Episode 89: Thriving in Economic Uncertainty: Essential Business Strategies for Growth

Navigating Economic Uncertainty with Effective Business Strategies

In the face of economic uncertainty, businesses often find themselves in uncharted waters. The landscape has shifted, and the old ways of doing things may no longer apply. But fear not, for every challenge presents an opportunity for growth and innovation.

One of the key strategies during these times is to keep talking. This means maintaining your marketing efforts, regardless of the economic climate. Whether it's through social media, newsletters, or any other platform, your voice needs to be heard. Remember, your customers need to know what you do, how it helps them, and how they can be the hero of their own story.

Another crucial strategy is to reach out to your network. This includes former clients and trusted colleagues. In uncertain times, people are more likely to seek referrals from trusted sources. Be specific about who you're looking for and what services you offer. This will help your network connect you with the right opportunities.

Lastly, it's essential to audit your business. This involves examining your financials, assessing where your time is being spent, and evaluating your offers. By doing so, you can identify areas for improvement and make necessary adjustments.

In conclusion, economic uncertainty doesn't have to spell disaster for your business. By keeping your marketing consistent, reaching out to your network, and auditing your business, you can navigate these uncertain times with confidence. Remember, you are the hero of your business story.

Thanks for tuning in to another episode of Collab with Kiva.
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Podcast Transcript:

Kiva Slade 0:01

Welcome to Collab with Kiva, where we let our inner nerd geek out on all the non sexy parts of your business. I'm talking data and operations, neither as flashy or glamorous, but both are foundational to your business growth. I'm your host, Kiva Slade, your strategy and analytics guide here to break down what feels complicated. So it is understandable, and executional. Let's dive in. Hey, hey, hey, welcome to another episode of Collab with Kiva. I am excited to join you this week, as we dive into the topic of what to do in your business feels a bit slow. And I'm talking about that, hey, let's be honest, it's summer here in the northern hemisphere. And I've been seeing comments in different groups that I'm in, you know, wondering, was anyone else getting clients what's going on RFPs have slowed down different things of that sort. And we are in the midst of some economic uncertainty. And that is actually global worldwide, in terms of just the economic landscape having shifted recently, and it has not yet found its footing, the stock market here has been doing pretty well. But things are not back to the way they used to be. So with that being the case, some of our time, may or may not be occupied with client work, what do we do in those instances.

Kiva Slade 1:44

So this is going to be a quick and easy podcast, you got a long one last week, cut your break by three, one of the first things is keep talking. Keep talking. What do I mean by talking I mean marketing, you have to keep showing up, whether that's on whatever platform it's on, you know, in whatever medium capacity newsletters, whatever it is, you need to keep talking, no matter what's going on, you need to continue to tell people, what you do, how it helps them, and let them be the hero of their story. All the things, you have to keep doing these things. In the midst of everything. I mean, like that's honestly just one thing that you should never stop doing. However, a lot of times when monies or funds become tight, that's one of the things we do tend to pull back on is that marketing. So maybe your marketing shifts in the sense that if you were paying someone else to do certain things, that maybe you have to bring those back in house, whatever it is, you have to keep talking, keep showing up in saying what needs to be said. Don't stop doing that. So that's number one.

Kiva Slade 3:05

Number two is to reach out, reach out to former clients, trusted colleagues, the reality is a closed mouth does not get fed. Because people may not know people may not remember, you are not. If you haven't done number one and are consistently doing number one, you're not staying top of mind, tip of tongue. And also, in these uncertain economic times, people are much more likely to ask a colleague, a trusted colleague for a referral. Hey, do you know someone who does blah, blah, blah, to help me in my business? And that's going to be that bell that goes off where they say, actually, I do. Let me connect you with XYZ. Because when you reach out, you should be specific, telling your former client, your trusted colleague, who you are looking for who is the best fit for your service, or services, like maybe there's different people who you know, are good fit for one that might be a different fit for something else that you offer. But that specificity allows your former client, your colleague to know exactly like put two and two together. Like if someone asked for this is exactly what you do. So Oh, automatically, my brain is gonna be like, Oh, such and such. Just ask me about that. Boom, it makes that connection. So you want to be specific in that reach out.

