Recession-Proof Growth: Strategies for Business Survival During a Recession, Part 1

Jul 7, 2022 | Blog

Learn the keys to building an effective business strategy to recession-proof your business and thrive during an economic downturn.
We’ve seen a lot of handwringing about an impending downturn, and revenue teams across industries are starting to see the signs. Discretionary spending is being cut, headcount is frozen or even rightsized, pipeline is down, sales cycles are elongating, and a sharp increase in churn is on the horizon.

But all the predictions in the world won’t help you hit your revenue numbers. It’s time for some action. If you prepare your team now, you can still achieve growth regardless of the ups and downs.

Business Strategy During a Recession, Part 1: Do More With Less

Our first three business strategies for a recession focus on making the most of your existing resources—whether they’re stagnant or shrinking.

  1. Prioritize tech that directly generates revenue.
    If you’re preparing for fewer resources down the road, make sure you’re being strategic. As you evaluate what to keep, prioritize technology directly tied to earning revenue. If you want to grow revenue despite the recession (and who doesn’t?), you’ll need solutions like Conversation Automation from Conversica to help you uncover and make the most of every opportunity.
  2. Re-tool your workforce model to make the most of limited resources.
    We’ve all seen the spiral before—companies start slashing budgets and revenue teams lose resources. Opportunities get missed, and suddenly the team is underperforming, leading to missed revenue targets and another round of budget cuts. It’s a vicious cycle. To keep your revenue engine firing on all cylinders, at all times, you need to incorporate Artificial Intelligence into your workforce. Integrating a digital assistant into your Marketing, Sales, and CS teams now will exponentially increase the capacity of your existing workforce, create continuity regardless of turnover, and give employees more time to focus on strategic priorities.
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  4. Lighten the load for your employees.
    Burnout has been on the rise through the pandemic, and economic anxiety definitely isn’t going to help. You can’t hire a human assistant for every employee, but you can give them AI Assistants. Automating parts of your team’s workload like event follow-up, lead qualification, and QBR scheduling allows them to focus on meaningful work that adds to their job satisfaction without letting important tasks fall through the cracks.

Join us next week for Part 2 of our Recession-Proof Growth series, where we’ll talk about how to create a customer experience that cuts through the FUD to turn conversations into dollars.

Want more tips on supercharging your team’s capacity with Conversation Automation? Download our Rise of the Digital Salesforce eBook >>