How to crisis-proof your business in turbulent times
After two years of chaos, just as we thought things were quieting down, it seems the turbulence is back. The rising cost of living, Russia’s invasion of Ukraine, and political tension means we’re all on edge, wary of an impending crisis. It’s a lot to deal with, and for business owners who need to support their families on their own, the pressure can feel overwhelming at times. Luckily, there are a number of things you can do to better crisis-proof your business through periods of instability. Let’s take a look at how you can get started.
Let’s begin by looking at the most important thing of all: your mental health. We’re already emotionally burnt out after the past two years, and it doesn’t look like things will be getting much easier any time soon. This means we’ve all got to focus on safeguarding our mental health, leaning on our support networks, and ensuring we’re able to incorporate relaxing activities amongst our work. In turbulent times, it can be tempting to work around the clock, accepting any offer that comes your way, but it’s also crucial to make sure you’re taking time for yourself. If you’re struggling with the pressure, reach out to friends, family, or a supportive community like Found and Flourish (there are also lots of free alternatives out there).
Your primary offer
When it comes to your business, take a look at your primary offer. Is it time to raise your prices a little? Don’t worry about what your clients will think: the rising cost of living means prices are increasing across the board, so don’t be afraid to do what you need to make sure you’re able to pay your bills. Explain the situation, and make sure you’re providing people with enough advance warning. Consider looking at additional offers you could introduce, whether that’s an add-on to your main offering, or something new entirely. If you own a social media business, for example, are there other areas of marketing help you could offer? If you’ve got a little time on your hands, consider doing a free online course to up-skill in an area that would help you add value to your clients — and therefore charge more for your services.
The backbones of your business
When life is chaotic, it’s worth ensuring the backbones of your business are holding strong. When’s the last time you had a look over the contract you share with clients? It might be worth booking in a session with a legal expert, like Found and Flourish’s very own Egbe Manton. Similarly, make sure you’re happy with your invoicing software, accounting process, and anything else that needs to happen behind the scenes in order for your business to run smoothly. When the backbones of your business are solid, you’ll feel a lot calmer knowing you haven’t got any loose ends to tie up.
Businesses should always adapt their marketing based on how your audience is feeling. An example of this: over the summer, Found and Flourish will be focusing on Summer Snack content that’s shorter, more practical, and more digestible than traditional long-form content. We’ve made this shift to reflect what our audience is looking for at this point in the year, and we’ll be adapting our strategy once Autumn rolls around. Take a look at your approach to content and marketing. Are you speaking to your audience’s (new) pain points? Are you striking the right tone? Have a few chats with some customers to get their feedback, and adjust accordingly.
It can be tempting to rush to cancel all your subscriptions and memberships once things get tight, but it’s also a good idea to take a long-term approach. You might be spending a certain amount of money a month on a business tool that reallyhelps you serve your clients — in this case, it’s probably worth holding onto. On the other hand, take a look to see if there’s a free version of any product or tool you currently use. Mailchimp is a great example: skip the HTML coded version, and stick with the free templates. You’ll save yourself over £200 a year!
If you’re looking for a like-minded community of entrepreneurial women to get you through the tough times ahead, Found and Flourish is here for you. Find out how you can become a member here.
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