This Business News Story Was Uncovered By Us From: https://www.under30ceo.com/3-smart-design-tips-that-can-help-your-company-drive-sales-in-a-recession/
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YCombinator (YC), the famous silicon valley startup incubator, recently sent an email to the founders of their portfolio companies. They announced that founders should prepare their companies for a recession in the coming months. Many executives have started implementing preemptive defensive measures to ease the potential impact of a recession on their businesses. As a result, tech companies have begun laying off workers, cutting marketing expenditures, and reducing their investments in growth activities. Yet, while this might seem like a good idea, defensive actions feed the fear and put the company in a downward spiral. So, how do you drive sales in a recession?
In my design practice, we’ve found that businesses can thrive in any economic environment. The key is to know which levers to pull and when to pull them.
Based on my experience advising and mentoring several YC startups, I’ve developed some high-impact, low-effort design tips to help companies stay on the offensive and grow their businesses in challenging times. Here are three tips to help you drive sales and grow your business in a recession.
Leverage the Knowledge of Experienced Professionals
When the economy starts slowing down, it causes a chain reaction of events in the startup world. The first thing that usually dries up is access to funding.
Startups have to adapt to a new environment and do more with less. They must slow their burn rate and extend their runway beyond their initial projections.
In this situation, startups need to scale down their experimentation and focus on a handful of actions that will attract new customers or upsell old ones.
Under these conditions, startups cannot afford to work with inexperienced professionals who are still learning their craft. Instead, they need battle-tested, highly experienced professionals who can quickly get their desired results.
In the design world, there are two kinds of experts w… Read More
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