{"id":87124,"date":"2023-06-13T08:00:00","date_gmt":"2023-06-13T15:00:00","guid":{"rendered":"https:\/\/honeybook-blog.site.strattic.io\/?p=87124"},"modified":"2023-06-13T09:38:49","modified_gmt":"2023-06-13T16:38:49","slug":"recession-proof-strategies","status":"publish","type":"post","link":"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/recession-proof-strategies","title":{"rendered":"Worried about a slow season? Use these 7 recession-proof strategies"},"content":{"rendered":"\n<p class=\"has-text-align-center\"><em>Worried about business slowing down? We looked into what other independent business owners are saying and feeling so you can get a better understanding of what to expect in the current economy. Plus, use these recession-proof strategies to protect your business.<\/em><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"793\" src=\"https:\/\/hbbadmin.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/06\/recession-proof-strategies-1024x793.jpg\" alt=\"Woman working on recession proof strategies for her business\" class=\"wp-image-87132\" srcset=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/06\/recession-proof-strategies-1024x793.jpg 1024w, https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/06\/recession-proof-strategies-300x232.jpg 300w, https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/06\/recession-proof-strategies-768x594.jpg 768w, https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/06\/recession-proof-strategies-1536x1189.jpg 1536w, https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/06\/recession-proof-strategies.jpg 2000w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><strong>Jump to:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"#news\">Are we in a recession? What we&#8217;re seeing in the news<\/a><\/li>\n\n\n\n<li><a href=\"#data\">What we&#8217;re seeing among independent businesses<\/a><\/li>\n\n\n\n<li><a href=\"#events\">What if I&#8217;m in the events industry?<\/a><\/li>\n\n\n\n<li><a href=\"#strategies\">7 strategies you can use to recession-proof your business<\/a><\/li>\n<\/ul>\n\n\n\n<a id=\"news\"><\/a>\n\n\n\n<h2 class=\"wp-block-heading\">Are we in a recession? What we\u2019re seeing in the news<\/h2>\n\n\n\n<p>Trying to understand if we\u2019re in a recession or headed for a recession has been a hot topic for a while now, beginning in 2022. When you try to answer the question \u201cAre we in a recession\u201d you\u2019ll probably see a lot of mixed news out there.&nbsp;<\/p>\n\n\n\n<p>Inflation is currently still high, but the <a href=\"https:\/\/www.nytimes.com\/2023\/06\/02\/business\/economy\/jobs-report-may-2023.html\">job market is growing<\/a>. And while consumer spending is on a downward trend, the <a href=\"https:\/\/www.youtube.com\/watch?v=T2iVaBsaE5s\">slowdown isn\u2019t at a rapid pac<\/a>e right now. More consumers seem to be tightening their budgets and spending less on goods and products, though many are still spending on services, travel, and experiences.&nbsp;<\/p>\n\n\n\n<p>With all the conflicting news out there it can be hard to know what\u2019s really going on. The key takeaway, as dissatisfying as it may seem,&nbsp; is that we are facing economic uncertainty. However, regardless of whether a full-blown recession is coming, we know these aren\u2019t prosperous economic conditions. That means it\u2019s a good opportunity to recession-proof your business now and re-prioritize your focus areas while you have the time and opportunity to do so.&nbsp;<\/p>\n\n\n\n<a id=\"data\"><\/a>\n\n\n\n<h2 class=\"wp-block-heading\">What we\u2019re seeing among independent businesses<\/h2>\n\n\n\n<p>Among HoneyBook members, we\u2019re hearing that the current news about an economic downturn does feel applicable to many of their businesses. Some independents are reporting fewer leads this year compared to last year, or lower-value projects compared to last year.<\/p>\n\n\n\n<p>On average, our members are seeing small declines in year-over-year bookings since mid 2022, which indicates a slowdown from the pandemic recovery and the boom in business that many businesses had in 2021 and early 2022.