, or customer relationship management system. A CRM system can help businesses track customer interactions and sales opportunities. This information can then be used to create sales reports and improve customer service.
Another important piece of technology for businesses is top-notch accounting software. Accounting software can help businesses track expenses and revenue, as well as create financial reports. This information enables businesses to make better decisions about where they should spend their money.
Finally, businesses should consider cloud computing. Moving to the cloud allows businesses to access their data and applications from anywhere in the world. This can help businesses to save money on IT costs and improve efficiency.
Using PDFs to Stay Organized
There are a number of reasons why businesses should consider using PDFs as their primary format for documents. First, PDFs are a reliable format that is supported by most devices and software. This means that your documents will look the same no matter what device or software they are viewed on. But that’s not all:
- PDFs are easy to edit, and you can add notes, condense files and add e-signatures.
- PDFs are secure and can be password protected. This means that you can control who has access to your documents and what they can do with them.
- PDFs can be converted into other formats, such as Word Documents or Excel spreadsheets, which means that you can easily edit your documents if necessary.
- PDFs are a great way to preserve your documents. They won’t be affected by formatting changes or software updates, and they will always be accessible.
Utilizing the right technology can help businesses to streamline their processes and become more efficient. Technology can help businesses to do this by helping them to track customer interactions and sales opportunities, as well as track expenses and revenue. Additionally, cloud computing can help businesses to access their data and applications from anywhere in the world which can improve efficiency. PDFs are also a great way to stay organized and preserve your documents. With these strategies in mind, you can save your business from a downturn during hectic economic climates.
About the Author:
I am a freelance consultant specialising in digital content creation and journalism. I endeavour to produce quality content encompassing any topic or industry for brand messaging, copywriting, op-eds and bylines.
I love researching concepts to isolate and explore the hook that makes a great story, and then developing the tone of voice that will reinforce a brand’s identity. I have written on topics including: business, HR, entrepreneurship, fashion, B2B and consumer tech, gaming, AI, education and renewable energy.
I have good commercial awareness and understanding of the big picture – I’m genuinely curious about finding out what makes people tick (understanding audiences, and how to engage with them). I’m particularly interested in working with brands with a strong identity that embraces digital trends.