As the global economy slows down there is one area of business that should never slow down.
New business development.
In fact, many businesses flourish during a recession or crisis [GFC, Covid19, Great Recession, wartime],
….. if they can take advantage of the opportunities that open up during these unique times.
Here are several ways your company can grow during tighter economic conditions:
If your competitors retract, you can gain market share. Focus on industries that grow during crunch times such as IT and SaaS, digital services, information products and DIY. Consider expanding to new verticals or geographies.
Innovation if done well can position your company for new business opportunities and revenue streams. Focus on new models of business delivery such as remote services and subscription models etc.
Be the person offering value, information and support at a time when people are otherwise pessimistic about the world [you shine brighter]. Focus on strong brand storytelling, community give back and powerful marketing to set yourself apart.
Consider offering freemium or discount services to appeal to new market segments and expand your client base.
If you would like a free strategy session on how you can focus on growth even during an economic downturn, comment below and we can set up a short chat.
Be bold, invest in growth.
