Falling house prices, a declining Australian dollar, rising household debt. You don’t have to look far to see a news headline that suggests an economic downturn, or perhaps even a recession, is just around the corner.
As a business owner, it’s natural to feel a bit worried about the economic climate. Being in business, even in the best of times, can often feel overwhelming, lonely and stressful. So, in a slowing economy, it’s easy to see the headlines that suggest the sky is falling and worry that business will be tough going in the future.
Despite a natural urge to retreat, the worst thing you can do for your business right now is to batten down the hatches and just survive. But this is often the first response from business owners during an economic downturn. Budgets get cut and business development, marketing and innovation take a backseat or gets eliminated altogether.
Of course, you want to keep your costs in check, but it doesn’t mean you should stop investing in your business.
In lean times, focusing on marketing and business development can create an opportunity for new customers and clients. Consumer confidence is low, so customers are actively thinking about their buying decisions. Being visible in the market so potential new customers can find your services or products is the key.
The savvy and entrepreneurial business owners are using this time to make their next move, and come out the other side of a downturn stronger than ever. There are plenty of opportunities that present themselves, but being able to spot them and take advantage of them is the key.
Studies show that by reacting proactively in times of weakening conditions and continuing to invest in the business, increased market share was seen in both the B2B and consumer sectors. Whereas companies that cut spending took longer to claw back their pre-downturn market share.
At the same time advertisers are hit by an economic downturn, so you have the chance to negotiate a better deal on your media and marketing spend. Don’t be afraid to ask for a discount.
What better opportunity to pick up disengaged customers from your competitors and strengthen the influence your business has in your industry or local area.
The team at Smart Advance are here to help you execute your business strategy and capitalise on the unique opportunities that present themselves at this time.
Take serious action and consider how unsecured finance could help you have a solid plan of action for your money. With a focus on investments that deliver a strong return on investment.
For more than five years we’ve helped hundreds of small and medium businesses secure finance to fund real growth in their business.
When you don’t want to put your personal assets up as security or you can’t wait for the banks to get their act together, we can help.
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