I’ve got some hard truth for you: That bull market you’ve grown accustomed to is likely ending.
That can be very scary because so many haven’t had to work through what it means to run a business during a recession.
The good news though? Many great companies (Microsoft, HP, Uber, Slack, and Airbnb, to name a few) were born out of difficult times, so there are always tons of opportunities.
Here are three things savvy entrepreneurs (ahem 🙋🏽♀️) do to overcome challenging macroeconomic situations:
1️. When others pull back, they push harder. Many companies will pull back in environments like this when it comes to hiring and spending because everyone’s trying to be conservative, but this is an excellent opportunity for you to capture market share and scoop up fantastic talent that is suddenly available from tech layoffs.
2️. They stay the course but get creative. You have to be conservative and smart about where you’re spending, but you’ll want to stay the course of the plan for your company.
The only difference in the time of a recession is to do it creatively.
Can you do more with your customers? Can you hit your goals and plans in new ways? Innovation tends to bubble up during challenging times, giving birth to new ideas.
3️. They think about the customers they have today. Thriving during a recession isn’t just about net new. It’s also about supporting your customers who are also going through a volatile time and a recession.
These three strategies have helped us achieve and maintain triple-digit growth, continue to hire top-quality talent (we have almost 50 open positions that are not going away) and use the power of innovation to create new products.
So while our competition may be running scared, I’m more bullish than ever about an impending bear market.
Best of luck to all of you during this time. I’m rooting for you and love being right there next to you throughout it all,