&nbsp;<\/p>\n\n\n\n<p>We have seen that our members\u2019 total transaction amounts are growing year-over-year on average, but the growth rate is lower than pre-COVID and COVID recovery years (pre-2020, and 2021-2022, respectively).&nbsp;<\/p>\n\n\n\n<a id=\"events\"><\/a>\n\n\n\n<h3 class=\"wp-block-heading\">What if I\u2019m in the events industry?<\/h3>\n\n\n\n<p>When we look back at 2021 and 2022, both event industries and other service-based industries enjoyed a post-pandemic boom, but many in the event space experienced a more substantial uptick. If you\u2019re a wedding photographer, for example, you may have had a high rate of bookings due to weddings being rescheduled after COVID delays.<\/p>\n\n\n\n<p>Within our data, we saw that the average HoneyBook member in the event industry booked $58,000 in 2019, $47,000 in 2020 (-20% less than 2019), $64,000 in 2021 (+10% more than 2019), and $61,000 in 2022 (+5% more than 2019).&nbsp;<\/p>\n\n\n\n<p>In summary, the events industry was disproportionally impacted by the pandemic compared to other industries (with both a more significant slowdown and a boom afterward). In the face of a recession, it seems that this pattern might also be repeating itself, meaning that those in the events industry face a starker downturn in business compared to other industries.<\/p>\n\n\n\n<p>Our members in the events industry are also reporting lower bookings this year compared to prior years, which may be due to the average consumer deciding to tighten their budget and spend less on a wedding.<\/p>\n\n\n\n<p>Ultimately, it\u2019s good to understand how the economy is trending right now. But, keep in mind that there are many strategies you can take to navigate higher inflation and slower business.&nbsp;<\/p>\n\n\n\n<a id=\"strategies\"><\/a>\n\n\n\n<h2 class=\"wp-block-heading\">7 strategies you can use to recession-proof your business<\/h2>\n\n\n\n<p>Whether you\u2019re in the events industry or not, the news and insights about a recession don\u2019t need to cause alarm. Though business may be slowing down, we aren\u2019t seeing it dip significantly below pre-pandemic levels right now.&nbsp;<\/p>\n\n\n\n<p>However, any slow season like this one can impact your business, and it\u2019s best to take steps toward lessening that impact. With help from HoneyBook members, we\u2019ve put together seven recession-proof strategies you can use in your business.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. Start broadening your audience<\/h3>\n\n\n\n<p>In many ways, business is simply a numbers game. Though some consumers may be tightening their budgets, others are in a better position to continue seeking out services.&nbsp;<\/p>\n\n\n\n<p>In the current climate, it\u2019s important to reach a larger segment of your target audience so that you can connect with more leads who are ready to buy. Here are some strategies that you can use to reach a broader audience:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Send a higher volume of <a class=\"wpil_keyword_link\" href=\"https:\/\/hbbadmin.reliablepenguin.com\/blog\/email-outreach\" target=\"_blank\" rel=\"noopener\" title=\"cold outreach\" data-wpil-keyword-link=\"linked\">cold outreach<\/a> emails: <\/strong>Try tapping into your contact list to see if you can find new business. From there, use ChatGPT or another generative AI system to develop personalized outreach emails. You can also use a tool like LinkedIn Sales Navigator to develop a list of potential leads and reach out to them via LinkedIn, again using AT-generated messages. With either tactic, just be sure you aren\u2019t mass-sending emails that can mark you as spam.&nbsp;<\/li>\n\n\n\n<li><strong>Boost your advertising budget: <\/strong>If you already have advertising campaigns that are reaching your desired audience, consider allocating more budget to them to increase your reach. This approach is best when you already have a strategy that is working for your business. Advertising may be an area you want to restrict right now to keep expenses lean. It all depends on how confident you are about your ad performance.