{"id":3232,"date":"2022-06-29T18:31:00","date_gmt":"2022-06-29T18:31:00","guid":{"rendered":"https:\/\/www.clockwork.com\/?p=3232"},"modified":"2022-11-21T20:29:33","modified_gmt":"2022-11-21T20:29:33","slug":"its-time-to-prepare-not-panic","status":"publish","type":"post","link":"https:\/\/www.clockwork.com\/insights\/its-time-to-prepare-not-panic\/","title":{"rendered":"It\u2019s time to prepare, not panic"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">What leaders should be thinking about to weather the recession and come out ahead<\/h2>\n\n\n\n<p>We are watching a recession roll in. It\u2019s everywhere you look \u2014 the news, podcasts, your inbox. Experts from JPMorgan to Jerome Powell are predicting it. The upside is that we all know it\u2019s coming. The downside is now we have more time to worry about it.&nbsp;<\/p>\n\n\n\n<p>Sometimes amidst all this foresight, the opportunity to be proactive can get lost. And yet, this is exactly the time to&nbsp;<a href=\"https:\/\/www.merriam-webster.com\/dictionary\/not%20see%20the%20forest%20for%20the%20trees#:~:text=%3A%20to%20not%20understand%20or%20appreciate,a%20few%20parts%20of%20it\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">see the forest for the trees<\/a>.&nbsp;<\/p>\n\n\n\n<p>In the 20 years Clockwork has been in business, we\u2019ve partnered with clients to weather various storms, including financial downturns and recessions. There\u2019s a commonality among the companies that come out the other side stronger and more resilient: preparation.<\/p>\n\n\n\n<p>This is the time to strategically assess your business to find digital opportunities that may buffer you from what we know is coming. Counter your instinct to hunker down and go on a spending freeze. Instead, prepare incremental steps to out-perform your competition by doubling down on digital.&nbsp;<\/p>\n\n\n\n<div style=\"height:2px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div style=\"height:0px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Preparing your digital ecosystem for competitive advantage<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">How can we connect with your valued customers and continually add value to their experience?&nbsp;<\/h3>\n\n\n\n<p>The reality is that as much as we blame digitization for taking away from in-person experiences, people want to transact and interact online, especially with businesses. This was among the many lessons we learned from Covid. Your digital relationship with your customers or clients is direct and unmediated. You can continue to build connections and trust by thinking about how your outreach is personalized and authentic.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">How can we optimize operations?&nbsp;<\/h3>\n\n\n\n<p>Any slow time is an opportunity to invest in operational improvements. When you\u2019re going, going, going, no one\u2019s attention is on the systems and processes that are at work. Yet, these are often where and how you can find efficiencies. By examining ways to automate or streamline using digital tools, you free up your staff to use their time and energy for their highest and best uses.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">How can you meet them where they are?<\/h3>\n\n\n\n<p>Make it easy for people to find your business and patronize your business. Simple ecommerce solutions allow you to be open 24-7 and your customers to do&nbsp;<em>their<\/em>&nbsp;business when they want. Online purchases have skyrocketed since the start of the Covid pandemic.&nbsp;<a href=\"https:\/\/www.digitalcommerce360.com\/article\/coronavirus-impact-online-retail\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">According to Digital Commerce 360<\/a>, \u201cIn 2020, the coronavirus added $102.08 billion in U.S. ecommerce, and it added $116.45 billion in 2021.\u201d A strong online presence is your front door to more transactions and interactions, and deeper relationships.&nbsp;<\/p>\n\n\n\n<p>We\u2019re not the only ones who have seen digital investments during downturns pay off. A&nbsp;<em>Harvard Business Review<\/em>&nbsp;article lists digital transformation as&nbsp;<a href=\"https:\/\/hbr.org\/2019\/05\/how-to-survive-a-recession-and-thrive-afterward\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">one of four key strategies for thriving after a recession:<\/a><\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>Technology can make your business more transparent, more flexible, and more efficient. According to Katy George, a senior partner at McKinsey, the first reason to prioritize digital transformation ahead of or during a downturn is that improved analytics can help management better understand the business, how the recession is affecting it, and where there\u2019s potential for operational improvements. The second reason is that digital technology can help cut costs.<\/p><cite>Walter Frick,&nbsp;<em>Harvard Business Review<\/em><\/cite><\/blockquote>\n\n\n\n<p>Being smart about your spending and investments now may set you up to get ahead of your competition later. Thoughtful digital plans can future-ready your organization.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What leaders should be thinking about to weather the recession and come out ahead We are watching a recession roll in. It\u2019s everywhere you look \u2014 the news, podcasts, your inbox. Experts from JPMorgan to Jerome Powell are predicting it. The upside is that we all know it\u2019s coming. The downside is now we have [&hellip;]<\/p>\n","protected":false},"author":18,"featured_media":3239,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[56],"tags":[],"coauthors":[84],"class_list":["post-3232","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-strategy"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.2 (Yoast SEO v25.5) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>It\u2019s time to prepare, not panic<\/title>\n<meta name=\"description\" content=\"We are watching a recession roll in. It\u2019s everywhere you look \u2014 the news, podcasts, your inbox. 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The downside is now we have more time to worry about it.\" \/>\n<meta property=\"og:url\" content=\"http:\/\/www.clockwork.com\/insights\/its-time-to-prepare-not-panic\/\" \/>\n<meta property=\"og:site_name\" content=\"Clockwork\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/clockworkactivemedia\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-29T18:31:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-11-21T20:29:33+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/www.clockwork.com\/wp-content\/uploads\/2022\/06\/insights_image_Its-time-to-prepare-not-panic-2.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1080\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"Nancy Lyons\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"What leaders should be thinking about to weather the recession and come out ahead\" \/>\n<meta name=\"twitter:description\" content=\"We are watching a recession roll in. 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