Your Business and the Recession – Is it time to pivot?
Will there or won’t there be a recession? That is the question economists, business owners, and the group of senior citizens that meet at the local donut shop every Monday are discussing. Some may argue we’re currently in a recession now.
Predicting a potential recession may not be an exact science, but its potential can be very beneficial to business owners and employers if they use it as an opportunity to recession-proof (as much as is possible) their business ahead of time. Over the last few months, our TurningPoint team has done a deep dive into our organization to determine where we can pivot and be more agile should a recession occur. In doing so, we asked ourselves two fundamental questions: “What are our non-negotiables?” and “Where can we pivot?”
What are the non-negotiables?
In the face of a recession or downturn in the market, it’s tempting to do anything necessary to keep customers and continue to bring in revenue. However, you founded your organization on specific core values. These values directed how you structured your organization and the types of clients you want to engage. Many of these values cannot and should not change as a reaction to a change in the economy. Revisiting those values will help you create a list of non-negotiables. We left our TurningPoint team discussions with our own list of essential criteria: the organization’s integrity, company size, type of role, and willingness to truly partner.
Where can we pivot?
Once your non-negotiables are clear, it’s time to investigate where you have some wiggle room. Every good business is agile, not just in its products and services, but in its business practices. The most significant impact can often be made in the pocketbook- yours and your client’s. Turning your eyes inward might reveal areas where you can tighten your belt and decrease costs internally. Next, research where you can pivot to serve your customers better during challenging times and ultimately retain them as customers. To share our experience, we again agreed small adjustments to our fees were something we could extend to current and incoming clients. Secondly, adapting our fee schedule would help many of our partners during a tricky time. These changes allow us to stay true to our non-negotiables, continue to increase revenue, and demonstrate our desire to be a real partner to our clients.
Most challenges and problems are an opportunity when you have the right attitude. So, why not use a potential recession as the catalyst to improve your organization, products, and services?