In 2022 significant companies like Apple, Microsoft, and Netflix laid workers off. It is an uncertain time for employers and businesses as experts are predicting a coming recession. What can you do to help your business thrive in this financial climate?
Here are three ways you can recession-proof your business today.
1. Save & Cut Back
While this may seem obvious, the best way to weather financial crises is with a nest egg. The time to reevaluate the budget is before a recession. Look for any small ways you can cut back. Saving long-term allows your business to operate even as the finances fluctuate. Consulting with an accountant can also help you recognize and track any tax write-offs which occur over the winter season, saving you money in the spring. Additionally, many companies utilize staffing solutions for their labor needs to turn a traditionally fixed expense into a variable one. Only pay for labor when needed.
As the saying goes, “necessity is the mother of invention.” While businesses reach for the same ideal customer, find ways to make your company stand out. Capitalize on what your company uniquely offers and pivot where necessary. 2020 became the year of many businesses reinventing themselves. If one area isn’t working, brainstorm with your team and try something new. Be open to change. You may even come up with systems that are even better than the original.
Salespeople often say,” Always, Be Selling.” This is foundational for businesses. Personal touches like cards, in-office visits, and phone calls remind customers why they chose your company in the first place! Advertising to new customers on social media is a relatively cheap, free way to let new customers know what you offer. It’s also good to reach out to former customers to see if they are interested in more purchases. If they are not, send them a survey and get their feedback. Then adjust accordingly.
Need Staffing Solutions? PSU Can Help!
With finances changing, your company may also be looking for temporary staff. PSU offers on-site, temporary, direct-to-hire, planned staffing, and temp-to-hire staffing. Check out our services here. Additionally, we offer payroll services and top-notch screening to help you avoid expenses like turnover. Hiring correctly initially will save you money. Contact us today!