5 Ways to Boost Your Business During a Recession

Everyone has a different method for coping—in business and in life. When things feel stressful, some people panic and just start doing anything and everything they can to make it better. Throw it all at the wall and see what sticks. Some people go dark and silent. Others like to avoid and do what I call an “ostrich” –pretend that it's not happening or distract themselves with other things-anything-other than the matters at hand.

But as business owners we can’t use any of these techniques when it comes to scary things.

We must push forward. We must find light in the dark.  And we must make a plan to save ourselves and protect our business when times get tough. There is no room for error, there’s no one coming for back up and there is no room for inaction.  

That's all fine and well, but even if you agree with me, it's a lot harder to figure out where to start. I recently told a friend that my mantra lately was “putting one foot in front of the other” into practice.  Not very profound, but the point is steady action forward is the only option on the table.

So how do we do this? And how do we turn the tide when things feel bleak, scary, and honestly—just hard? I am a big believer and focusing on the things that only we can do and the things within our control when everything else feels out of control.  

Read on for five things levers to pull things to focus on when everything feels scary and overwhelming. I hope they help your business the way that they've helped mine.

Boost Your Business Tip #1:  Find the Cash in Your Business

Not everything you do is profitable. Not everything you do is in demand all the time. There are different ebbs and flows to the services and products you offer. This is true of any business, but it's especially important to pay attention to the writing on the wall during a recession. If people are budgeting, if they are spending their money very cautiously, they probably aren't going to buy your $5,000 mastermind program.

They're going to need something more palatable, that feels less risky, but also delivers high value and return on their investment.

What is that product?

And what if you don't have that product? You need to make that product.

We coach all our clients to offer products and services within three price tiers. You have something for someone on a budget, you have something for those middle businesses with more margin, and you have something for those looking to spend that $5,000 just to have a solution that is turnkey for them and handled.

I'm not saying you get rid of your $5,000 mastermind. I'm saying that it’s not the time to promote it. And if you don't have any products that are cheaper, more manageable, or less of a commitment, all those factors can really make a difference in how things sell during uncertain times. If you have a money back guarantee or if you have a no questions asked refund policy — those things, along with social proof, need to be front and center on most tickets and items they're going to buy.

There is a cash cow in your business and it’s your #1 job to find it and leverage it.  

Find the thing that makes you the most money the easiest, for the least amount of effort and overhead, and sell that thing only. Launch it intentionally—build emails and sales pages and funnels around it. Give it the attention it deserves and needs to get it sold.

Just understand that whatever it took pre-recession, it's going to take twice as long. It will take double the work and double the calls to close one lead.

I know it to be true because I'm living in the same world you are. It is going to take a lot out of you to do this, it will be exhausting, but we can do hard things. Business ownership has always been a game of how badly you want it and how hard you’re willing to work for it.

Boost Your Business Tip #2:  Make a Roadmap

Control what you can control.

For me, it feels much less chaotic and much more manageable when I have a plan. This goes above and beyond the three things that I need to get done today. I need to keep my eye on the prize with the objectives for the quarter and for the year that I must meet. Not all hope is lost when you have a bad quarter. There are three more left to recover and in order to do that, you need focus.

Staying alive is a reasonable objective, but I need to break that down into how I'm going to do that.

That needs to be a strategic move. It can't be how I feel about staying alive on a Tuesday afternoon after I've not had enough to eat and need a nap. It needs to be the things I need to work on and the plan that's going to get me there and serve me well for the next day, week, months ahead.

• It all needs to work together.

• It all needs to align.

• It needs to be focused.

Your time needs to be focused on the things that matter. You cannot afford to spin out and spend all afternoon on a social media post or email to your list. If your people don't care about Instagram, it is not a good use of your time and it will kill your business. If your open rate is 20%, that email won’t make or break you. You’re driving the ship and you can’t fall asleep at the helm.

