• Elaine Stroud, CEO Entrepreneurs Forum pictured here with James Allen, Managing Director (left) and Gary Pickering, Creative Director (centre) of Guerilla Communications Ltd.
Elaine Stroud, CEO Entrepreneurs Forum, said. “It’s not easy trading through a recession, which is why the Entrepreneurs Forum offers a lot of support to our members through mentoring, workshops, and events. I talk to our entrepreneurs all the time about how they face economic challenges and there are some key messages worth sharing.
Bravery and opportunity-seeking are fundamental to surviving, or even thriving, in a recession. Don’t be afraid to take bold steps, try new things, and make investments in your business’ future. This is the time to streamline your operations, focus on your strengths, and stand out in the market.
Re-visit your business strategy, look for ways to improve your offerings, target markets, and processes. Those who are nimble, responsive, and informed to changes in consumer behaviour and industry trends, tend to fair better.
Experiment with new marketing channels and explore new ways to reach your target audience and stay ahead of the competition. In a recession, more people generally spend more time online, so strengthening your online presence is often a good use of your time.
Get trend focused, and by that, I mean stay informed and stay up to date with industry trends and then be prepared to adapt quickly to changes in consumer behaviour. Look for opportunities to reach new customers and grow your business and think about launching new products, a recession can be a great time to bring new products to market if they’re relevant to your target audience.
Ultimately, leading a business through a recession requires a strong vision and a relentless commitment to success. Stay focused on your goals and maintain a positive attitude, even when the going gets tough. With the right strategy and a little bit of bravery, you can weather any storm and emerge even stronger on the other side”
Elaine’s advice is supported by three examples of companies that have been game-changers during the last recession.
Examples of Ressession Proof Game-Changers…
AO World – This UK-based online retailer of household appliances saw an opportunity to disrupt the market during the 2008 financial crisis. By offering customers a simple, transparent, and convenient way to shop for appliances, AO World quickly gained market share and established itself as a major player in the industry.
The Hut Group – Founded in 2004, The Hut Group is an e-commerce company that specialises in health, beauty, and wellness products. In the 2008 financial crisis, the company saw an opportunity to grow its business by expanding into new markets and investing in new product categories. Today, The Hut Group is one of the leading e-commerce companies in the UK.
Zoopla is a well-known UK-based online property platform that provides consumers with the information and tools they need to make informed decisions about buying, selling, or renting a home. Founded in 2007, the company took advantage of the 2008 financial crisis to disrupt the traditional estate agency model and establish itself as the go-to destination for UK property information.