5 things the most successful businesses do during recessions

The National Institute of Economic and Social Research has reported that Britain is ‘facing the highest risk of recession since 2007’ so whether we escape this outcome or not, it’s prudent for businesses to be prepared. But are you just preparing for the worst, or making the best of potential economic depressions?

There are several things that the most successful businesses do to ensure they make the most of the economic dips to outperform their competitors, here’s a run-down of the top five:

  1. They refine their propositions: make it clearer than ever what you’re selling, to who and what makes you different from your competitors.
  2. They keep marketing: it’s hard to keep investing when budgets are tight but keeping yourself ahead of competitors is the key to prospering when there’s less money to go around.
  3. They get even closer and more personal with their customers: whether that’s through their communications strategies, or by investing in research and focus groups, the better businesses know their customers the better they can resonate with them.
  4. They invest in innovation: the world never stays still, even during a recession, so innovation should always be a hygiene factor for businesses. However, innovation is even more pressing at a time when customers may be forced to change their buying habits, like during a time of economic downturn. Innovating can help businesses seize new opportunities.
  5. They keep an even closer eye on competitors: harsh as it sounds, not all businesses survive difficult economic times and so the most successful business are those who pick up on the misfortunes of their competitors, and where possible fill the void.

If you need to review how you’re going to thrive during the coming months, an external perspective can be the most valuable investment. Our highly experienced consultants are experts at recommending priority areas for seizing opportunities, whether that’s how to tighten up your brand proposition, how to increase the effectiveness of your communications or helping you to stand out from the crowd and raise your profile. Be one of the businesses that prospers during recessions, talk to us.