Working through a recession—5 ways agencies can ensure sustainable growth

“It’s just a recession” … said no one ever. 

With headlines screaming budget cuts, survival mode can seem like the only option. But hard times are almost always right around the corner and often inspire the greatest triumphs.

General Motors? Founded after the financial Panic of 1907. Disney? Just before The Great Depression. Apple? Reborn from the dotcom bubble.

So, before you panic, here are five ways to prime your business for sustainable growth—even in the least stable of times.

Sell what your clients need

Take a hard look at what you’re selling. Does it match what your clients are buying? 

Some agencies are launching content studios to accommodate clients’ shrinking advertising budgets and respond to the rising need of fast culturally connected communication. Others are expanding into e-commerce in response to the shift in customer behavior. 

Brands, too, are developing client services and strategy chops. As one Fortune 500 marketers put it: “We would take a C in creative if we get an A in client services and strategy.” 

Agencies should amp up their data and strategy capabilities to demonstrate the impact of their work. Change is the currency of growth.

Define what success means 

The difference between change and growth is to define what growth means for your business and giving everyone a role in its success. 

Before you dive in, recognize the importance of organizational alignment. Aligned companies grow revenue 58% faster, are 72% more profitable and outperform their competitors in employee engagement and customer satisfaction.  

If you’re ready to make everyone accountable, it’s time to set some goals. Think about your current revenue. What number do you need to hit in the next three years to evolve your business the way you want—and how do you get there? 

Now the fun part: creating an action plan. 

Does it involve expanding your current scopes? Signing new clients? Winning awards that get their attention? Selling services that convert them into new contracts for your business?  

Setting these parameters empowers you to create clear, actionable steps that drive your team toward a common goal. 

Make new business everyone’s business 

Everyone has their strengths and weaknesses, yet research tells us that collaborative problem solving creates better outcomes. 

Implement collaborative frameworks that leverage everyone’s unique skill set and transform siloed teams into growth machines. 

When the staff works from a single place of knowledge and support, they become a team empowered to take calculated risks that lead to sustainable growth. Invest in operational excellence so you can drive growth together. 

Put your network to work   

The cold call is dead, and a potential recession isn’t the time to bring it back. It’s time to put your network to work for you. 

But before you start DM-ing, recognize the importance of trust. Most brands work only with shops they know and trust—especially during an economic downturn. 

So, when you’re tapping into your network, start with the people who already know and trust you. Former colleagues, friends and even family can pave the way to your next client.

As you expand your network, be generous with your community by showing face. IRL is more powerful than ever in today’s digital age, so use it with purpose. 

Let your network know when you’re attending a conference near them. Use it as an opportunity to create a real connection over lunch or coffee.  

Of course, just because IRL is in, doesn’t mean you should discount digital. Strengthen your connections by engaging with them on social media. Show them what your likes, comments and shares can do for their visibility. 

Amplify your experiences by sharing them with your digital community. Join LinkedIn groups and Slack channels where you can demonstrate your expertise and add real value. 

Every investment in your network is an investment in your business.

Inspire your people—no matter what  

People deal with a lot of shit in life. Give yours something bigger to show up for. 

When your team is driven by a purpose beyond a paycheck, they take ownership, become solutions-oriented and build momentum within your company. 

The result? An environment built on inspiration with a more engaged, creative and productive workforce to match. 

While this sounds nice, it’s also 100% necessary to get your business through a potential recession. Inspire your team with purpose. Empower them to make mistakes. Celebrate them when they succeed. A healthy team makes for a healthy business. 

If the last two years have taught us anything, it’s that running a business is high stakes, high rewards. It’s natural to be concerned when times get tough. Yet, as decades of industry experience have shown, concern is not enough. 

It is only with strategic and empathetic leadership that you can manage your team through a storm and power sustainable growth for your business.