If you are like many of my clients, this year has been a record-breaking year for sales and profits.
Business owners and leaders are happy, shareholders are comfortable, and strong profits are flowing to the bottom line.
I keep hearing senior leaders sharing their concerns about an economic slowdown or the dreaded R-word…Recession that could change their results.
The economists and experts are mixed if we will see a recession, but they all seem to agree we will see an economic slowdown.
In one study, 68% of CEOs shared they believed we would see a recession.
In the last recession 70% of businesses experienced declining revenues, but 14% experienced accelerated growth.
How do we recession-proof our sales and keep the strong momentum of growing revenues and profits? (Even in a down economy?)
- Act strategically, not emotionally, build your strategic plan now should we experience an economic slow down
- Complete a sales pipeline audit. How healthy is your current sales pipeline?
- Focus on customer retention and improving the buying experience
- Understand your current state- conduct voice customer research, quickly and determine customer satisfaction and sales growth opportunity with current customers
- Run a net profit by customer analysis report – correct or fire profit leaking accounts quickly
- Determine sales effectiveness of your sales team, and review sales data for the last six months. Identify any skills gaps that could be hurting sales results.
- Upskill, Train your salespeople in selling skills, improve your sales effectiveness
- Restructure, make sure you have the right people in the right roles with the right skills
- Improve operating processes to deliver a strong customer experience
- Update your marketing messaging and SEO
Take the above steps, and you can recession-proof your sales should we experience an economic slowdown or a recession.
If you would like my team’s help strategically preparing you for an economic slowdown and recession leveraging data, please contact me.
We will quickly determine your current state, desired future state and collaborate on a plan together to ensure your team delivers sales results.
