A glance at the headlines on any given day is enough to worry any business owner – there’s a cost of living crisis, rising inflation, and the cost of heat and power is spiralling too. These mean more direct financial pressure on you – it will quite simply cost more to keep the lights on and perhaps more importantly, to run computers and servers. It can also mean indirect pressures, like commercial landlords passing on their own raised costs to tenants in the form of higher rent, and reduced revenue from customers who are also tightening their belts.
Today we’re taking a look at what you can do to weather these storms and face the uncertain future we’re all going into.
A Strategy Update?
One thing to look at early on is your business strategy. This document helps you understand what the core values and aims of your business are, and how to express them through the decisions you’re making every day. With a financial squeeze come changed priorities. You may want to step away from a growth focussed business model to conserve funds, or step up growth to maximise your revenue. You might want to save more, or spend your savings on assets before the value of your money depreciates.
The key is to identify which strategy changes enhance your business and help you weather the storm, and which conflict with your most basic values and the work you’ve done building a brand your customers are loyal to. It could be useful to get expert help here. A consultant can help you identify how to pivot to a budget conscious strategy in line with your established values. If you’re looking for a strategy consultant London has agencies that suit a variety of business sizes and needs. It may also be worth looking at growth consulting specifically.
It’s important to present yourself to your customers as an attractive prospect during times of financial crisis. As well cutting prices and offering sales where you can – or rushing alternative products to market more suited to the times – you should think about your marketing. You may want to reconfigure your ad copy to emphasise the value of your offering.
This doesn’t just mean low prices – in some cases cutting prices can harm your brand, even in a deep recession. There are lots of ways to emphasise value – for higher end products lifetime warranties offer increased customer confidence without damaging the brand you’ve built.
It’s also worth consulting with a marketing firm to make sure you’re getting the most out of your ads. You can see dramatic boosts in effectiveness and savings if you have the expertise to bid on the right keywords in the right way.