Why an economic downturn is the perfect time for…..

Posted by Kristin Luck on 7/3/20 7:00 AM
Kristin Luck
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An Econominc Downturn is the Perfect Time For

Whether you’re thriving or just focused on surviving in business in these tumultuous times, there are a few key activities you should consider:

Thriving?

Consider tapping a flooded talent pool. If your business is looking bullish, now is the time to hire. With a flooded talent pool it can be tough to pick out the A players and unicorns. Fortunately, Jackie Rousseau-Anderson has mapped her best tips and tricks for hiring in an employer friendly market. 

Snap up new assets. There are a growing number of opportunities to acquire firms at competitive valuations. Aside from distressed assets, there are still a significant number of firms going to market for a variety of non-COVID related reasons. If you have dry powder, now is the time to buy.

Surviving?

Double down on marketing. This may seem counter intuitive for many folks who immediately go into slash and burn mode when revenues dip, but marketing is one area where we advise NOT scaling back. If you’re trying to attract new business or retain existing clients, the last thing you want to do it go dark. Get creative with your marketing investment and use the collective decrease in marketing chatter to your advantage.

Pivot or develop new products. If your current product portfolio isn’t a “pandemic performer” now may be the perfect time to pivot or focus on developing new solutions or services. Don’t need a pivot but are focused on trying to unearth profitability in your existing product portfolio? We’ve got you covered.

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If your current product portfolio isn’t a “pandemic performer” now may be the perfect time to pivot or focus on developing new solutions or services.

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Want to talk more about strategies you can employ to thrive? Reach out to us at info@scalehouse.consulting

Topics: Marketing Strategy, Thought Leadership, Growth Strategy

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Are you running a startup and ready to go beyond bootstrapping? Or is your business in crisis mode and you need help turning things around? Or maybe it’s just time to scale for acquisition and exit. We’ve been there, and there, and there too. We can help.

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