The current recession is hitting a lot of businesses and individuals extremely hard. With the coronavirus seemingly sticking around for a while longer, more closures and changes to business models are likely to come. While this can be disheartening, there are plenty of opportunities to take advantage of despite the current economic and social conditions.
Here, Adam Ferrari, CEO of Ferrari Energy, discusses the opportunities you could take advantage of during a recession to help you and your business survive, thrive, and come back stronger than ever.
Work on Your Portfolio
While many businesses are seeing fewer customers and clients right now, there are still things you can do to help your client base and better your business. One of the most important things is to work on your portfolio. Learn new skills, try new ways of doing things, and further expand your horizons. Do not wait when you could otherwise be trying to get up and get ahead. The time that is not spent growing and learning is time likely to be wasted.
Many people are turning to online vendors and stores. Try upgrading your online brand, be it your website, social media, or other hubs. Since fewer people are coming into your physical location, you need to understand that your web presence is the new face of your business. Make it memorable and likely to bring customers and clients back again and again. Search engine optimization and other modern tools are excellent for assisting you with this effort.
Engage Your Clients
Offering promotions or otherwise just engaging through social media with your clients is an excellent way to make them remember you and feel inclined to use your services. Additionally, calling them to see if they need any services, wishing them well, and sending out similar emails can assist you. It also humanizes your business entity and helps to remind your clients of your presence.
Refinance if Needed
If you have outstanding debt, the recession we are experiencing will likely trigger lower interest rates for those who refinance. Do not be hesitate to hop on this and bring down your rates; it could help save you in the long run, as interest can add up over time. Weigh your options and have a financial professional take a look at things to ensure that you are getting the best possible deal during these unheard-of economic conditions.
Reworking your business in small ways can have a significant and lasting impact. During this time, look for pain points and try to strengthen your business so you can come back stronger and better than ever.
About Adam Ferrari
Adam Ferrari originally trained to become a chemical engineer, eventually completing his degree Magna Cum Laude. After gaining experience in both energy and finance, he decided to launch Ferrari Energy from the ground up. Ferrari was intent on helping educate mineral owners on how to manage their assets. With close ties to the community, Adam made it a priority to support various organizations, including Denver Rescue Mission and Next Steps of Chicago.
You may be interested in: “How to maintain physical and mental sharpness for the upcoming recession“