No one has the crystal ball for what 2023 has in store for us. In the event industry, I think everyone can happily agree that 2022 has been an amazing year. However, what if we do have a large recession that is being predicted for Q2? Hopefully, most everyone will have some liquidity in play from the 2022 event explosion that we all experienced. If there is a downturn in the industry, what can we do from an anticipatory position?
Here are a few things to consider:
During the pandemic, there were many excruciating things that happened. However, the one thing that was a benefit? Starting with a fresh slate – however forcibly that was thrust upon us. When we experience a downturn no one wants to lay someone off, but a recession can provide an opportunity to recalibrate your workforce to be more in line with the grand plan.
Usually marketing is the first thing that people scrap when money is not flowing in. Well, I am here to tell you it should be the biggest target of your cash reserves. You are going to have a lot more attention from companies that are temporarily standing idle. GRAB SOME OF THAT MARKET
SHARE. Also, there is a drastic discount from platforms that want you to continue to advertise. You can continue to do it, economically!
During a cool down, companies can develop new products that have been on the backburner for years. During the Pandemic, so many “pivots” took place that created millions of jobs and revenue that would never have been realized without that extra bandwidth. If a recession is coming, DIG IN!!