Even though we are only a week into 2019, it’s not too late to start thinking about recession-proofing your business. It’s no secret that the recession is looming, so it’s only a matter of time until it hits. That means that businesses need to gear up to put measures in place to prepare their businesses. Just because a recession hits, doesn’t mean your business won’t be able to thrive. By focusing on personal connection, your business will be able to excel during the recession Through personal connection, you can connect with both your employees and customers.
The three pillars of personal connection are establishing trust, sharing story details, and embracing emotions. In this post, we’ll give you some tips on how to apply these pillars to build a personal connection in order to survive the upcoming recession.
When it comes to establishing trust with clients in a recession, you want to provide transparent communication. If your company is offering discounted rates for products or services, make that clear. Show that you are being responsive to customers’ changing needs during this time. Clear, transparent communication is key in retaining and expanding your customer base. That being said, you may want to change your services to better align with your customers’ pain points. Are your services too expensive? Do they want a product that is out of your bandwidth level? Take these points into consideration to alter your product and service lineup. By doing this, you become more trustworthy in the eyes of your customers.
With employees, you want to reassure them that nothing is going to happen in terms of firing during this time. It is possible to have a recession and not lay off any employees but only if everyone makes some sacrifices. There are a number of actions you can take to cut costs while still retaining employees in the long run. For example, one company had all of its employees no matter what level take a month of unpaid vacations to help offset some of the costs. For the employees who couldn’t afford to take this time off, they would trade with others who could afford it. As a result, no one got laid off from the company, and employees were more satisfied.
Learn the pain points
The companies and services impacted the most by the impending recession are ones that don’t take the time to build customer relationships. Those affected by the recession need someone who can empathize with them and help them solve problems their business might be facing. Take the time to build these relationships by sharing details about the problems your business might be facing. Is your company looking for quality work at a lower price point? Mention that. Do you want to create something that will help retain your employees during this time? Share it. The more you share about your needs are, the better of a chance you have of them being met.
The same principle can apply to employees. Take the time to meet with your employees and find out what their concerns are in light of the recession. Are they worried about getting laid off? Do they need to put food on the table for their families? Talk to them one-on-one and find out their anxieties when it comes to the recession. By doing this, you will be able to get a better sense of what they need and what you can provide. As an employer, incorporate their feedback as a part of your action plan so everyone feels like their concerns are heard. From that, you can take action, making for a better environment for everyone.
The recession is an emotional time for people. Whether they lost their money in the stock market or lost their job, it can be tough for people and their families. When it comes to dealing with customers during a recession, you want to accommodate their emotional needs as best as you can. This is done in many ways, from offering a discount on a product or service, being flexible with the time of completion, or when you receive payment. While this method does require you to operate outside your normal limits, it can help strengthen your relationships with your customers in the long run. As a result, you will achieve a reputation for being great to work with and accommodating to your clients’ needs, whatever they may be.
While the recession is hard on customers, it is even harder on employees. Employees won’t know what their future holds at the company, so it’s important to be cognizant of their emotions during this time. If there’s anything that the company can do to accommodate employees during this time, they should be. Whether it’s offering to work overtime or take on an extra project to make some extra cash, communicate options to your employees. This will translate into your employees feeling cared for during this difficult time, which will lead to long-term retention.
Recessions can make for tough times for both employees and customers. With just a little patience, communication, and accommodation, you can create an environment fueled by personal connection. And this might just help you survive the next recession.