How to prepare your small business for a recession

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The Silicon Valley Bank Collapse evokes memories of the start of the 2008 financial crisis. However, this time around, small businesses have an advantage in being able to not only withstand the impacts of a severe recession but also to grow stronger.

The pandemic has brought about a massive shift in marketing capabilities, particularly for small businesses. To future-proof your business in these uncertain times, here are some tips to consider.

Tip number one: Focus on customer retention. During a recession, it may be harder to attract new customers, so it's important to focus on retaining the ones you already have. Offer loyalty programs, discounts, and other incentives to encourage repeat business.

Tip number two: Leverage social media, especially short, vertical videos that you can shoot with just your phone. One of the biggest mistakes small businesses make is doing nothing and hoping for the best. Instead, get in front of this thing and start communicating with your existing customers with short videos. Take the time to lightly script out your ideas first in a Google Doc and then start shooting and sharing.

With more tips coming your way, don't delay. Follow us for more insights on how to prepare your business for the weeks and months ahead.