Facing a recession, business owners can look to the past to see how other companies successfully navigated economic crises. While many factors contribute to post-recession flourishing, they know that success is not based on “luck.”
The major factor in coming out on top after a recession is being proactive, rather than reactive. After that, it comes down to the right balance of cutting costs and investing.
History shows that a balanced approach of leaning out while also investing in new growth, is the key to success. Companies that master the delicate balance between cutting costs to survive today and investing to grow tomorrow will be strong on the other side.
How Winning Businesses Cut Costs
When it comes to cutting costs in a weak economy, the question is always “Where and how much? If businesses trim too much, they may hamper their ability to grow in the future. The best way to ensure that this doesn’t happen is to set goals based upon various possible scenarios, with deep cuts being made only in the worst-case scenario. Then, it’s just a matter of following the plan of which staff, materials, or outside services to surgically remove.
How Winning Businesses Invest in Growth
Companies that thrive after a recession when they:
- Invest in marketing
- Focus on their customers
- Diversify their offerings
- Invest in innovation and technology
The Easiest Way to Win in 2022-23
You can be certain that the economic shakeup will drive new ideas and new technologies. Thoughtful early adopters can discover faster and better ways to differentiate themselves from the competition.
As a technology company, we know that small business automation is a game-changer. Companies that adopt tools like Data Processing Automation (DPA) and Business Process Optimization (BPO) will come out on top. The potential for time savings and productivity is simply too great. These tools can reduce the clerical workload of a company by at least 32%, if not more.
These tools can also reduce software expenditures with custom solutions. Companies overspend on technology when they license or subscribe to more applications and platforms than they really need.
Most small businesses don’t have the internal skills to assess this situation and develop custom solutions.
Talk to DatCom and we’ll uncover ways to automate and avoid expensive software in your tech stack. With our tools, we can find so many ways to save time and money that you’ll be happy to split the proceeds.
Our clients think of DatCom as more of a business technology partner than a vendor because we are passionate about finding innovative solutions to make them more productive and profitable.