&nbsp;<\/li>\n\n\n\n<li><strong>Diversify your offerings: <\/strong>We\u2019ll speak more on this later, but one thing to consider right now is diversifying your offerings. Say you\u2019re a wedding planner that\u2019s noticed fewer bookings. Perhaps you can pivot to offer more broad event planning. Or, tap into your skillset of organization planning to start offering VA services.&nbsp;<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">2. Consider freelancing or taking on temp work<\/h3>\n\n\n\n<p>If you\u2019re feeling like your business can\u2019t sustain itself with your current bookings, consider freelancing on the side or taking on temp work. Though this may not be your ideal solution, it can be a temporary aid to ensure you\u2019re still bringing in income.&nbsp;<\/p>\n\n\n\n<p>Keep an eye on your cash flow to determine if it\u2019s something that you should start looking into. You\u2019ll feel more comfortable and less stressed if you start taking on some side work now, versus panicking to find options later.&nbsp;<\/p>\n\n\n\n<p>Here are some freelancing options and resources you can use:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.fiverr.com\/\" rel=\"nofollow\">F<\/a><a href=\"https:\/\/www.fiverr.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">iverr<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.upwork.com\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Upwork<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.guru.com\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Guru<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.freelancer.com\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Freelancer.com<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/marketerhire.com\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">MarketerHire<\/a><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">3. Niche down to specialize your services<\/h3>\n\n\n\n<p>If you\u2019re starting to get fewer leads, take a look at the services they\u2019re interested in. It may be that your audience is only interested in a specific package or service right now, and your other options aren\u2019t getting as much attention.&nbsp;<\/p>\n\n\n\n<p>If so, consider focusing on that service or package to pivot your energy toward your biggest revenue sources.&nbsp;<\/p>\n\n\n\n<p>Particularly during a recession, you may not want to focus on expanding your business. Instead, niching down can ensure you\u2019re putting your energy where you need it the most.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">4. Diversify your services and create new offerings<\/h3>\n\n\n\n<p>Niching down may not be the best path forward if you don\u2019t have an offering that\u2019s clearly generating most of your revenue. Instead, you can also explore adding on services or diversifying to reach a broader audience.&nbsp;<\/p>\n\n\n\n<p>This strategy can take on different forms: diversifying your offerings and\/or diversifying your pricing. Especially for consumers who are tightening their budgets right now, it can be helpful to develop new pricing to accommodate their needs. You can either adjust your current pricing or develop new services and packages that are at a lower price point.&nbsp;<\/p>\n\n\n\n<p>Recently, we\u2019ve seen HoneyBook members taking on this strategy. <a href=\"https:\/\/www.excelatconsulting.com\" target=\"_blank\" rel=\"noreferrer noopener\">Angelina Davis, founder of Excel at Consulting<\/a>, said that she created <strong>\u201cthe addition of a lower-priced tier with options for up sells and down sells.\u201d&nbsp;<\/strong><\/p>\n\n\n\n<p>When it comes to your offerings, also consider how you can pivot what you have now. It may be that subtle changes can have the most impact, like offering more digital products and downloadable solutions. Or, you may want to temporarily pivot to an entirely new niche.