Times are tough right now, and everyone is feeling it to some degree. You may be looking to make some changes to your business in response or in preperation. It's only natural.
When we were running our agency back in 2020, with COVID looming, a recession looked like a real possibility. In preparation, we brainstormed what we could do to minimize the impact, and turn the situation into a net positive.
2020 ended up being a record year for our agency. Here are 4 things we did that paid off for us.
Invest in software 💻
In March 2020, with uncertainty in the air, we decided to first look internally. Where were we wasting precious man hours? What could we automate to give our team and clients a better experience?
This is actually around when we decided to build Tether. We noticed how our current QA and website feedback process was majorly flawed. We wanted to make it easy for our team and clients to report website feedback.
According to a recent workflow study, most managers are wasting about 8 hours per week on tasks that could be automated.
Where can you find extra time?
Invest in your employees 📈
Keep an empathic mindset. Your team is worried about the state of the economy too. Strive for transparency, aiming for a balance of realism and optimism.
If you’ve had to cut the team down, make sure you communicate expectations to the other team members. Staffing changes can cause massive workload anxiety. Make sure you keep communication open.
Continue to celebrate small wins and invest in professional growth opportunities. Losing a key employee has a huge associated opportunity cost. You need to minimize the chance of this occurring, especially in uncertain times.
Take a step back ⏸️
In 2020, there was a global pandemic and the economy wasn’t looking too good. It was easy to get caught up in the moment.
We tried to take a step back, and look into the future. What would a stay-at-home order look like in the United States? What effects would that have on work?
After discussing internally and talking with clients and other folks, a clear feeling was emerging. “Time to finally redo the site now that we have some time.”
We jumped on this right away and turned a pandemic into a positive for our business.
What does that look like today in 2022 with a looming recession?
Big tech layoffs are a prime opportunity for agencies and contractors. Companies need to fill in the man hours and will look for outside help.
There is always an angle to turn a negative into a positive, even in the toughest of times.
Leverage your network + referrals 🌐
We talked about referrals last week (can read about it on our blog), so I won’t spend much time here.
In general, people don’t leverage their network enough. I’m guilty of it as well.
Trial Linkedin Sales Navigator, see how many 2nd-degree connections you have that fit your Ideal Customer Profile (ICP). Look for things you have in common, such as shared connections or interests.
I would be willing to bet that you haven’t tapped your network dry.
There is always an opportunity. Sometimes you need to shift your perspective or take a step back to see it. We'll all get through this and be stronger on the other side.