As inflation continue to increase, consumers and clients are feeling the heat and they are looking to reduce their spending budgets. This creates incredible uncertainty to many businesses.
In this post, we share 3 things every business leader must do to prepare for the impending global recession:
1) OFFER NEW OPTIONS
Research shows change is more palatable if people feel like they are an active part of making decisions throughout it. A new transitional offer that gives clients a choice can provide the support needed before they are ready to spend more. This includes a lower ticket item that provides massive value so that clients stick to you rather than going to your competitors.
2) CONNECTION TO MISSION & PURPOSE
Simon Sinek once said, “Start with Why.”
Are you even clear with why are you in this business anyway? Yes. I know you need profits for survival. But what’s in it for your clients. Your business exists because your clients see a need in the products and services that you offer. At this point of time, it’s more important than ever to create a deep connection with the mission of your business.
If your mission is no longer relevant, it may help for you to seek for a new mission statement.
3) MAKE THINGS EASIER, FASTER AND CHEAPER
When Covid-19 hit, everyone was talking about digitization and everyone started integrating new systems and technologies. However, this shouldn’t stop now that Covid-19 seems to be coming to an end. Clients are still craving for solutions that allow them to do things easier, faster, and cheaper.
Look to integrate your processes with technology to introduce new ways for clients to achieve a higher level of productivity and profitability.
Before I end this post….
I know what you’re thinking… .
Jonathan, why are you talking about recession when the roads are still jam and shopping malls are still packed?
Because in business, anticipation is the key. At the end of the day, losers react but leaders anticipate!
Have a great time Scaling and Selling!
Jonathan Quek