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!
5 Ways to Prepare Your Business for Economic Uncertainty
1. Get your data privacy and cyber security in order.
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.
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.
2. Don’t cut your marketing.
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.
3. Use podcasts as a free educational tool.
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.
4. Take advantage of user-generated content (UGC).
User-generated content (UGC) has become even more important in Australia in 2023 as it gives businesses and organisations the opportunity to access the collective knowledge and experiences of their customers and audiences.
UGC can come in many different forms, like reviews, blogs and social media posts. In fact, it can provide valuable insights into what customers are looking for, what they like and dislike, and how they interact with products and services.
Interestingly, over one third of Gen Zs and Millennials noted their confidence in a business increased after seeing a review or promotion from an influencer. Proving UGC can help to enhance the credibility and visibility of a brand, as people are more likely to trust and engage with content that has been created and shared by other users.
Did we mention the best part? UGC can be completely free.
Having a website is important for businesses in any economic climate, but it can be especially valuable during tougher economic times. A website allows your business to be accessible to customers 24/7, even if your physical storefront is closed. This can help your business thrive, allowing your customers to find you when they need you most.
But be mindful that all websites are not built the same. To get the most out of your website, ensure it’s search engine friendly, has user experience front of mind and is regularly updated.