Agency Leadership Podcast

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Chip Griffin and Gini Dietrich share practical advice for PR and marketing agency owners build better businesses.Read more »

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How agencies can prepare for the coming recession (part 2 of 2)

6 days ago · 28 minutes

One of the most frequent questions that Gini and Chip receive from agency clients is “how do I prepare for the recession?” In this two-part episode, they explore the question of whether/when we should expect an economic downturn and what agencies can do to prepare themselves for it. As important, they also discuss how to help their team prepares for any challenges that lie ahead. Last week’s first part examined the economic outlook, including signs that Chip and Gini are seeing in their work, along with some relevant industry research. This week, the co-hosts tackle what agencies can do to better prepare their business and their team members for what lies ahead. Resources Recession Outlook (Promethean Research) Whether or not a downturn is coming, the time to prepare is now (HR Daily Advisor) Transcript CHIP: We all accept that there is going to be a recession. We have no idea when it’s going to be, but let’s be smart and let’s prepare. You started touching on some of the things that you can do to prepare and the mindset that you can take going into it, but what are some of the concrete, actionable steps beyond the ones you’ve already talked about that you might want to be thinking about as an agency [crosstalk 00:16:55]? GINI: Yeah. I would say that that one specifically about adding new revenue streams is investing in growth that allows you to be agile, so if something happens, you’re able to be nimble and flexible. It could be new revenue streams, which I will always advise, but it also could be working with contractors instead of full-time employees, or doing a combination of full-time and contractors because contractors are a lot easier to add when business is good and to subtract when business is down, and you’re not having to take on the responsibility of lay-offs and all that kind of stuff. So invest in your growth in an agile function I think is a really good piece of advice. CHIP: Well, and that agility is, again, that’s good advice regardless of whether you’re in a recession, and more and more agencies are starting to go to that hybrid model or they’re already there as far as having in-house and contract labor. You’re absolutely right that using contract labor allows you to expand and contract with business much more easily, and particular right now where the job market is absolutely brutal. CHIP: Anyone who’s out there from the employer side, trying to recruit talent in the PR space, unless you’re looking either at the very high-end or the very low-end, you don’t have a lot of folks to pick from because as a country right now, the US is pretty close to full employment, not quite there, but pretty close. It makes it very difficult to find the talent that you need in that middle tier that makes up the vast majority of employees at most PR agencies. GINI: Yes. It’s funny you say that because there is a jobs board in the Spin Sucks Community, and that is the rallying cry. How do I find somebody with th...

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Agency Leadership Podcast

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How agencies can prepare for the coming recession (part 2 of 2)

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Most Recent Episode

How agencies can prepare for the coming recession (part 2 of 2)

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