Navigating This Recession: 4 Tips.
We’ve arrived. According to the National Bureau of Economic Research, we’re officially in a recession. Note: This is not intended to evoke fear. Instead, we’re hoping to inspire. Full disclosure: We are not economists.
A recession does not have to mean business failure. In our most recent recession, there were industries that not only survived, but thrived, and some of them are businesses we can’t imagine living without today.
1957-1958 Recession:
Hyatt Hotels
Trader Joes
1973-1975 Oil Embargo Recession:
Microsoft
CNN
2007-2009 Great Recession:
Uber
Airbnb
Square
Doordash
Groupon
Venmo
What is today’s gold-rush? Stay tuned for a list of industries that we’re betting on today.
When times get tough, here’s what you can rely on: You.
Take care of yourself. You may be wondering why you’re getting self-care advice from brand experts. Well, because half (or what seems like half) of running your own business is maintaining a healthy mindset, so we say this first because it’s important. Period. Take care of yourself physically, mentally, and emotionally so that you have the personal bandwidth to pivot, strategize, and innovate.
If business is slow, It’s time to do the things that you otherwise put off. When we’re busy servicing clients, oftentimes we put off our own brand development, and that’s okay. It’s a constant ebb and flow. Maybe it’s time to update your branding, website and marketing materials.
Learn all the free marketing platforms you can. Not maximizing Instagram? Learn how to use it as both a connection and a sales tool. It’s a way to connect with your target audience and showcase your portfolio. Stay active on LinkedIn. It’s one of the only platforms that isn’t “pay to play”. It allows for wide exposure. We’re not utilizing this platform enough, but will be, and suggest you do too.
4. Stay consistent—in whatever way that means to you. The more you can get into a rhythm now, the more seamless it will be to add to your schedule when business picks up. It’s what we do day after day that carries us in slower times. Consistency is the currency.