Running a company isn’t cheap, and with recessionary winds whirling, many small business owners are cutting back. At the same time, it’s vital to determine what areas you should invest in to stay operational. Here are 5 areas to focus on that can benefit your business throughout a recession and beyond!
Invest in treasury management software. Treasury Management Software (TMS) is used more and more to automate the management of an organization’s financial operations. This software offers a complete view of cash, assets, market data, and financial processes, and captures real-time data so there’s greater financial visibility. Kayenta’s treasury management system is built using today’s modern technology while keeping modern challenges in mind. From data integrity to architecture security, their treasury management framework is built to handle the biggest risks, while simultaneously providing stakeholders with data transparency.
Invest in aesthetic upkeep of your brick-and-mortar locations. It’s not just about a semi-regular lawn mowing: an attractive, well-maintained landscape automatically signals that you care about your property, and by proxy your brand, which appeals to both potential and existing customers. Plus, it gives you a competitive advantage against other businesses who are not investing in aesthetics! The choice to enhance your business property often brings results that greatly offset the initial investment costs, but don’t go it alone! For outdoor care in Columbia, Missouri, Grizzly Bear Lawn Care is an exceptional choice. From weed prevention to hardscaping projects, their experienced team of lawn care professionals is ready to bring your commercial property’s vision to life.
Invest in app development. Do you have more than one location, and spend valuable time and energy keeping them all connected? Consider a custom developed app! Cruise America has 127 rental centers across the United States, Canada, and Alaska. That’s why they’ve developed the Cruise America RV App, the only RV travel app dedicated to RV travelers and Cruise America customers. Customers can quickly get helpful information and troubleshoot issues, all with the push of a button. Check it out here: https://apps.apple.com/us/app/cruise-america/id1078524816
Invest in content marketing. If you’re selling a product online, do you really need articles and videos to generate transactions? You sure do! Many businesses, especially smaller ones, believe that the heyday of blogging is long past, or that other forms of marketing are more likely to produce results. The truth is that content marketing remains a fantastic strategy to draw attention (and customers) to your online store by improving your search engine rankings. When you consistently publish new content, especially posts that are search engine optimized, Google notices, and makes it easier for your online store to rank naturally. You can find a great example of content marketing at ecommerce store Lash Professionals, who post keyword-heavy blogs on their products and related topics to boost their search rankings.
Invest in online engagement tools. Did you know that interactive digital content generates twice as many conversions as static content? For example, adding a quiz to your website is a great way for business owners to collect data about visitors’ interests and preferences. Users like to learn more about themselves, and when it comes to quick quizzes, they want to know how well they did on the quiz. By engaging in this simple tool, users spend more time with your brand, which increases the likelihood of conversion. That’s the approach that Vision Specialists has taken on their website, asking directly on their home page: “Are you experiencing dizziness, headaches, anxiety, neck pain or reading difficulties? If might be your eyes,” followed by a CTA button asking for the user to Take the Test. When users click through, they can personalize their experience further by choosing the Adult, Youth, or Child questionnaire. After completing the symptoms questionnaire, the user receives a follow-up email with results and recommendations!
During a recession, businesses must focus on adding value to customers instead of focusing on cost cutting. Applying any of these six tips can help you do exactly that!