How do you grow and thrive in your business during economic turbulence?
On Catapult Your Business, we help catapult business owners one question at a time. In this week’s episode CEO and Co-Founder Casey Clark is joined by Cultivate partner and Team Cohort Leader Colin Bowman to answer the question, “How Do You Grow and Thrive During Economic Turbulence? “
The discussion focuses on both defensive and offensive tactics for businesses during challenging economic times. Defensive tactics include obtaining a line of credit with at least three months of burn rate, changing payment options to credit cards for extended runway, cash flow forecasting, reviewing accounts payable for potential discounts, and conducting a SWOT analysis to identify potential shifts in offerings or services.
On the offensive side, they emphasize the importance of securing current clients and adjusting messaging to focus on protective language rather than gain language. The key is to adapt the value proposition for a down economy. Additionally, Colin advises against offering discounts and instead encourages businesses to negotiate value pillars, such as payment terms and contract length.
Shifting your mindset and embracing opportunities can lead to growth and success even during economic downturns. Tune in and subscribe for more best practices.