Episode 258 - Surviving a recession
In 2008 nearly the whole world fell into recession. Overnight we lost some of our biggest clients, and others drastically cut their investments with our agency. Fast forward to today. The global Pandemic is hitting the stock market, and it is predicted that another recession is round the corner for many nations.
What can an agency do to survive and thrive during difficult times? In this episode I share lessons we learned from 2008, as well as a range of practical steps you can take to strengthen your business.
We will cover:
- Reviewing your products/services
- Strength of delivery
- Value to client
- Refining your customer avatars
- Getting specific
- Evolving/creating new products/services
- Running a leaner operation
- Review your expenses
- Remote working
- Contractor relations
- Looking at personal finances
- Focusing on your messaging and marketing
- Supporting existing customers
- How can you help them
- Setup regular calls
- Looking after yourself
- Mental health
Whilst be no means an exhaustive survival guide, this episode should inspire you to take a proactive look at your business and make positive changes. In this climate of fear, I believe in taking action, and holding onto hope.
If you are struggling at especially with your mental health, and need somebody to talk to, please consider connecting with WP&UP.
Here are some supporting episodes from our archive that will help you as you explore areas of your business.
Refining your avatar
In episode 200, I did a deep dive into the 5 stages of transforming your agency. Whilst more of a long term approach to this episode, there is a roadmap you can follow, along with a range of other supporting episodes.
Sponsored by Cloudways
One reason we can bring all this awesome content is because of Cloudways sponsorship. They believe in providing education and helping agencies deliver quality services without the stress. We use them for both our agency businesses.
Click here to check them out and support this channel.