# Maintaining Growth during Tough Times
Businesses face a multitude of challenges every day, but when faced with a global pandemic, recession, and other negative outcomes, it can be a struggle to maintain growth. Many business owners and managers feel lost and may resort to cutting costs indiscriminately, leading to a self-causing recession. However, some businesses not only survive but thrive during these tough times. The distinction between those that do and those that don’t is how they view a crisis: as an opportunity. In this guide, we will explore five key techniques for maintaining growth even in a recession.
## Avoid Reacting Emotionally
While the natural impulse may be to reduce corporate activities and cut costs wherever possible, doing so indiscriminately would have the opposite effect. Business owners that thrive during economic downturns double down on their efforts, knowing that growth will take more effort, time, and resources at this key stage. Therefore, to obtain more customers, you might have to work ten times harder. However, if you are willing to put in the effort, you will get more clients. At the same time, your competitors will be losing customers and personnel if they are acting fearfully.
## Techniques for Maintaining Growth
Here are five main techniques for maintaining growth even in a recession.
### 1. Boost Your Marketing and Public Relations Initiatives
Effective promotion and marketing generate sales, as most business owners know. They also understand that during a recession, the majority of other firms, including competitors, will cut back on marketing spending. However, this is an opportunity to do more. Smart companies ramp up their advertising and marketing campaigns in order to stay ahead of their competitors. Those who are cutting back are driving their businesses into the ground at the same time.
### 2. Eliminate the Bottom 20% of Your Consumer Base
This strategy seems unlikely to help, but it can benefit businesses. You may be wondering whether you can afford to lose customers. The truth is, you can. In addition, this is how smart leaders succeed. We’ve all dealt with clients who are tough to work with, late to pay, or who require a disproportionate amount of resources in comparison to the money they create. Therefore, cut these clients immediately. This is because increasing your marketing efforts will bring in new business. This change will require the same internal resources that low-yield customers are consuming now.
### 3. Provide Additional Assistance to Your Customers
Make a list of the problems that your clients may be facing during the downturn. Think about how you, your partners, or your vendors can help clients withstand the storm better with your team. In addition, reach out to your customers and inquire about their problems in order to give them assistance. Offer to do something for free. You can do this if there is something you can do without increasing your expenditures. You might offer to deliver something with payment terms or at a discount rate.
### 4. Streamline Operations and Provide a Better Client Experience
You now have extra time on your hands. You can use it to improve internal processes, improve the quality of your deliverables, and set up a system to provide top customer service. If you want to come out on top after this storm, you’ll have to outperform your competitors. You can do so by providing the best customer service in a more efficient manner. This will significantly lower client churn while also allowing you to service more customers.
### 5. Fire Your Worst Employees and Convince Your Other Employees That You Care About Their Well-being
If you have underperforming employees, it’s time to let them go. Chronic underachievers who don’t get along with others and have lots of other troubles will only bring down the team and harm customer satisfaction. After firing them, tell the rest of the team why you did it. Let them know how much you care about them and will go to any length to ensure that they and their health insurance are protected. Furthermore, fulfill this commitment. Your company’s success depends on the trust you have with your employees.
These are exceptional times, but businesses that approach challenges with a proactive mindset and an expansionary attitude will thrive in the face of adversity. By following these five techniques, businesses can maintain growth during tough times and come out on top after the storm.