Kiva Slade 4:44

But also you want to remind people who you are that you exist, that this is what you do. And I say even former clients because for some of us, your business may have have evolved, he may not exactly be doing what you were doing when you first crossed paths with them. And they may not know what you are now doing. So it's an opportunity for you to reconnect. Obviously, you can offer to connect on a call, or you could offer a referral bonus, you could offer, like, find out what they might be looking for something as well. Whatever the situation is, again, a closed mouth doesn't get fed, you have to let people know that you are looking, they could assume that your full your roster is full, you don't have space for a client. So maybe there's someone they would love to introduce you to. But they don't know that you have space and capacity for that person. So make sure you reach out and be specific in your reaching out.

Kiva Slade 5:55

And the last thing I'm going to share is audit your business. Audit your business on all levels. So looking at your own financials, what's going on? Are you paying for something that you don't need anymore? That was a nice to have, but it's not a necessity? Are there where's your time being spent? You have some free time now? Is there something that you could be learning investing in sharpening your skill set in so that you stay ready? So you don't have to get ready? When that day comes so looking at where time is spent by yourself by your team? What? What are your offers? What is it that you are providing as a service? Is it what people need? It's, you know, something that you know, they need, and it's a good offer, where are the efficiencies that you can find in your own business, those are definitely things that you should take some time to do in terms of that audit right now of understanding better, who you are, what you do what you offer, and who actually is the best beneficiary for it, so that you can make sure you are talking to that person. So you can make sure you cut back on expenses on things that you don't need. That you can make sure that your time is being spent wisely, in that you are using this time to maybe enhance professional development, maybe it's you know, something else that you've chosen to read about, maybe dive a little deeper into. So those are all things that you can do, but you have to audit your business in order to know where those efficiencies are going to be found.

Kiva Slade 7:41

So, again, in these uncertain economic times, you want to keep talking, your marketing should not cease, you want to reach out, be specific, though, in that reaching out, be specific about who you're looking for, or what it is you offer in how it is that you help people. And three, audit your business and know what's going on on all levels of your of your business, that you make sure that the profitability that you do have right now is actually maximized, as well as your time and your energy, and the level of effort that you are needing to expend for various things. So you want to make sure all of that is in balance. And all of that is aligned with where you find your business at this particular time. So also like audit your processes. I know I said the bad P word. But maybe this is the time where your discovery form may not have questions that are required. And you see people always skip them, make them required. Maybe you're not getting notifications, you have some updates to the forum, because something has changed in your business. All of this counts as part of an audit. Like looking at what your customer journey is for onboarding, what is your customer journey for onboarding things that you normally might push to the side like or they fall further down your to do list. Now that you have that time in your business, use that time to enhance the things that are going on to make things better to improve things.

Kiva Slade 9:23

Again, we're staying ready, so we don't have to get ready. If we improve the things that we are working on, or how we deliver our services to our potential clients and clients. And then you're setting yourself up for future success. And your future self will definitely thank you. So again, keep talking marketing doesn't stop, reach out, reach out, specifically. All right, and audit your business. If you have some other tips. I look forward to you sharing those in. You can tag me on LinkedIn And I really just wish you the best right now during the summer during these crazy economic times that we are all experiencing. So I'll see you next time. Bye. Thanks for tuning in to another episode of Collab with Kiva. I'm wildly cheering you on as you go forth and execute data and operational efficiencies in your business. If you need additional support, connect with me via my website, the516collaborative.com your reviews on Apple are appreciated. See you next week

Meet Kiva Slade - the Founder and CEO of The 516 Collaborative. With a unique background in high-power politics on Capitol Hill and sixteen years as a homeschooling mama, Kiva found her calling in the online business world as a trusted guide for entrepreneurs looking to build the business of their dreams.

Kiva's work began behind the scenes, orchestrating the back end of businesses and managing teams. But her inner data diva couldn't help but notice that small businesses needed help harnessing the power of data for growth. So she and her team set out to uncover and tidy up the data required to enable clients to grow their businesses confidently and easily.