How to grow your business in a down economy

We are entering into a new season of economic challenges that many new entrepreneurs have never experienced before. You might be noticing that sales are slowing. And, you may be worried and wondering how you will weather the storm with your business. History has proven–both with the pandemic and past recessions–that success favors companies that adapt and remain nimble by addressing their clients most pressing needs. In this issue we explore three core premises to small business growth in challenging times.

If you enjoyed this issue of the newsletter, click?"Subscribe" to be alerted to all new issues?and get first notice on new training events?to help you move the needle on your business growth. ~ Deb Boulanger

?How to grow your business in a down economy

It’s no news that we have entered into an economic downturn. And, at the same time I’m optimistic about your business growth. Here’s why…

Premise #1 It’s proven that businesses can succeed in a recession

We have historical proof that you can launch a business during a recession and become a market leader. Ask the founders of AirBnB, Mailchimp, and Uber. All of these businesses were launched during a recession and have multi billion dollar valuations today.?

What all of these businesses had in common is they met an essential need in the markets they serve.

If you pause for a second and ask yourself, What will it take for my services to be essential for my ideal clients? What comes up for you? What new challenges are your clients experiencing that they didn’t have six months ago? How can you create a new service offering or adapt your current services and messaging to be more relevant to what they need right now?

If you pause for a second and ask yourself, What will it take for my services to be essential for my ideal clients? What comes up for you?

Premise #2 Economic challenges separate the “achievers” from the “dabblers”

While many people will retreat in fear or hang back in an economic downturn, savvy marketers will take advantage of the open playing field and double down on proven strategies.?

To stand out in this market requires a laser focus on the issues that are top of mind to your ideal clients right now.?

It’s time to review your service offerings and marketing tactics.?

• What has shifted for your ideal clients?
• How do you need to adjust your service offerings to be more timely?
• How can you create compelling and useful content that addresses what your clients care about most right now?

When the economy sours, success favors the entrepreneurs with the most relevant solutions and the most tangible results.

To stand out in this open playing field requires a laser focus on the issues that are top of mind to your ideal clients right now.?

Premise #3: Focus on what works versus what’s sexy

It’s time to get your hustle on, my friend. That might mean spending less time pointing to word bubbles on Instagram reels and more time creating authentic connections in LinkedIn messaging.

It’s time to refocus on the basic foundations of business success.

As Warren Buffet famously said, ““Beware the investment activity that produces applause; the great moves are usually greeted by yawns.”

It’s time to go back to basics and get your hustle on–just like you did when you first launched your business. Ensure that every activity you do, or is done by your team, contributes to the bottom line.

My 6-Figure Accelerator clients are devoting an hour a day to reaching out to new connections on social media, engaging in authentic conversations, and creating stand out content that commands attention.

It’s time to refocus on the basic foundations of business success.

This downturn also means you have an opportunity to evaluate the return you are getting on your business investments.

One client was investing $7,000 per month with a marketing agency and getting zero in return after seven months. Once we highlighted the lack of ROI, it became an easy decision to refocus that investment elsewhere.?

Look for money leaks in your business.?

• What services have you retained that are not paying off? Any investment that does not provide at least a 4X return on investment within 12 months needs to be cut.
• Where do you have monthly recurring charges for software platforms or subscriptions that you never or rarely use?
• Where can you trim or reduce expenses or fees? Where can you reinvest that money into revenue generating activities?

Over the last four years my business has grown an average of 80% year over year and we are up 59% YTD on revenues over last year.?

How have we generated these results? We only focus on things that have a measurable return. My entire team is laser focused on revenue generating activities. It’s all hands on deck all the time.

You too can grow your business by 50% or more this year. It will take your willingness to be an achiever (not a dabbler) and focus on creating essential value to what the people you serve need most right now.

And if you are not sure how you will do that, you can join me next Monday, July 11 at 4pm Eastern for an informal roundtable on how to grow your business in challenging times.?

It’s not a webinar. There will not be a slide presentation or recording. Just you and me and other achievers who are committed to success in challenging times.

?Post a comment in this newsletter for an invite to join us for this free and open discussion about strategies for coaches and consultants who want to become more relevant and in demand during challenging times.

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Debra Boulanger is the CEO of The Great Do-Over, founder of The Launch Lab for women entrepreneurs and host of the?Life After Corporate podcast. ?She helps smart, accomplished women leaders make the leap from corporate leader to entrepreneur and replace the paycheck they left behind.??