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Thrive through economic uncertainty with these 5 strategies

Many business owners expected 2023 to be a year of recovery after struggling to survive the pandemic, but inflation, fears of a recession, supply chain issues and a tight job market have left many of us concerned about what 2023 has in store.

With Localsearch’s 2022 Australian Small Business Report revealing 78 per cent of small-to-medium businesses are fearful of a recession in the next 12 months, it’s important for businesses to know how they can safeguard themselves in times of economic uncertainty.

We’ve pulled together our top five tips you can use to help weather the storm and come out the other side. Whether you’re a small business owner just starting out, or a seasoned entrepreneur, these insights will help you protect your business and set it up for success. 

Get your data privacy and cyber security in order

With talks of more and more Aussies tightening their belts in 2023, it has never been more important to ensure your business is putting its best foot forward. This is especially true when it comes to protecting data, both your own and your customers’. But where do you start when it comes to keeping your business secure online? Some of the key areas you’ll want to focus on include:

  • Using a secure connection (HTTPS)
  • Keeping software and plugins up-to-date
  • Implementing strong password policies

Additionally, it’s always a good idea to regularly monitor your website for potential vulnerabilities and to have a plan in place for responding to security incidents. By taking these steps, you can help to protect your website and your business against cyber-attacks and data breaches.

Don’t cut your marketing

Many business owners are quick to dial back their marketing budget when they feel the pinch in their wallet. However, this isn’t always the best approach. Marketing is an investment in the future of your business, and you cannot afford to overlook it. 

We’ve worked with thousands of Aussie businesses to ensure they are getting the most out of their digital marketing investment. When travel agency Bhutan & Beyond was feeling the crunch in 2020, they considered cutting their marketing budget. But instead, they spoke with Localsearch’s SEO experts and realigned their strategy.

We optimised the business’ Google Business Profile with updates and news, created new web pages, produced relevant and timely content, and continued to future-proof their website for Google algorithm updates.

Fast forward to 2023 and the business is stronger than ever!  Remember, marketing is not an expense, it’s an investment in the future of your business. So, don’t overlook it! 

Use podcasts as a free educational tool 

Podcasts, like Localsearch’s The Help Me Grow My Business Podcast, are a great resource for small business owners. Podcasts give you access to some of the best minds in Australia, and the world. Take their knowledge and educate yourself on topics, like marketing and management, which will help give your business the edge this year.

Whatever topic you are looking for more information on, from finance to parenting, podcasting platforms are an abundance of FREE resources to help you upskill yourself in this year.

Take advantage of user-generated content (UGC)

UGC can come in many different forms, like reviews, blogs and social media posts. In fact, it can provide valuable insights into what customers are looking for, what they like and dislike, and how they interact with products and services.

Interestingly, over one third of Gen Zs and Millennials noted their confidence in a business increased after seeing a review or promotion from an influencer. Proving UGC can help to enhance the credibility and visibility of a brand, as people are more likely to trust and engage with content that has been created and shared by other users.

The best part? UGC can be completely free!

Ensure you have a high performing, updated website

Having a website is important for businesses in any economic climate, but it can be especially valuable during tough times. A website allows your business to be accessible to customers 24/7, even if your physical storefront is closed. This can help your business thrive, allowing your customers to find you when they need you most.

But, not all websites are not built the same. To get the most out of your website, ensure it is search engine friendly, has user experience front of mind, and is regularly updated.

Localsearch provides a complete digital presence product catered for small businesses.

For more information, visit: https://business.localsearch.com.au

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Daniel Stoten

Daniel Stoten

Daniel Stoten is a co-founder and Executive Chairman of Localsearch.

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