Perhaps you've noticed more companies--maybe your clients--announcing layoffs or hiring freezes. You can buckle down and brace for the worst; you can be reactive; or you can look for ways to benefit from the slowing economy.
I'm a big believer that NOW is the time to act. It is always easier to act from strength than weakness. That's why the rich tend to get richer and strong firms get stronger.
A lot of your competitors will react to slowing demand by dropping prices. Not yet, but it's coming. Lower revenues and fewer resources won't make these firms stronger players. Quite the reverse.
It's About Communication
By contrast, firms that excel at communicating their value will gain an advantage as the economy slows.
NOTE: I didn't say "firms that create more value for clients." I said firms that communicate their value better will continue to thrive.
A market where your competitors are focused internally on bracing for the worst, cutting expenses, and eventually on keeping the doors open is a market FULL of opportunity for firms prepared to advantage for the situation.
Even in a recession, demand doesn't dry up. There's just not enough to keep everyone fat and happy. Those who are good at attracting great clients will see the least impact.
Opportunity
A slower economy is a chance to focus on attracting clients who are a great fit for your firm. Clients where you have the largest impact. These are also the clients who don't generate headaches, issues, or drama. They generate more profit without you working harder. John Ray recently wrote a good post on the power of raising fees.
This future is easier than it seems. The key is seeing your firm the way your clients see it. When you Think Like Your Best Clients you eliminate the guesswork from your marketing and business development. You know how to be relevant. You know what will cause clients to act.
Without the guesswork, you accomplish more with the same or fewer resources.
Not every firm will be great, but any firm can be.
