Short YouTube monologue by Mike Andes advising businesses during recessions: when customer acquisition costs rise and attrition increases, growth efforts may be uneconomical. Instead of hiring and expanding, redirect effort toward defensive work — tightening automations, office processes, and follow-up — which costs time and energy rather than marketing spend.
It's okay to stop growing if your customer acquisition costs doubles or triples like it does in every recession. At the same time your attrition is going through the roof because people are trying to save money. You do not need to grow because the math won't work if you're pouring so much into marketing and you're not seeing results. It's okay to you know what, we're not going to grow. Rather we're going to deploy all this time that we would usually spend on hiring and training more employees. We're actually going to focus on something else called defense and we're going to start tightening down the automations, the office work, how we do follow up processes and that's what we're going to focus on. The defense that cost you absolutely nothing besides time, energy and a little bit of self reflection to realize that your business has problems too like mine does and you're going to make mistakes like I do.
