Every week, economists are either predicting a full-blown recession or speculating that we may skirt around one. But with factors like high-interest rates, increased unaffordability, rising oil and gas prices, resumed student debt repayments, and a looming government shutdown, one thing is evident: consumers and businesses will have a lot less dispensable cash.

A Harvard Business Review study estimated that less than 10% of publicly traded businesses “get it right” during an economic slowdown and go on to outperform their peers. So, how can you get your business through potential turmoil and even do well despite it? Our business experts weighed in, and here’s what they had to say:

Be agile with product and price

During the outset of the Great Recession, email marketing company Mailchimp, employed a “freemium” model, offering users a limited version of its services for free, with more advanced functionality provided at a premium. In the end, Mailchimp’s user base exploded from 85,000 to 450,000 customers, and their revenue soared, all because they re-envisioned their business model to meet the current economic climate.

During financially conservative times, it’s worth considering low-cost alternatives to prevent customers from leaving or finding a replacement. This process allows you to revisit your product offerings, look for cost-cutting solutions, onboard a new demographic, and pivot according to changing needs and financial restrictions.

Alternatively, if rising labor costs and materials make that impossible, consider moderately increasing prices. Communicating this in advance and explaining the reasoning can help customers understand and give them sufficient notice to prepare accordingly.

Heed warning signs

Companies like Blockbuster and Kodak didn’t adapt quick enough when sales started to slump, new competitors were gaining traction, and digital innovations were changing how audiences started to consume their products.

While it can be tempting to apply blinders and focus on the day-to-day, it can also be detrimental to your business. Meeting with financial partners regularly and tasking management to help you watch out for evolving trends and key financial health indicators (like decreased sales, burgeoning competitors, changing customer needs, or higher operating expenses) can help you identify where to invest and where to cut.

In other words, you need to be sensitive to internal/external warning signs when they arise and take action before they get more severe. Don’t be the Blockbuster of your industry.

Look for partnerships

There’s strength in numbers, and many people will seek strategic pairings to lower their expenses and reach wider audiences. For instance, Target and Amazon joined forces during the dot.com recession. Target needed to sell its products online, knowing it would help increase revenue and widen its distribution, but it lacked the expertise. And Amazon needed to build its reputation as an ‘all-product’ e-commerce site. While this was one of several strategies both companies employed, in the end, Target increased its profit margin by 10 percent after the downturn, and Amazon went on to become a huge player in online sales.

So reach out to distributors, suppliers and local businesses in your area and propose solutions to either cut costs or partnerships to help amplify your businesses.

For example, you could contact current distributors and suppliers to look for bulk discounts or request discounts for various payment terms. Then, do the same with new providers in your area. Consider attending networking events to learn how other businesses have capitalized on other opportunities such as economies of scale.

Tap into technology

In today’s world, businesses have to be data-led and tech-ready. The remote revolution forced many companies to update their tech infrastructure, so in times of economic volatility, you should maximize these tools.

While this might not be realistic for every business, messaging and conferencing platforms can limit the need for full-time office space, while ensuring teams collaborate well and productivity is being met.

Remote or flexible positions can also attract and retain talent and potentially reduce labor costs. The cumulative research finds a substantial amount of workers are more likely to quit their jobs, agree to less PTO or even pay cuts in order to maintain flexible working conditions. In short, leveraging remote tech platforms can potentially lead to better talent, retention, and lower operating costs.

Maintain healthy cash flow

Your cash flow is the lifeblood of your business and no matter the economic cycle, you need to guarantee that you have sufficient capital to function. Having a boisterous cash buffer can help weather storms. Working capital lines of credit can also help cover your daily operations, accounts payable, short-term salary costs, and other expenses.

If you opt to take out a line of credit, meet with a bank advisor beforehand and discuss your options. Banks — especially ones local to your area — can explain the details of lines of credit, SBA loans and term debt, and analyze which is most appropriate for your business. They can offer support by providing insights into your business’ financial health through underwriting your loan request, frequently reviewing your accounts and alerting you if fraud or unusual transactions take place.

Overall, economic instability affects every business’ lifecycle. Rather than fear the reality, the smartest response is establishing safeguards as soon as possible. Doing so will help shield your business from bumps in the road to come, plus ensure a smoother growth journey when calmer conditions are restored.

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