&nbsp;<\/p>\n\n\n\n<p>Consider your skillset and the types of services that people are looking for right now. For example, some of the <a href=\"https:\/\/www.forbes.com\/advisor\/business\/most-recession-proof-businesses\/\" target=\"_blank\" rel=\"noreferrer noopener\">top recession-proof businesses<\/a> this year include PR agencies, interior design services, marketing consulting services, graphic design services, and advertising agencies. If you already use similar skills in your day-to-day offerings, it can be easy to get set up with a new offering.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">5. Adjust your marketing and clientflow<\/h3>\n\n\n\n<p>Consumers are looking for the best bang for their buck right now, so it\u2019s more important than ever to speak to the value you provide. This comes into play with both your marketing efforts and your clientflow.&nbsp;<\/p>\n\n\n\n<blockquote class=\"wp-block-stackable-blockquote stk-block-blockquote stk-block stk-a1547a0 is-style-default\" data-block-id=\"a1547a0\"><div class=\"has-text-align-left stk-block-blockquote__content stk-container stk-a1547a0-container stk-hover-parent\"><div class=\"stk-block-content stk-inner-blocks\">\n<div class=\"wp-block-stackable-icon stk-block-icon stk-block stk-01d1cc6\" data-block-id=\"01d1cc6\"><style>.stk-01d1cc6 .stk--svg-wrapper .stk--inner-svg svg:last-child{height:35px !important;width:35px !important}.stk-01d1cc6 .stk--svg-wrapper .stk--inner-svg svg:last-child,.stk-01d1cc6 .stk--svg-wrapper .stk--inner-svg svg:last-child :is(g,path,rect,polygon,ellipse){fill:#131416 !important}<\/style><span class=\"stk--svg-wrapper\"><div class=\"stk--inner-svg\"><svg style=\"height:0;width:0\"><defs><linearGradient id=\"linear-gradient-01d1cc6\" x1=\"0\" x2=\"100%\" y1=\"0\" y2=\"0\"><stop offset=\"0%\" style=\"stop-opacity:1;stop-color:var(--linear-gradient-01-d-1-cc-6-color-1)\"><\/stop><stop offset=\"100%\" style=\"stop-opacity:1;stop-color:var(--linear-gradient-01-d-1-cc-6-color-2)\"><\/stop><\/linearGradient><\/defs><\/svg><svg xmlns=\"https:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 50 50\" aria-hidden=\"true\" width=\"32\" height=\"32\"><path d=\"M19.8 9.3C10.5 11.8 4.6 17 2.1 24.8c2.3-3.6 5.6-5.4 9.9-5.4 3.3 0 6 1.1 8.3 3.3 2.2 2.2 3.4 5 3.4 8.3 0 3.2-1.1 5.8-3.3 8-2.2 2.2-5.1 3.2-8.7 3.2-3.7 0-6.5-1.2-8.6-3.5C1 36.3 0 33.1 0 29 0 18.3 6.5 11.2 19.6 7.9l.2 1.4zm26.4 0C36.9 11.9 31 17 28.5 24.8c2.2-3.6 5.5-5.4 9.8-5.4 3.2 0 6 1.1 8.3 3.2 2.3 2.2 3.4 4.9 3.4 8.3 0 3.1-1.1 5.8-3.3 7.9-2.2 2.2-5.1 3.3-8.6 3.3-3.7 0-6.6-1.1-8.6-3.4-2.1-2.3-3.1-5.5-3.1-9.7 0-10.7 6.6-17.8 19.7-21.1l.1 1.4z\"><\/path><\/svg><\/div><\/span><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-2638a0f\" data-block-id=\"2638a0f\"><p class=\"stk-block-text__text\"><em><strong>There is much more intention (which I love!) with finding people who offer a great client experience, are a great personality match, AND who are providing great value for the cost of service.\u201d &#8211; <a href=\"https:\/\/pros.honeybook.com\/pros\/kaitlyn-cerrato?utm_source=Blog&amp;utm_medium=Content&amp;utm_campaign=Worried_about_a_slow_season?_Use_these_7_recession-proof_strategies\" target=\"_blank\" rel=\"noreferrer noopener\">Kaitlyn Cerrato, HoneyBook Pro and Owner of the KC Collective<\/a><\/strong><\/em><\/p><\/div>\n<\/div><\/div><\/blockquote>\n\n\n\n<p>When it comes to your marketing, it\u2019s more important than ever to make sure you have a cohesive brand. Though this is always true in successful marketing, be sure to speak to your business\u2019s value propositions or the solutions you provide.&nbsp;<\/p>\n\n\n\n<p>Within your clientflow, you want to ensure you\u2019re offering a great client experience as well as more flexibility than you might normally offer. If you typically offer instant booking, for example, perhaps you can build in more touchpoints with clients before booking to see if they need custom packages. It can also be an opportunity to up-sell additional services.