With a potential economic recession on the horizon, it's important to take time to plan for the future and learn from history so that your law firm can continue to sustain and grow no matter the economic circumstances.
According to Julie Savarino of Attorney at Work, during the Great Recession studies showed that businesses benefitted from continuing their marketing efforts. Instead of cutting marketing costs to save money, brainstorm creative and innovative ways you can market your firm to continue attracting new customers.
Savarino states, "Research conducted by SunTrust in Q1-2019 of 516 businesses with annual revenue between $5 and $250 million showed that 86% of $50 million-plus public companies shrank during the 2008 recession. Yet, 14% continued to grow (at a 9% rate) by acting early, maintaining a long-term perspective and focusing on growth, not just cost-cutting."
Create a business plan for your firm, react quickly, invest in your employees, and find ways to innovate when times get difficult.
For more information on how businesses continued to thrive during past recessions, click here to read Savarino's article for Attorney at Work.
