BLOG ADVISORY & BUSINESS SUPPORT
Growing Your Business in Uncertain Economic Conditions (5 Must Dos!)
While the economy may be slowly moving in the right direction, we´re not out of the woods yet! So, how can you reliably grow your business in 2024, when there is still a level of uncertainty? Here are 5 strategies from a financial professional to help you navigate the waters.
Cultivate the right attitude
Attitude is everything, just ask Henry Ford. It really is true that “Whether you think you can, or you think you can´t - you´re right”, so don’t let self-limiting beliefs hold you back from growing.
Just look at the giants like Disney, Microsoft, and Airbnb – they all started during economic downturns. Do you think they had the attitude that they wouldn’t be able to grow during the great depression or the 2008 crash, so why bother? Obviously, they didn´t, otherwise they wouldn’t be the players they are today.
Take a look at the self-limiting beliefs that you´re telling yourself right now. How can you tip these on their head and frame them as a chance for positive change and growth?
Face the reality head-on
The quicker you accept the reality of your situation, the quicker you can take effective action. So, what is the brutal reality right now? High energy costs, a talent shortage, and tough training conditions are bound to be among your challenges.
Don´t forget to think about your clients too. Assess your client base's exposure to struggling industries and plan accordingly. How can you support them more and provide more value during this time?
If you need help analysing the market, acquiring clients, and forecasting certain scenarios and what that means for your business, don´t forget that you can seek external expertise. For example, accountants can provide a lot of guidance and support in multiple areas.
Prune your overheads wisely
Economic uncertainty calls for a meticulous review of your overheads. If you need to reduce some pressure, look at where you´re spending your money and identify areas where you can cut costs without compromising essential services. For example:
Trim unused or dormant software licences.
Evaluate the ROI of marketing spend and adjust accordingly.
Consider flexible working arrangements or downsizing office space.
Re-evaluate your memberships and subscriptions.
Explore outsourcing or offshoring options to reduce permanent hires.
Revamp your marketing strategies
Winning clients in a downturn is not only possible but advantageous. Why? Because:
Business owners are re-evaluating their suppliers, making them more open to change.
New businesses are emerging and are looking for support.
Businesses are seeking cost-saving measures, including outsourcing certain services.
Before revising your marketing plan, don´t forget to talk to your client base. They will be a goldmine of valuable information. For example, what are their evolving pain points and future outlook? How do they see their business faring over the next 12-24 months? When you know what your clients are struggling with and what they desire, you can make impactful adjustments to your marketing approach.
Surround yourself with positivity
Fear, uncertainty, negativity…this all leads to analysis paralysis and staying firmly within your comfort zone. Our recommendation? Surround yourself with positive people - people who will support you and push you to be at your best - and when you notice yourself talking yourself into a negative place, try telling yourself the opposite. You'll soon find that you'll develop positive habits that will help you execute your growth plans effectively.
Don't underestimate the importance of surrounding yourself with a supportive network of individuals, and that includes external experts. By seeking advice and guidance from financial professionals, you can get clarity on goals, budgeting, cash flow, and forecasting, and chart your course for growth for the year. Not only that, but they can also help you adapt your strategy as you go, ensuring that you´re mitigating challenges and seizing opportunities in real-time.