It's all fun and games. Until it's not.
Mardi Gras is French for “Fat Tuesday.” Yes. Eat, drink and be merry before the Christian fasting season of Lent arrives. Long celebrated in New Orleans, the parades and carnival traditions are found throughout Louisiana and other parts of the southern U.S. and the world. During Mardi Gras, it’s estimated that almost one million people will converge on New Orleans during carnival season. It’s a flurry of food, fun, crowds and music.
For many Bureau shops, the past two years may have felt like an ongoing celebration of Fat Tuesday regarding our businesses and bringing on new clients. Work was abundant, pipelines were full, and, most importantly, closing business was much, much faster. And while an ongoing Fat Tuesday revenue scenario was definitely not the case for all Bureau shops, the economy's inertia swept us all up. Plus, the move to all things digital definitely helped during and after the pandemic.
Enter mid-2022. Things definitely started to change. The forecasting was on the wall. And the talks of recessions and pulling back were (and still are) rampant. Are we in a recession? The numbers don’t think so, but we are all feeling it. Perhaps it’s a rolling recession?
Either way, a mind-shift change has taken place. Instead of focusing on making our clients money, we must now also focus on saving them money. And time. And resources.
Do more with less. It’s a common mantra across all industries. For ours, it’s always been the case. We’re always working to ensure how to make the most of everyone’s time and attention.
So how can we all become recession-proof? Move them to “yes,” but in a different way.
Timelines have shifted: Biz Dev should always be happening but determining ways to stay relevant as sales cycles become longer and buying-by-committee becomes the norm in highly regulated and enterprise-driven industries.
Focus on the most valuable work you can: Offering too much value can be problematic. It feels weird to write that, but it’s true. Focus on the job to be done and ensure as much value out of the work as you can.
Listen and act on your customer's voice: Joe Rinaldi knows what he's talking about when he says your most important business development work is already in front of you - your customers. Take this time to create a better client experience. Survey your clients to determine how best to leverage your services based on their feedback. Ask them for help. Ask them to refer you. “We’re all in this together” doesn’t exclude your clients. Lean into them, too.
Get back to networking: Hate networking IRL? On LinkedIn? I know it can feel weird but we have to get over it. Shore up your relationships and work hard to connect with as many people relevant to your driving business.
Don’t ignore innovation: It’s hard to think about spending money or making strategic investments when times are hard. But, hunker down and try to prioritize this during the downturn. Your team needs a light at the end of the tunnel. Your clients want to feel innovative, even if we’re all trying to keep the lights on. Pick one strategic investment and see it all the way to the end.Why did the AI-generated song win an award? Because it had the perfect pitch - and the perfect algorithm for creating catchy lyrics!