&nbsp;<\/p>\n\n\n\n<p>Take it from <a href=\"https:\/\/pros.honeybook.com\/pros\/brandi-lilley?utm_source=Blog&amp;utm_medium=Content&amp;utm_campaign=Worried_about_a_slow_season?_Use_these_7_recession-proof_strategies\" target=\"_blank\" rel=\"noreferrer noopener\">Brandi Liley, HoneyBook Pro and CEO of Luneer Mgmt<\/a>, who\u2019s made a series of changes starting with her services to her marketing efforts and her clientflow.\u00a0<\/p>\n\n\n\n<p><strong>\u201cWe&#8217;ve expanded our services, adjusted messaging, offered payment plans, and more flexibility with payment types. We&#8217;re being much more flexible with how we work with people to accommodate the fear they have with investing in new services during this time to give them the feeling of more control within their business relationship with us,\u201d<\/strong> said Brandi.&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-ugb-container ugb-container ugb-b31d35c ugb-container--v2 ugb-container--design-basic ugb-main-block\"><style>.ugb-b31d35c-wrapper.ugb-container__wrapper{background-color:#131416 !important;background-image:url(https:\/\/hbbadmin.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/05\/Black_CTA_Background.jpg)}.ugb-b31d35c-wrapper.ugb-container__wrapper:before{background-color:#131416 !important;opacity:0}.ugb-b31d35c-content-wrapper > h1,.ugb-b31d35c-content-wrapper > h2,.ugb-b31d35c-content-wrapper > h3,.ugb-b31d35c-content-wrapper > h4,.ugb-b31d35c-content-wrapper > h5,.ugb-b31d35c-content-wrapper > h6{color:#ffffff}.ugb-b31d35c-content-wrapper > p,.ugb-b31d35c-content-wrapper > ol li,.ugb-b31d35c-content-wrapper > ul li{color:#ffffff}@media screen and (min-width:768px){.ugb-b31d35c > .ugb-inner-block > .ugb-block-content > *{padding-top:60px !important;padding-bottom:60px !important;padding-right:60px !important;padding-left:60px !important}}<\/style><div class=\"ugb-inner-block\"><div class=\"ugb-block-content\"><div class=\"ugb-container__wrapper ugb-b31d35c-wrapper ugb--has-background-overlay\"><div class=\"ugb-container__side\"><div class=\"ugb-container__content-wrapper ugb-b31d35c-content-wrapper\">\n<h2 class=\"wp-block-heading has-white-color has-text-color\"><strong>Manage your clientflow with HoneyBook<\/strong><\/h2>\n\n\n\n<p class=\"has-white-color has-text-color\">HoneyBook can help you better manage your clientflow to feel more organized. <br>Plus, a HoneyBook subscription consolidates multiple tools in one, so you can reduce your business expenses.<\/p>\n\n\n\n<div class=\"wp-block-ugb-button ugb-button-wrapper ugb-4d6aac6 ugb-main-block\"><style>.ugb-4d6aac6 .ugb-block-content{justify-content:flex-start !important}.ugb-4d6aac6 .ugb-button1{background-color:#ffd552}.ugb-4d6aac6 .ugb-button1 .ugb-button--inner,.ugb-4d6aac6 .ugb-button1 svg:not(.ugb-custom-icon){color:#222222 !important}.ugb-4d6aac6 .ugb-inner-block{text-align:left}<\/style><div class=\"ugb-inner-block\"><div class=\"ugb-block-content\"><div class=\"ugb-button-container\"><a class=\"ugb-button1 ugb-button ugb-button--size-normal\" href=\"https:\/\/hbbadmin.reliablepenguin.com\/\" target=\"_blank\" rel=\"noopener noreferrer\" title=\"\"><span class=\"ugb-button--inner\"><strong>Try it for free<\/strong><\/span><\/a><\/div><\/div><\/div><\/div>\n<\/div><\/div><\/div><\/div><\/div><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">6. Join a community and build a referral network<\/h3>\n\n\n\n<p>There\u2019s strength in numbers, and it\u2019s important to remember that you aren\u2019t alone right now. If you\u2019re feeling stressed about your leads and bookings, there are many other business owners who are feeling exactly the same.&nbsp;<\/p>\n\n\n\n<p>To help, we recommend joining a business community that can offer tips and advice, help you build a referral network, and ultimately help you feel more grounded and confident.