Recession... Heck Yeah!
3 Tips to Weather The Storm and Keep Your Business Goals Moving Forward
Are we in a recession? During the second quarter of 2022, growth slowed at a 0.9% annualized rate, which some economists would consider to be the start of the recession. The Fed disagrees, but Main Street says ‘the recession is already here.’
So, what can you do as a business owner to keep moving forward to grow your business?
Here are the best strategies to survive AND thrive during this recession:
Get off the couch and join a local networking group. I recommend looking into a local BNI chapter. BNI chapters offer exclusivity for only one of each business allowed in each group, so that means yourf businesses can lock out your competition and develop business referral spheres to garner new leads and referrals (i.e realtor, mortgage agent, home inspector, homebuilder) As one BNI member told me recently... "To be in a local business referral group, where everyone knows and respects one another, during this downturn we will look to our business friends in this tight-knit group to continue to grow their businesses."
When it comes to marketing. Look to a hyper-local, targeted niche group of people that you can market to on a monthly basis, establishing yourself in this community and building your brand for the long-term. I call that embracing the "60/40" split
Be honest with your marketing dollars, and determine what you can comfortably spend each month towards marketing. Typically, 5-10% of your monthly gross revenue is the "norm." So, for example, if you gross $10,000 this month, then set aside from $500-1000 for next month's marketing expense. At Midwest Faith Media, we can strategically place a business in a strategic community of readers for as low as .14 per household and garner a 9 to of 10 open rate, read from cover to cover, and our readers utilize the services of our sponsors*
Look, smart small business owners who have been through economic cycles before know that a downturn won’t last forever. Focus on being strategic with all aspect of marketing and promotion, and make sure you have a plan to weather this downturn.
*In a multi state survey with 265 adults surveyed the data shows 98% of people would open the local St. Louis magazine if they got it in the mail, 94% of people would read the magazine and 91% of people would consider using the businesses if they were in need of the services.
For over 25 years, Chris Heeb has served the St. Louis area as a local business owner who deeply cares about the community, promoting locally the businesses that supporthis mission, and his Catholic faith.
As owner of Midwest Faith Media LLC and the publisher of Clayton Parish Neighbors and Kirkwood/Webster/Des Peres Parish Neighbors, he is devoted with a joyful spirit to inspire more families to rediscover their faith and to share their journey with friends and others in their neighborhoods.
Aside from his publishing duties, he is involvedin various activities at Little Flower Catholic Church, enjoys time with his wife and children,and loves to cook for family and friends.