How to thrive after a recession? 10 practical steps your business can take right now!

Chances are that your business is facing operational or economical challenges amid the global pandemic caused by the novel COVID-19 virus. It’s easy to switch into “survival mode” with all the things going on.

However, there are plenty of reasons not to panic. You have the strength and the resources to overcome any struggles and get out stronger. Here are 10 things you can do to focus your energies on growth and plant the seeds you need for a thriving company.

10 Ways to Thrive (not just survive) During Turbulent Times

1 - Keep a routine

Chances are your team is working remotely. Keep a routine, wake up at the same time each day. Set standards for your people. Expect that everyone is showered and ready to go on a video call at 9:00 a.m. to check in. Panic news stations cannot be playing in the background while your team is working; set the tone and don’t allow it.

2 - Position yourself to serve, not sell

Reach out to clients to see how they are feeling or how you can help them. Sales calls may now just be a listening ear vs. uncovering opportunities right now. Position yourself to serve, not sell.

3 - Show genuine gratitude

Develop a list of top clients and send out personally hand-written notes thanking them for their support and reminding them that you’re a phone call away if they need you.

4 - Look for future opportunities

Map out a strategy for past-patronage calls. If you’re in a business where you serve people at different times of the year for seasonal events etc., start looking at who will be hosting these events in the summer and fall. Get ahead of the game now! Events are cancelled this Spring but this too shall pass! People will start attending events again- yippee!

We generated 43.4% growth rate right after the 2008 recession by focusing on strategic marketing and relationship building. Let us help you too!

5 - Plan your marketing

Look at your numbers for Q3 and Q4. Where will you need to be and what will you need to do in order to ramp up or even double those projections? Start planning your marketing efforts now.

6 - Be transparent with your team

Be transparent with your team. Let them know if and how you will pivot to serve your clients at a higher level and what will be expected in terms of output during the summer months to keep your goals on track for the year.

7 - Surprise & Delight!

Surprise and delight! We could all use a little humour especially right now. During “normal times” we’d be hitting the pavement, shaking hands and dropping off fun gifts with humorous taglines to get belly to belly with folks. We did this during the 2008 recession and grew sales by 43.4%! Rip this strategy and develop a surprise and delight program that can be mailed instead. We’re here to support you with ideas and clever taglines as well as fulfillment!

8 - Repurpose your tradeshow and conference swag

Repurpose your tradeshow and conference swag. If your show has been cancelled and you have branded assets on hand, don’t despair! Call us for creative ways on how to repurpose your promo in a strategic way. We’re focusing on giving right now so even if you bought your swag elsewhere, please don’t be shy. Call us! We can help you utilize your inventory and minimize loss.

9 - Control your energy and fill your mind with positivity

Control your energy and fill your mind with positivity. At Sigma, we’ve doubled down on personal development. Share podcasts with your team, have them listen, check in and reflect as a group. What a beautiful way to keep connected while we’re “socially distancing” and keep in the right frame of mind.

10 - Plan for growth and prosperity

Plan for growth and prosperity. Please don’t buckle even if you’re tempted to throw in the towel. I’ve been there before. I could not see the light at the end of the tunnel. I promise you! There’s a light at the end of the tunnel and you’ll get through this. Plan events for summer and spring. Hold a VIP day for clients to visit your premises, book that BBQ, lock in a date for personal development for your team or a seminar series for clients. Feel free to reach out directly for support and encouragement – we’re here to serve!

See how smart promotional strategies can help you make the best out of your current situations. Get in touch with us today!

Which one of these 10 action steps are you going to apply right away? Share in the comments and let us know if you have more questions! We’re happy to help.

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