&nbsp;<\/p>\n\n\n\n<blockquote class=\"wp-block-stackable-blockquote stk-block-blockquote stk-block stk-351302f is-style-default\" data-block-id=\"351302f\"><div class=\"has-text-align-left stk-block-blockquote__content stk-container stk-351302f-container stk-hover-parent\"><div class=\"stk-block-content stk-inner-blocks\">\n<div class=\"wp-block-stackable-icon stk-block-icon stk-block stk-90551c6\" data-block-id=\"90551c6\"><style>.stk-90551c6 .stk--svg-wrapper .stk--inner-svg svg:last-child{height:35px !important;width:35px !important}.stk-90551c6 .stk--svg-wrapper .stk--inner-svg svg:last-child,.stk-90551c6 .stk--svg-wrapper .stk--inner-svg svg:last-child :is(g,path,rect,polygon,ellipse){fill:#131416 !important}<\/style><span class=\"stk--svg-wrapper\"><div class=\"stk--inner-svg\"><svg style=\"height:0;width:0\"><defs><linearGradient id=\"linear-gradient-90551c6\" x1=\"0\" x2=\"100%\" y1=\"0\" y2=\"0\"><stop offset=\"0%\" style=\"stop-opacity:1;stop-color:var(--linear-gradient-90551-c-6-color-1)\"><\/stop><stop offset=\"100%\" style=\"stop-opacity:1;stop-color:var(--linear-gradient-90551-c-6-color-2)\"><\/stop><\/linearGradient><\/defs><\/svg><svg xmlns=\"https:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 50 50\" aria-hidden=\"true\" width=\"32\" height=\"32\"><path d=\"M19.8 9.3C10.5 11.8 4.6 17 2.1 24.8c2.3-3.6 5.6-5.4 9.9-5.4 3.3 0 6 1.1 8.3 3.3 2.2 2.2 3.4 5 3.4 8.3 0 3.2-1.1 5.8-3.3 8-2.2 2.2-5.1 3.2-8.7 3.2-3.7 0-6.5-1.2-8.6-3.5C1 36.3 0 33.1 0 29 0 18.3 6.5 11.2 19.6 7.9l.2 1.4zm26.4 0C36.9 11.9 31 17 28.5 24.8c2.2-3.6 5.5-5.4 9.8-5.4 3.2 0 6 1.1 8.3 3.2 2.3 2.2 3.4 4.9 3.4 8.3 0 3.1-1.1 5.8-3.3 7.9-2.2 2.2-5.1 3.3-8.6 3.3-3.7 0-6.6-1.1-8.6-3.4-2.1-2.3-3.1-5.5-3.1-9.7 0-10.7 6.6-17.8 19.7-21.1l.1 1.4z\"><\/path><\/svg><\/div><\/span><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-96d6669\" data-block-id=\"96d6669\"><p class=\"stk-block-text__text\"><em><strong>Join a community that is invested in your business as much as you are. Not only that but they hold you accountable, their energy keeps you motivated and you&#8217;re taking actionable steps that move you &amp; your business forward. Not only are you building long-term connections but you&#8217;ll have an evergreen outreach source. And the bonus is it naturally creates a win-win-win situation for everyone. &#8211; <a href=\"https:\/\/www.isabellesarley.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Isabelle Sarley, Email Copywriter and Strategist<\/a><\/strong><\/em><\/p><\/div>\n<\/div><\/div><\/blockquote>\n\n\n\n<p>Some of the best places to look are on Facebook and LinkedIn, or you can find local meetups through a platform like <a href=\"https:\/\/www.meetup.com\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Meetup.com<\/a>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">7. Create a financial strategy for a recession<\/h3>\n\n\n\n<p>Lastly, the biggest part of recession-proofing and <a href=\"https:\/\/hbbadmin.reliablepenguin.com\/blog\/prepare-your-business-for-recession\" target=\"_blank\" rel=\"noreferrer noopener\">preparing your business<\/a> involves creating a financial strategy. We recommend speaking with an accountant or a financial advisor for advice specific to your business. At the minimum, start considering the following:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Evaluate your expenses: <\/strong>Times like these show how important it is to have all your financial data in one place. If you don\u2019t, you can always start with bank statements, but it\u2019ll make it much easier to see your profit and loss as a single report. Consider all of your expenses and ask yourself if you can cut back or drop certain expenses altogether in order to make your business more profitable.