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Keeping Your Head Above Water

 

Many small business owners have worked hard to stay afloat amidst the tumult of the last few years, and some turned to innovative approaches to boost their business operations. If the looming recession has you worried, it’s time to take a page out of their playbooks. With a bit of creativity, you'll be able to weather the storm. Some things you can do yourself, while others might require expert help. Read on to learn how your business can survive and thrive during these uncertain times, courtesy of the Elk Rapids Area Chamber of Commerce.

 

Tighten the Belt

 

It's critical to go through your budget line-by-line and reduce expenses wherever possible. According to FNBO, while you don't want to slash essential services, you may find areas where you can either cut back, eliminate something temporarily, or even find a way to do something in a less expensive manner. For example, you might be able to reconfigure your storefront, renegotiate vendor contracts, or supplement your workforce with freelancers or independent contractors. Alternatively, you can take small steps like digitizing paperwork to reduce waste and make file management easier. For instance, there are some user-friendly sites that offer free PDF platforms. You can try this tool to edit, combine, rotate, and split files all within the same convenient platform. It's a great way to make sure all of your documents are in their proper format without having to spend any extra money.

 

Bolster Online Presence

 

Taking your business’ online presence to the next level can be a strategic move. Not only can you save money in terms of a storefront, but you can also boost existing online sales. In this case, you’ll want to consider an investment, whether it’s in the form of app development, website upgrades, or even adding new product lines. Do a bit of demographic and market research before making decisions, but consider the potential return on investment you may enjoy.

 

If you plan to expand your company’s usage of social media for marketing purposes, it’s important to have the right tools at your disposal. A critical component of successful social media marketing is video marketing. Video leveraged by social media is one of the highest engagement channels available, and that makes sense because polling suggests that it's the content that consumers want most from brands. These videos can go well beyond product demonstrations to interviews, case studies, explainers, and more.

 

Form an LLC

 

When facing an uncertain economic landscape like a recession, having a Limited Liability Company (LLC) structure can greatly protect your business. LLCs provide its owners with limited personal liability, meaning that entrepreneurs can limit the financial risks that their company might face if it fails or faces legal issues. Additionally, LLCs help protect against claims from creditors, allowing you to focus on weathering the storm of a recession without worrying about losing personal assets in the process. With an LLC structure for your business, you can have peace of mind in times of economic hardship and more room to focus on how to make your venture succeed during a recession.

 

Stay Connected

 

Many companies with remote-working employees are striving to stay connected and ensure everybody's productivity. According to Owl Labs, one of the keys is to keep a line of communication open with regular check-ins with face-to-face meetings. Everybody should also be on the same page about how information is shared. This is an area where process mapping can help. A process map can help each member of your team understand how their particular piece of work fits into the whole of the business task.

 

The last several years have created a number of challenges for small businesses and employees, but with a bit of ingenuity and patience, you're sure to weather the storm. Keep in mind, the changes you make don’t have to be permanent—they just need to get you through the short-term. Using the ideas from this guide, you can find a way through.

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