Boost Your Business Tip #3:  Build Relationships & Partnerships

You must diversify the pool of people with their eyeballs on you, and there is only so much time in the day to do that.  You need to do this with the most time-efficient plan with the biggest reach.

How?

I briefly chatted about this on our last (and inaugural!) YT video. I went to a conference last fall with Annie and one of the things that really stuck out to us was the idea of: imagine what we can accomplish if everyone in this room helps each other. The impact would be profound. This is the essence and core of a true partnership. It's not just a one-way street—it’s a win-win for both sides. I do believe they exist, and I definitely believe they exist in business when it comes to well planned partnerships.

Do you have a service or an offering that someone else needs? Does it increase the value they are  able to offer to their clients by partnering with you? Are you able to offer a continuum of the experience they offer their clients? Are you a safe space to land with a client experience that matches your partners?

If so, you might find that partnerships are an easy, painless way to get more leads that are very qualified for your business.

These are not just random people off the street. These are somebody else's clients that they cultivated, that they care for, and that they've gotten results for. If you can do it too, it's your duty to share your services with like-minded partners who have the clients you need.

Boost Your Business Tip #4:  Find Support

This is not your therapist.

This is not your husband.

These are not your friends.

These are your business friends, and they are different group of people.  

This is not meeting somebody casually in a bar and complaining over margaritas. This is more intentional. I know that whether it's mentorship or a community group or an accountability program, you have to find people to network within the business community in a meaningful way.

This is above and beyond basic networking. This is the next step.  

These are people in your corner that will cheer you on to support you as you navigate the wilds of business. It makes all the difference and most importantly—it shows you what's possible. It shows you that not everything is the way that you see it. It shifts your mindset and smashes your limiting beliefs that are holding you back and costing you dearly. This is the power of having a community to turn to as you grow—and sometimes as you try to hang on for dear life.

Boost Your Business Tip #5:  Track your Data

Imagine I am that obnoxious person in clown shoes, stilts and with a megaphone in hand in Times Square. That is how loud and obnoxious I would be if I could to make you pay attention to my last point.

If you ignore everything else, now this: YOU MUST, MUST track your data.

Chances are most readers will still ignore me on this and I get it. I know that most people ignore and procrastinate when it comes to things that feel overwhelming, nebulous, scary or challenging. I get it. But you cannot afford to be that person when it comes to data and analytics on your website or social media channels.

But if you're paying somebody $900 a month for advertising that's not giving you any leads, it's a bad move. You're not getting a good ROI. And if it’s a bad investment, you are literally lighting your hard-earned money on fire.

You cannot possibly know if what you're doing is working if you are not measuring it. Period. Full Stop.

You must start tracking something—anything—when it comes to your online business. Whether it's emails, website metrics, or social data, I do not care. I honestly recommend all three so you can have a full holistic picture of how you’re doing, but the goal is to just begin.

You're down in leads, but is your website traffic down? If your website traffic isn't down, but you're not getting leads, it's because your website isn't doing it’s job. That's just a fact, that's not my opinion.

It's not converting people the way it should. These are things you can't know unless you track, and you must start tracking today. You cannot afford to not be tracking the analytics on your digital platforms.

So where does this leave us?

It leaves us with five concrete steps to start today.

These allow you to control the things that you can control to ensure that your business is set up the best it can be. Not only to weather this storm, but all the storms that haven’t hit yet. Because recession or no recession—there are always improvements we can make in our business, there’s always something lurking around the corner and we need to continually work to improve our efforts to stay competitive.

Invest in your business and in yourself on the improvements you need now for a better tomorrow. It’s something you will never regret doing.

In 2023, if you need help implementing or planning and accountability is your missing link–we’d love to have you join us in our Spring 2023 group coaching program. Enrollment is only open for a limited time and there’s a cap to keep our group small and focused.

We know that together with our team and the support circle of other business owners, that you'll be able to get more done and be more resilient than ever before. For more information, go here or drop us a line with questions. We'll see you in Group!