&nbsp;<\/li>\n<\/ul>\n\n\n\n<div class=\"wp-block-ugb-container ugb-container cta-pro-tip ugb-0041221 ugb-container--v2 ugb-container--design-basic ugb-main-block\"><style>.ugb-0041221-wrapper.ugb-container__wrapper{padding-top:0 !important;padding-bottom:0 !important}.ugb-0041221-wrapper > .ugb-container__side{padding-top:35px !important;padding-bottom:35px !important}@media screen and (min-width:768px){.ugb-0041221.ugb-container{padding-top:0px !important}}<\/style><div class=\"ugb-inner-block\"><div class=\"ugb-block-content\"><div class=\"ugb-container__wrapper ugb-0041221-wrapper\"><div class=\"ugb-container__side\"><div class=\"ugb-container__content-wrapper ugb-0041221-content-wrapper\">\n<div class=\"wp-block-ugb-columns ugb-columns ugb-c9eef97 ugb-columns--design-plain ugb-columns--columns-2 ugb-main-block\"><style>.ugb-c9eef97 > .ugb-inner-block > .ugb-block-content > .ugb-columns__item{grid-template-columns:0.20fr 1.80fr !important}<\/style><div class=\"ugb-inner-block\"><div class=\"ugb-block-content\"><div class=\"ugb-columns__item ugb-c9eef97-content-wrapper\">\n<div class=\"wp-block-ugb-column ugb-column ugb-381f79f ugb-column--design-plain ugb-main-block\"><div class=\"ugb-inner-block\"><div class=\"ugb-block-content\"><div class=\"ugb-column__item ugb-381f79f-column-wrapper\"><div class=\"ugb-column__content-wrapper\">\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/hbbadmin.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/03\/asset-4.svg\" alt=\"\" class=\"wp-image-83436\"\/><\/figure>\n<\/div><\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-ugb-column ugb-column ugb-97eb796 ugb-column--design-plain ugb-main-block\"><div class=\"ugb-inner-block\"><div class=\"ugb-block-content\"><div class=\"ugb-column__item ugb-97eb796-column-wrapper\"><div class=\"ugb-column__content-wrapper\">\n<h4 class=\"wp-block-heading\"><strong>Pro tip<\/strong> <\/h4>\n\n\n\n<p>HoneyBook lets you see all of your reports on one page, including your booking amounts, collected payments, and outstanding payments. Plus, it integrates seamlessly with Quickbooks for more comprehensive financial reporting.&nbsp;<\/p>\n<\/div><\/div><\/div><\/div><\/div>\n<\/div><\/div><\/div><\/div>\n<\/div><\/div><\/div><\/div><\/div><\/div>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Reevaluate your savings: <\/strong>Now is also the perfect time to reevaluate your saving strategy. We aren\u2019t in a full-blown recession, but there continue to be signs that the economy is slowing down. If things continue to slow down, you\u2019ll want extra cash on hand to keep your business moving. Consider slowly increasing the amount you\u2019re saving each month.&nbsp;<\/li>\n\n\n\n<li><strong>Line up financing options: <\/strong>To make sure you have a cash cushion, you can also line up financing options. This doesn\u2019t necessarily mean applying for loans immediately. Instead, Take the time to research which loans you might qualify for, or consider accessing more business credit.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p><em>Disclaimer: For specific financial, accounting, and professional advice, please consult an authorized professional.<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Taking the opportunity to pivot with recession-proof strategies<\/h2>\n\n\n\n<p>Though a slow season may be disheartening at first, it can be a great opportunity to pivot your business and rethink your strategies\u2014things you may not have had the chance to do in a while.&nbsp;<\/p>\n\n\n\n<p>Independent business owner Isabelle Sarley said it the best: \u201cAny recession is applicable to all businesses, it just comes down to how we pivot to flow with the situation and our mindset. Personally, this lights a fire under me to make more investments, get uncomfortable and say yes to aligned opportunities.\u201d<\/p>\n\n\n\n<p>Whether it\u2019s your service offerings, financials, marketing, or other areas, right now is the best time to reevaluate and create a plan that keeps your revenue up and cash flow steady. We <em>are not<\/em> in a recession at the moment, so you have the opportunity to ensure you have strategies in place that will allow your business to sail smoothly through uncertain times.&nbsp;<\/p>\n\n\n\n<div class=\"aligncenter wp-block-ugb-container ugb-container ugb-6bb1d93 ugb-container--v2 ugb-container--design-basic ugb-main-block\"><style>.ugb-6bb1d93-wrapper.ugb-container__wrapper{border-radius:12px !important;background-image:url(https:\/\/hbbadmin.