Times have changed and we all know that there’s no going back to the way things were. The economy has taken a hit and it has hurt businesses everywhere.
It’s a tough time and some tough choices have to be made, however I’d like to encourage you to consider what would happen if you embraced what is going on and really jumped on board with flexibility in the work situation and proactively made the switch rather than reactively being forced to do so.
You may have heard the saying that “pain is inevitable, suffering is optional” - it’s apt to use that here. While your business may have taken a hit - which we don’t like - it certainly shouldn’t be prevented from growing. After all, market conditions are continuously changing.
This current economic slowdown means that we’re facing limitations when it comes to traditional resources and this is why it’s even more imperative that as a business, you plan for the future as well as ensure business continuity, and growth if possible.
In this situation, consumers and businesses alike are facing uncertainty, and this carries a significant risk for any business which needs to be addressed. First and foremost, it’s important that you identify whether you will meet your financial objectives this year, and even in the next two to three years.
If your answer to these questions is “no” then you clearly have a resources gap within your marketing team, and you need to act with urgency before it’s too late.
A resource gap is literally a gap between the competencies of your existing marketing team, and what it takes to compete and win business in the current marketplace.
The big question around resources should be “what skills do I need in order for me to accomplish my financial goals?"We know that a recession is coming - it’s not an “if” or a “when” - it’s an economic inevitability due to the impact the global pandemic is having.
On the subject of economics, it’s important to point out marketing is a function of economics - because its core objective is to generate revenue.
Right now is a good opportunity to review where you stand economically by identifying consumer spending habits and observe how they are changing.
With those insights at hand, you then need to look at how you can be flexible to match the new consumer buying patterns and focus on growth strategies.
You also need to look at ways to keep existing projects moving, and to ensure that customer communication is optimal. With this in mind, the resources that you should consider investing in include:
The easy solution isn’t about outsourcing to agencies either, as you will need a solid marketing leader to develop plans and strategies, as well as to lead and manage the agencies that are engaged.
The agency will in turn implement the strategies and produce the desired results through creative solutions and problem solving.
As the market slows down you need an agile workforce which consists of and a good mix of marketing leaders; the right agencies; and a flexible on-demand skill base these changing economic and market conditions.
When you approach marketing from an economic perspective and embrace the switch to flexible and remote resources as you need them, it will be much easier to tackle the upcoming recession and minimise the impact it will have on your business.
On the flip-side, if the resource gap is not managed, your business won’t make money because it can’t meet the needs of the market.
If you’re considering standing down your marketing team, reassess and consider if flexible working solutions are appropriate for them.
A flexible hiring strategy is a cost-effective way to bridge your resources gap and deliver the results you require faster, and this is something that Marketing Temps has been continuously doing for our clients since 2012.
In the current economic climate, it’s imperative that you focus on business growth, embrace the change, make the switch and love the flexibility.