Recession Strategies To Increase Cash For Small Businesses Part Four: Future Proof Your Business

The recession can make us feel like business is going to stop. That money is going to run out. The mind oozes doom & gloom in unknown circumstances. But we need to stop and remember this is cyclical. We’ve been in a recession before and we’ll be there again.

Last week we talked about how only 17% of businesses failed during the last recession, which means 83% survived! And while that’s pretty good odds. The Harvard Business Review also said of those 83% only 9% of small businesses came out thriving.

This week, in the last part of our 4 part recession strategy series, we will dive into some options on how you can future proof your business and try to be in the 9% that comes out thriving.  Maybe we will even start a movement of future proofing your business and way more than 9% of small business owners can come out of the recession thriving. I mean just because it was only 9% before doesn’t mean it will only be 9% this time - we can learn and work together to give small business owners the tools they need to thrive.

Speaking of working together if you’ve enjoyed this series please send this vlog post to a business friend you want to help support! We’re all in this together!

So the question then becomes what practical things can I do to future proof my business?

How Can You Serve Your Existing Clients?

Building a deeper relationship with your existing clients is one of the easiest ways to increase sales. They already like you, know you, and trust you AND they’ve already purchased at least one thing from you which makes them more likely to purchase again.

Ask yourself (or do some market research and ask them) are there any additional services, courses, memberships, products, etc. I can offer and further serve my existing clients?

Once you have your answer - create it and start selling!! Or if it’s something you can create after it’s sold do it that way! (like a course that starts in 3 weeks and then build it in real time with the people who purchase!)

Side note: if you’re sitting there going I don’t really have a good way to get in touch with my previous clients and haven’t been talking to them regularly. Please consider this your sign to start an email list & email them weekly just to stay in touch!

What Business Resources Do You Love?

If you have a course, membership, business software, or any sort of business related expense that you absolutely love and has helped you build a successful business reach out and ask if the creator has an affiliate program. You can also be an affiliate for non business related things, such as clothing you love, what you buy off of Amazon, etc. There are many, many options!

You love these things anyway and you would share them with your audience whether or not you were getting paid. Might as well see if you can get paid.

There may not be an affiliate program for everything, but it is a great way to increase your sales, without increasing costs, and without increasing any workload for you because you are simply going “hey I took this course - it was amazing and I think you should too - here’s the link.”

Now there are much better ways to write that out - I’m not a copywriter 😂 and you need to have an affiliate disclaimer - but you get the idea. Affiliate programs are a great way to earn extra money.

Companies you could look into being an affiliate for:

•  Convertkit
•  Tailwind
•  Kajabi
•  Online courses you have taken
•  Amazon
•  Target

Some words of caution with affiliate programs. Be sure you truly use and love what you are promoting as it is a more trustworthy and natural way to promote someone else’s product or service. 

Do not stop talking about something you love if being an affiliate is not an option, if you only talk about what you are an affiliate for you will become a walking billboard to your audience. 

And third, be sure you trust who you are referring your audience too. How they treat your audience will be a reflection on how well they would trust your recommendations in the future.

Do You Have a Referral Bonus System in Place?

Let your existing clients know if they refer someone to you and that person buys they get a referral bonus from you.

For example, I know a small gym owner who gives $50 to anyone who refers someone to her gym. She pays out the $50 bonus once the new client signs up and pays for their gym membership.

You do not need to give out $50 - it can be less and it can be more. Set the amount of referral bonus to one that makes sense for your business.

This is one of my favorite ways to increase business, because some of the best advertising is word of mouth.

Marketing Strategies

How do you feel about the amount of new clients you have coming in weekly or monthly to your business? Do you need to improve your marketing strategy for attracting new clients?

If so, consider investing in learning a new skill or even consider outsourcing it to give your business the best chance at reaching new clients.

Creating a future proof business includes cutting expenses when needed, but also investing where needed. 

It may seem difficult to spend $500 in advertising, but if it’s earning you more than that you are getting a return on your investment.

What Now?

We’ve been in a recession before and we’ll be there again. If you focus on the doom & gloom that is all your brain will see. Instead focus on the opportunities around you and help your business thrive during and after a recession.

If you found this post helpful….

I would be so grateful if you would take a moment to pass it along to a business friend right now!