Facing uncertainty in the recessionary environment? In this webinar, we bring together Nextdoor's Head of Small Business Marketing, Brianne Shally, the co-author of Self-Made Boss and Chief Marketing Officer at Square, Lauren Weinberg, and the CEO of ARS Roofing, Letitia Hanke, to discuss practical tips on how to recession-proof your small business.
Watch the webinar:
Here are some of the key takeaways from this webinar:
1. Invest in monthly planning to predict cash flows in different scenarios
Over the last few years, there has been a lot of unpredictability. It's important to think about your business's cash flow by planning for multiple scenarios. What would your cash flow look like if your business were to decrease by X% or if your costs were to increase X%? Ensure you are prepared for those changes by eliminating any unnecessary expenses.
2. Band together with other small businesses and diversify your revenue stream
Neighbors are more willing than ever to support small businesses. Look for opportunities to partner with other nearby businesses to potentially extend your revenue and bring your community together. If you run a restaurant, for example, could you sell any sauces or merchandise and a nearby retail store? If you're in the services industry, can you provide education outside of work hours? The more you can diversify your own business and come together with other businesses, the more you'll be able to draw in customers in your different communities.
3. In a recessionary environment, lean into free marketing tools
If you're looking to attract new and retain current customers, lean into various marketing tools. For example, word-of-mouth. It’s one of the most effective and credible marketing tactics because people trust recommendations from those they know. Think about how your customers experience your business. This includes thinking about the details like a simple greeting if you have a physical storefront or showing up on time and meeting deadlines if you're in the service industry. The better the experience they have, the more likely they will become loyal, repeat customers and share your business with those that they know.
Related content: How to navigate business uncertainty, What small businesses should do during a recession
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Navigating economic uncertainty is stressful for small businesses, but you don't have to endure the journey alone. Your community is key. Claim your free Business Page to grow your online presence and reach nearby neighbors who are eager to support local businesses like yours.
