It won’t be long until the next recession hits, and when it does, it will have a considerable impact on all businesses. If you’re an agency owner or executive, you must take precautions now to prepare for the inevitable downturn. In this blog post, we’ll discuss defensive and offensive strategies that can help your agency weather the storm and come out even stronger on the other side.
Defensive Strategies for Your Agency
The most important thing you can do to prepare for a recession is to make sure your agency is as financially resilient as possible. To do this, consider putting a pause on open roles, reducing any unnecessary expenses, and pushing your gross margin higher by asking employees to do more with less resources. Additionally, if you are already feeling the effects of a downturn in revenue, reduce expenses immediately—but don’t cut too deep just yet!
Offensive Strategies for Your Agency
In addition to defensive strategies, there are also proactive steps you can take now to ensure your agency’s success during the recession. The most effective strategy is to focus on owned and earned media—this way, you won’t have to worry about cutting cash from your budget or sacrificing important projects. You should also make an effort to attend as many networking events as possible; this could pay off big in terms of new clients down the line. Finally, expect some of your prospects to go downstream during a recession—and use that opportunity to win bigger clients than before!
Preparing your agency for a recession isn’t easy—but it’s necessary if you want your business to survive and thrive during tough economic times. Try implementing some of these defensive and offensive strategies today so that when the next recession hits (as it inevitably will), you’ll be ready with contingency plans in place! With careful planning and smart decision-making now, who knows where your agency will end up once everything is said and done?