Although the U.S economy is still the largest and most powerful one in the world, American citizens currently feel pessimistic about their country’s economic situation going into 2020 with a recent survey by CNBC Invest in You revealing that “two-thirds of respondents believing that a recession is on the cards within the next year.”
Furthermore, consumer confidence has decreased in recent months, retail sales are down, and businesses are concerned about the uncertainty that remains over trade policies.
Not the best outlook for 2020, but there are ways in which you can safeguard and perhaps even grow your business within the next 12 uncertain months.
Plan for profit
The most basic aspect of any successful business; if you want to be still trading next year, or even next month, you need to have a thorough annual business plan, with both short and long-term goals, that will result in you making a profit. Moreover, a decent profit that will allow you to not only survive but to thrive.
Your business plan may include the following:
- Your goals for the year ahead – monthly and annually
- Improvements to your social media presence
- Updates to your website
- Thorough budgeting
- Necessary market research
- Any new technologies you want to implement
A Marketing Agency can provide bespoke solutions that will help you increase sales and your profits during this difficult economic climate.
Incentivize your employees
This may seem counterproductive if you are experiencing an economic downturn in your business, but it is at times when you are struggling that you need your employees to go the extra mile and make as many sales as possible for you.
Keeping morale high when times are uncertain is one of the most challenging obstacles a business owner can face, but by developing a ‘pay for performance’ plan, your employees will feel safe in the knowledge that their efforts will be rewarded, and you as a business owner, can boost sales at a time when you need them the most.
The most important aspect of a ‘pay for performance’ plan is that if your employees do not deliver, you do not have to reward them. Therefore, you as a business owner will not lose money. However, if they do succeed, both you and your employees will reap the benefits.
It’s a win-win situation.
Invest in technology to boost productivity
You may not want to increase your outgoings by investing in new technology, but this could be a false economy. There have been so many exciting and innovative technologies emerging in recent years, with some designed to enhance your user experience and others created to cut your business costs.
Can you really afford not even to consider the possibility of investing in one of these?
Take Virtual Reality (VR), for instance, which offers you the chance to train your workers in a virtual world rather than actually on the job. Doing so could mean minimizing the risk of injury or mistakes that could cost your business money.
How about 5G technology? The possibilities of new business opportunities are endless with this emerging technology, from remote working to downloading massive files in a heartbeat to live streaming video content at record-breaking speeds.
Whatever steps you decide to take to recession-proof your business, ensure that you communicate with your employees and listen to the needs of your customers; if you do this, you should be able to ride out the storm and come out the other end stronger.