I started Focused Marketing equipped with extensive experience in tender writing and marketing gained while living in London and Sydney. What I wasn’t experienced in, was navigating the ebb and flow of running a business and at times the economic shocks that would occur on a national or global scale.
Now 14 years on, having successfully steered my business through the GFC and other economic uncertainty, I began reflecting on what helped me get through these times that might be beneficial for new businesses as we enter a new period of concern.
3 tips for new businesses to endure economic downturns
- Implement a resilient attitude
One of my favourite sayings to my team is ‘just keep swimming’. Sometimes, when your ‘to do’ list is piling up, you just have to line up your tasks, put your head down and work through them; irrespective of the storm that’s happening around you.
Make sure everyone in your team is clear on what the priorities are for the day/week/month. Providing a clear objective helps them focus and get through their projects while ensuring they’re prioritising the work that is most important to business survival/success.
- Get your house in order
Never underestimate the reduction in stress that being organised can bring to your business and your team. Knowing where important information is, keeping track of cashflow and having clear processes in place takes the day-to-day stress off you and your team.
Super, tax, and Christmas shut down periods are not emergencies! They happen every quarter or year and consequently money should be put aside every month. Putting money aside to cover these costs helps to keep your business running smoothly and reduces any costly legal mistakes.
- Build a support network
Being responsible for your own business and a team is stressful and well-meaning friends and family just don’t quite understand. I started Connect the Dots as a way of bringing together other female small business owners. It serves as a much-needed support group for bouncing off concerns and ideas with like-minded individuals.
Right now, we could all do with some extra support, so reach out to your support network whenever you can – remember, they’re in your corner.
Focused Marketing helps businesses of all sizes and industries, with our team experienced in strategic marketing, branding, graphic design, communications and website development, we’re ready to help Australian businesses thrive this year and beyond.