Our CEO @wadefoster is sharing his best tips on how to run a business during economic uncertainty. “It's only been two years since we last had to face this kind of economic uncertainty, and folks are looking for answers. Let me start by saying: I don't have answers..."
“But having run a business through the pandemic—and having seen so many of Zapier's customers do the same—I do have some insights into what we can do to weather this storm.”
Focus on your customers: Focus on creating something that truly adds value for your customers—often, during a downturn, your customers will rely on you more than ever. Figure out how you can take even better care of them.
Automate: You might have to change, or even freeze, your hiring plans during an economic downturn, but that doesn't mean you have to halt your growth. Automation can help fill the gaps.
Cut the red tape: You need to prioritize effectiveness and impact over perfection and precision. When things are going well, you might not notice inefficiencies, but when every dollar matters, so does every second.
Work together: When there's economic uncertainty, it's more important than ever to support your partners and rely on them to support you too.
Read the tea leaves: Read the headlines or, even better, talk to your fellow entrepreneurs and see what's happening to other folks—and how they're responding. You're unlikely to be the only business of your kind to fare differently.
Create a contingency plan: You'll need to be flexible and get creative with your business plans.
Focus on leadership: During any crisis, people look to their leaders for how to react, how to make decisions, and how to power through. Managing through a crisis will never be easy, but it's your responsibility to lead your people with empathy.
Learn more from @wadefoster on our blog. ow.ly
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