Easy Ways to Prepare Your Business for Economic Uncertainty

As a business owner, it’s important to always be thinking ahead and planning for potential challenges that may arise. One thing that we know for sure is the economy is constantly changing and can be unpredictable.

With Localsearch’s Australian Small Business Report revealing 78% of small-to-medium businesses are fearful of a recession in the next 12 months, it’s important for businesses to be aware of how they can safeguard themselves.

In this blog, we’ll be discussing practical tips and strategies you can use to help weather any economic storm and come out on the other side even stronger. Whether you’re a small business owner just starting out or a seasoned entrepreneur, these insights will help you protect your business and set it up for success. So, grab a cup of coffee and let’s dive in!

With talks of more and more Aussies tightening their belts in 2023, it has never been more important to ensure your business is putting its best foot forward. This is especially true when it comes to protecting data, both your own and your customers’.

But where do you start when it comes to keeping your business secure online? Some of the key areas you’ll want to focus on include:

• Using a secure connection (HTTPS).
• Keeping software and plugins up-to-date.
• Implementing strong password policies.

And more.

Additionally, it’s always a good idea to regularly monitor your website for potential vulnerabilities and to have a plan in place for responding to security incidents. By taking these steps, you can help to protect your website and your business against cyber-attacks and data breaches.

Want more information on protecting your business from cyber-attacks & fraud? Listen to this.

During harsh economic times, it’s important for businesses to get the best bang for their buck and one way to do this is through a strong digital marketing strategy.

Digital marketing allows businesses to reach a wider audience at a relatively low cost. By using tactics such as search engine optimisation (SEO), Google Ads, social media  marketing and creating a strong digital presence overall, businesses can attract potential customers who are actively searching for products or services like theirs.

Additionally, digital marketing allows businesses to track their performance and make data-driven decisions, optimising and adjusting campaigns to deliver the best return on investment (ROI). By having a well-planned digital marketing strategy, businesses can maintain visibility, reach new customers and ultimately drive sales even during harsh economic times.

Take 2020 for example; many businesses admitted defeat, but The Plumbing & Electrical Doctor saw an opportunity. With a Google Ads strategy from Localsearch, they were able to grow their business during a global pandemic. Put simply, increasing their marketing allowed them to increase their revenue.

Podcasts, like The Help Me Grow My Business Podcast, are a great resource for everyone in 2023, but this is especially true for small business owners. Podcasts give you access to some of the best minds in Australia, and the world, for free. Take their knowledge and educate yourself on topics, like marketing and management, which will help give your business the edge this year.

Whatever topic you are looking for more information on, from finance to parenting, podcasting platforms are an abundance of FREE resources to help you upskill yourself in this year.

5. Ensure you have a high performing, updated website.