STANDSTILL agencies fear recessions
STANDOUT agencies embrace recessions
It looks likely the UK will soon enter a recession. Even if we swerve it in name only on a technicality next month (2 consecutive quarters of economic contraction might be avoided due to the quirks of the extra Bank Holiday and Queen’s Jubilee), most economic metrics are pointing towards recession.
Recessions are a fact of life in modern economies. Nobody wants them, but rather than fear them, STANDOUT agencies embrace them.
Why is this?
– There is nothing they can do to stop it. Fact.
– They are better prepared to weather the storm than other agencies (they have cash reserves, strong client relationships with robust clients, a strong value proposition and a pipeline of new opportunities).
– Recessions create problems for clients. STANDOUT agencies are problem solvers.
– Recessions provide opportunities. The labour market will be impacted and this will bring more talent onto the market. An opportunity for STANDOUT agencies to recruit for those difficult to fill roles or invest in people for the future.
– Recessions can be a catalyst. Tough times focus the mind. Even STANDOUT agencies sometimes put off making difficult decisions. A downturn will force them to sharpen their focus, cut away the stuff that’s not adding value and reappraise how they operate.
Whatever your current situation, don’t fear a recession, embrace it.
A recession can be a positive thing for agencies as client businesses look to save money. This could challenge your revenues, but it also means many clients will look to outsource what they’ve been doing in-house. You need to be ready to pick up that work.
There are always opportunities in any market. Take them.