Is Your Business Prepared for the Next Recession?

Jul 24, 2024Strategy

There has been buzz about an economic recession on the horizon for quite some time, with experts predicting that it could begin in late 2024 or early 2025 and affect nearly every sector. These events are never easy for businesses. However, a Vistage executive summit I recently attended revealed some surprising news that I’m choosing to view positively. 

There, the economist Lauren Saidel-Baker explained that the next recession will actually hit considerably later than expected—around 2030. My takeaway? There is more time to prepare than many of us initially thought. 

In my decades of experience in public relations, I’ve learned that the right preparation can help businesses keep growing even when times are tough. In fact, there are four steps you can begin taking today to ensure you’re ready for whatever the economy throws at you. 

 

4 Steps for Using PR to Promote Growth—in Good Times and Bad

PR is as important as ever during a downturn of any size. A communications strategy can help you maintain visibility and gain market share when competitors are ultimately forced to pull back.

In addition to continuously monitoring economic indicators, planning for potential supply chain disruptions, and having appropriate contingency plans in place, businesses can lean on a strong communication strategy to promote growth—even during a recession. 

Here are four ways to prepare:

 

1. Develop a 5-year strategic plan

First and foremost, it’s crucial to develop a long-term strategic plan that accounts for the challenges that an economic downturn might present. For instance, frontload your crucial investments now (e.g., CRM systems, website redesigns, facility and equipment upgrades, signature events). That way, you’ll have them in place before money gets tight. Importantly, make sure your plan allocates appropriate resources to PR and marketing efforts capable of reaching your audience and building visibility for your brand well before 2030.

 

2. Establish a strong PR foundation 

With the money allocated by your 5-year plan, spend strategically on consistent thought leadership, attention-grabbing content, and customer-facing outreach. Don’t just sell your product; instead, establish yourself as a reliable source of industry-specific information so customers will look to you for answers when times get tough.

Developing a strong PR foundation isn’t just about pushing your message out, though; it also consists of being prepared in the event that the media contacts you. Make sure, for example, that you invest in media training to help everyone in your organization stay on the same page—no matter what

 

3. Nurture relationships with journalists and influencers

Your media network can be a lifeline during difficult times, but those connections take effort to build and maintain—effort you must put in now. 

Make sure you’re creating a two-way street with journalists and influencers by offering them value whenever possible. Once you’ve done so, you’ll have reliable channels for quickly getting your message to the right audience.

 

4. Explore ways to leverage in-house resources

While outsourcing can be unavoidable, bolster your communications strategy by finding new ways to leverage in-house PR and marketing resources and talent. Perhaps you have extra space in your office that could be used for podcast or video production. Maybe you have an excellent writer on payroll who can help with thought leadership or an engineer who moonlights as a web designer. 

Discoveries like these will make you less reliant on external sources for your PR needs, which can help you conserve your budget during a downturn while ensuring you’ll always have the means of getting your message out. 

 

Shore Up Your PR Strategy with Goodwin Consulting 

As you explore these and other paths to developing a robust communication strategy, you may find yourself seeking guidance about what to prioritize. 

During my years at Goodwin Consulting, I’ve collaborated with clients on media training, crisis management, and virtually every aspect of internal and external communications. I’m here to help you prepare for what’s on the horizon, so don’t hesitate to reach out!