Whether you’re just starting to build a business website, or you’re a seasoned owner. You are exposed to the influence the economical crisis on our doors due to the war between russia and Ukraine and not mention, the recovery from Covid 19 adversity.

As you may have noticed, the whole world is facing an inflation and potential recession, there are ways that can help small business can survive. WIth couple of tactical initiatives, and strategic planning, you can drive your business through this tough time, as we did.

In this article we are going to share our tried-and-true methods that helped our businesses not only  survive, but come out stronger as well.

We are going to break this down to you into into 4 strategies:

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To stay ahead of inflation, it's important to regularly adjust your prices. This will ensure that your products or services remain competitive and that you're able to maintain your profit margins. There are a few different ways to approach price adjustments:

a) You can increase prices across the board by a certain percentage.
b) You can turn your service to a subscription based model, this will guarantee a continuous cash flow to your business
c) You can bundle products or services together to offer a better value.

It may be helpful to talk to your customers directly to get feedback on your proposed price changes.

Joining a networking group can introduce you to business owners facing similar challenges. These relationships can provide both moral and practical support, as well as lead to new opportunities for business growth.

Networking with other small business owners can be a valuable way to grow your business and gain new insights and perspectives. By connecting with other entrepreneurs in your industry or local community, you can exchange ideas, share resources, and collaborate on projects.

One of the main benefits of networking with other small business owners is that it can help you tap into a wealth of knowledge and experience. You can learn from the successes and challenges of others, and gain valuable insights that can help you improve your own business.

Networking can also help you build relationships with potential partners or clients, and expand your professional network. By connecting with other business owners, you can create new opportunities for collaboration and referral business.

In addition, networking can be a great way to stay up-to-date on industry trends and best practices. By participating in local business events or joining industry-specific groups, you can stay informed about the latest developments and strategies in your field.

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In an inflationary environment, it's especially important to focus on efficiency. There are a number of ways to achieve greater efficiency in your business:

• Automate processes where possible.
• Review your business expenses and look for ways to reduce costs.
• Always go extra mile with your customers, make them obsessed with your service. Make your customers become your marketers.
• Embrace a professional business image for your brand, for instance; having a professional website that is visually elegant and explaining your services' benefits to your customer "Crystal Clearly".

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To offset the impact of inflation, it's important to always find new customers. This may involve expanding your target market or reaching new markets altogether. There are a number of ways to find new customers with free and/or lowest cost :

1. Leverage Instagram Reels to reach a larger organic audience.
2. Create referral programs.
3. Utilise LinkedIn Sales navigator in running "Cold Reach Campaigns"

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1. Leverage Instagram Reels to reach a larger organic audience:

Instagram Reels could be leveraged in raise an effective Brand Awareness by reaching a large organic audience "without rolling out any paid ads campaigns"

If you can produce couple of useful content videos (consistency)

Instagram Reels allow users to create and share 15-second video clips set to music. There are several benefits to using Reels.

First, it is a great way to raise awareness for your brand, showcase your business features and engage with your target audience. The killer thing about instagram reel that (until now December 2022) you don't need to create paid ads campaigns to reach a wider audience groups, which means that your reel video can go viral and reach thousands of people without spending any money on instagram paid ads.

Second, Reels can help you increase your reach and visibility on Instagram. When you create a Reel, it appears in a dedicated feed for users to discover, which means that your content has the potential to reach a wider audience (even without adding hashtags on your posts).

Third, Reels allows you to leverage the power of music and sound to enhance your videos. You can use popular songs or create your own audio tracks to add an extra layer of interest to your content.

Overall, Instagram Reels is a fun and dynamic feature that can help you stand out on the platform and engage with your audience in a meaningful way and without paid ads.

2. Create referral programs

Referral programs can be a powerful tool for businesses looking to grow and retain customers. These programs encourage current customers to refer friends and family to the business in exchange for a reward or incentive.

One of the main benefits of referral programs is that they can help businesses acquire new customers at a lower cost. Referrals are generally more likely to convert into paying customers, and the cost of acquiring a referral is typically lower than the cost of acquiring a new customer through other marketing channels.

Referral programs can also help businesses improve customer retention. When customers feel valued and rewarded for their loyalty, they are more likely to continue doing business with the you. This can lead to increased customer LTV (lifetime value) and overall profitability.

In addition, referral programs can help businesses build brand awareness and reputation. When customers refer friends and family, they are effectively promoting the business to their own networks. This can lead to a ripple effect, as referrals often result in even more referrals down the line.

Overall, referral programs can be a valuable asset for businesses looking to acquire new customers, improve customer retention, and build brand awareness.

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3. Utilise LinkedIn Sales Navigator for running "Cold Reach Campaigns"

LinkedIn Sales Navigator is also a powerful sales tool that helps businesses connect with potential customers on the LinkedIn platform. One of the key features of Sales Navigator is the ability to create cold reach campaigns, which are targeted campaigns that reach out to potential customers who may not be familiar with the business.

Cold reach campaigns can be a highly effective way to connect with new prospects and generate leads. By using LinkedIn's advanced targeting options, businesses can create campaigns that are tailored to specific industries, job titles, and locations. This ensures that the campaigns are reaching the right audience and increasing the chances of success.

In addition to targeting, LinkedIn Sales Navigator also provides a range of tools and resources to help businesses create compelling messages and build relationships with potential customers. These include templates, analytics, and best practices guides that can help businesses craft and optimize their campaigns.

Overall, LinkedIn Sales Navigator's cold reach campaigns are a valuable resource for businesses looking to expand their reach and connect with new prospects on the LinkedIn platform.

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In conclusion, there are a few things small businesses can do to weather an economic downturn. First, they should focus on reducing costs. Second, they should increase their marketing efforts to reach new customers. Third, they should consider diversifying their product offerings. And finally, they should build up their cash reserves to prepare for tough times. By following these strategies, small businesses can come out of an economic downturn stronger than ever.

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