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/03\/Banner-CTA-Background2.jpg)}.ugb-6bb1d93-wrapper.ugb-container__wrapper:before{opacity:0.5}<\/style><div class=\"ugb-inner-block\"><div class=\"ugb-block-content\"><div class=\"ugb-container__wrapper ugb-6bb1d93-wrapper ugb--has-background-overlay\"><div class=\"ugb-container__side\"><div class=\"ugb-container__content-wrapper ugb-6bb1d93-content-wrapper\">\n<h2 class=\"wp-block-heading has-text-align-center\"><strong>Stay<\/strong> up to date with the latest news for independents<\/h2>\n\n\n\n<p class=\"has-text-align-center\">Subscribe to our content newsletter for more news and trends that affect your business.<\/p>\n\n\n\n<div class=\"wp-block-ugb-button ugb-button-wrapper ugb-9def6fd ugb-main-block\"><style>.ugb-9def6fd .ugb-button1{background-color:#000000}.ugb-9def6fd .ugb-button1 .ugb-button--inner,.ugb-9def6fd .ugb-button1 svg:not(.ugb-custom-icon){color:#ffffff !important}<\/style><div class=\"ugb-inner-block\"><div class=\"ugb-block-content\"><div class=\"ugb-button-container\"><a class=\"ugb-button1 ugb-button ugb-button--size-normal\" href=\"https:\/\/hbbadmin.reliablepenguin.com\/blog\" target=\"_blank\" rel=\"noopener noreferrer\" title=\"\"><span class=\"ugb-button--inner\">Subscribe now<\/span><\/a><\/div><\/div><\/div><\/div>\n<\/div><\/div><\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Worried about business slowing down? We looked into what other independent business owners are saying and feeling so you can get a better understanding of what to expect in the current economy. Plus, use these recession-proof strategies to protect your business. Jump to: Are we in a recession? What we\u2019re seeing in the news Trying [&hellip;]<\/p>\n","protected":false},"author":213,"featured_media":87132,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[26],"tags":[474,195,476,493],"class_list":["post-87124","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-tips","tag-business-strategy","tag-finances","tag-news-and-trends","tag-profitability"],"acf":[],"featured_image_urls_v2":{"full":["https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/06\/recession-proof-strategies.jpg",2000,1548,false],"thumbnail":["https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/06\/recession-proof-strategies-150x150.jpg",150,150,true],"medium":["https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/06\/recession-proof-strategies-300x232.jpg",300,232,true],"medium_large":["https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/06\/recession-proof-strategies-768x594.jpg",768,594,true],"large":["https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/06\/recession-proof-strategies-1024x793.jpg",1024,793,true],"1536x1536":["https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/06\/recession-proof-strategies-1536x1189.jpg",1536,1189,true],"2048x2048":["https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/06\/recession-proof-strategies.jpg",2000,1548,false]},"post_excerpt_stackable_v2":"<p>Worried about business slowing down? We looked into what other independent business owners are saying and feeling so you can get a better understanding of what to expect in the current economy. Plus, use these recession-proof strategies to protect your business. Jump to: Are we in a recession? What we&#8217;re seeing in the news What we&#8217;re seeing among independent businesses What if I&#8217;m in the events industry? 7 strategies you can use to recession-proof your business Are we in a recession? What we\u2019re seeing in the news Trying to understand if we\u2019re in a recession or headed for a recession&hellip;<\/p>\n","category_list_v2":"<a href=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/category\/finance-tips\" rel=\"category tag\">Finance tips<\/a>","author_info_v2":{"name":"HoneyBook","url":"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/author\/honeybook"},"comments_num_v2":"0 comments","yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>7 Recession-Proof Strategies For a Slow Season | HoneyBook<\/title>\n<meta name=\"description\" content=\"Worried about business slowing down? 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