Are you worried about how your business will weather a recession? Don't panic - there are steps you can take to help your business survive and even thrive during tough economic times.
Review and adjust your budget.
One of the first things you should do during a recession is to take a close look at your budget and see where you can make cuts or adjustments. This might involve reducing or eliminating non-essential expenses, negotiating lower rates with suppliers, or finding ways to increase revenue.
Diversify your revenue streams.
Dependence on a single source of income can be risky, especially during a recession. Consider exploring new products or services, or finding ways to expand into new markets or customer segments. This can help to cushion the blow if one area of your business experiences a downturn.
Focus on customer retention.
Loyal customers are more likely to stick with you during a recession, so it's important to prioritize customer service and support. This might involve offering discounts or promotions, or finding creative ways to add value for your customers.
Look for opportunities to pivot or innovate.
A recession can be a time of opportunity, as it can force businesses to think creatively and explore new approaches. This might involve finding ways to adapt your products or services to meet changing customer needs, or finding new ways to reach and engage with your audience.
If you're looking for more ideas and guidance on how to weather a recession, our team of business strategists can help. We offer customized consulting
Every company needs a good story.
In fact, your company’s story is as important as the products or services you offer. To engage your employees, stakeholders and even customers your story needs to be compelling, attractive and clearly express your company’s core values.
I know, it sounds like an overstatement, right? But, the truth is that it has been proven to completely revolutionize the perception everyone has about your company. The story doesn’t need to tell every little detail from its birth but rather be able to define and give meaning to your business. This way, people can understand where you come from, where you’re heading and relate to your company’s ideas.
If you’re still unsure of the importance of a compelling story for your company, here are 6 reasons to write down your business story:
Yes, a well-established company needs a strategic vision, you’ve probably already have it written down. But, is it clear to everyone related to your business? A good company story allows your customers, employees, and stakeholders to better understand it through context and meaning.
When you share your company story, people will identify with your company, and it will make it easier for your employees and stakeholders to walk together towards your business’ goal.
Imagine working for a bureaucratic, faceless company where every task is fulfilled with the sole purpose of keeping your job. It might be enough to barely accomplish your professional goals, but there isn’t much more to it.
On the other hand, working for a company created by a family that had the idea to offer graphic design solutions for small and medium companies and help them grow, is way more meaningful and engaging.
If your employees understand your story, every little task they have at hand will be more meaningful and therefore more effective.
Writing down a corporate manual with a company’s core values in over 100 pages, won’t be so interesting or attractive for, well, let’s face it, anyone; there’s no point in having an extensive document that no one ever reads.
However, if you include your corporate values to your story: your suppliers, employees, and customers will respect your business and understand its values, knowing how important they are for you.
Digital transformation and social media have revolutionized the way companies communicate not only with their clients but also with leads, prospects, suppliers and even investors.
This revolution has set a new standard for marketing strategies and communications, making it necessary to go beyond simply offering your products and services. To engage users, you need to show them a compelling story that makes your brand stand out from the sea of similar businesses.
Having a strong company story will define the path for all communications you create; it becomes a guide to knowing exactly what you want to tell your audience.
When everyone in your team knows your story, your values and understands your struggles to get to your goal, It will be easier for them to be aligned with what you’re trying to accomplish.
When they focus on success, they’ll work together to find the most effective ways to reach the company’s goal by proposing new ideas and implementing new processes. innovation becomes then, an organic value in your employees to improve and grow together.
Corporate presentations are boring. Most of the time, neither the people giving the presentation nor the attendees feel engaged with it. If you present them with a bunch of figures and statistics, they will likely forget most of the information at the end of the presentation.
If your corporate presentation starts with an interesting story, you’ll get everyone’s genuine attention. Even if you need to include numbers and statistics, presenting them through a story will make a huge impact on the results.
Now that you know the reasons why your company needs a compelling story, it’s time to get to the action and start writing your story. Yes, i know, you’re probably thinking that you’re not a writer so this can be a challenge for you--but, don’t worry, i have great news for you!
You don’t have to do it by yourself; Marine Web offers you a solution.
When it comes to corporate storytelling, our professionals take great pride in helping clients to create and develop inspiring stories that define their businesses. Scroll down and get in touch to start writing your story!
Now that you’ve made it this far, you know what you need to do--so start by asking yourself...is your company story good enough?
Its funny how a global catastrophe can bring people together.
While walking today, I saw families and couples and lone wolves out walking, jogging, biking, hiking. There usually aren't that many people out and about, but I guess when the world grinds to a halt due to this coronavirus, well people are forced to adapt, aren't they?
Among my many adaptations is changing my morning routine. It's no longer wake up, hunker down at a coffee shop and work. It's more like wake up, then sort of decide what's the one thing I will do today to advance my cause, then I get that done and that's it.