33:2 Surviving a recession
What can an agency do to survive and thrive during difficult times? In this episode I share lessons we learned from 2008, as well as a range of practical steps you can take to strengthen your business.
In 2008 nearly the whole world fell into recession. Overnight we lost some of our biggest clients, and others drastically cut their investments with our agency. Fast forward to today. The global Pandemic is hitting the stock market, and it is predicted that another recession is round the corner for many nations.
What can an agency do to survive and thrive during difficult times? In this episode I share lessons we learned from 2008, as well as a range of practical steps you can take to strengthen your business.
We will cover:
- Reviewing your products/services
- Profitability
- Strength of delivery
- Value to client
- Refining your customer avatars
- Getting specific
- Evolving/creating new products/services
- Running a leaner operation
- Review your expenses
- Remote working
- Contractor relations
- Looking at personal finances
- Focusing on your messaging and marketing
- Supporting existing customers
- How can you help them
- Setup regular calls
- Looking after yourself
- Rest
- Mental health
- Exercise
Whilst be no means an exhaustive survival guide, this episode should inspire you to take a proactive look at your business and make positive changes. In this climate of fear, I believe in taking action, and holding onto hope.
If you are struggling at especially with your mental health, and need somebody to talk to, please consider connecting with WP&UP.
Resources
Here are some supporting episodes from our archive that will help you as you explore areas of your business.
Refining your avatar
20:8 How to lock down your niche
24:7 How to build authority in your niche
Managing finances
32:7 Managing your agency finances
Productization
25:6 How to productize your services
26:1 How to productize your agency offering
Pricing
27:7 How to work out your hourly rate
30:3 Unpacking value based pricing
21:3 How to quote the right price for a project
13:3 How To Be Confident In Your Pricing
Transformation
In episode 200, I did a deep dive into the 5 stages of transforming your agency. Whilst more of a long term approach to this episode, there is a roadmap you can follow, along with a range of other supporting episodes.
25:8 How to transform your agency
