Talk of a recession has been taking over the headlines for months now. With lots of predictions floating about it can be difficult to know which outlook is correct. However, what we can count on at this time is uncertainty, and this is what usually leads to the most cause for concern. So, how can a small business or startup continue to grow in a recession?

Focus on attracting and retaining talent

Right now, we are in a candidate’s market, we have certainly noticed that there are less candidates available and it’s become harder to fill roles. But a recession might change this. Even just the fear of a recession could drive candidates to re-evaluate what they want out of their jobs.

If we think back to the recession brought on by the onset of the COVID-19 pandemic, everyone wanted certainty and a supportive working environment. As another recession looms, people’s priorities will revert – and those inflated salaries might not be worth it anymore.

Look at the kind of workplace you are offering.

It’s important to consider not only what you are looking for in applicants, but what you can offer as an employer. At FAL we encourage flexible working arrangements. We also offer uncapped remote work, and a market-leading 6-month parental leave policy. We’re committed to genuine work-life balance with realistic billable hour targets.

Offer strong professional development opportunities

Grads and early-career professionals are a fantastic asset to your business. You want your team to feel like they can grow with the business, particularly if you’re a startup. Identify ways to enhance their professional development opportunities, so they’re encouraged to continue to drive success and look for ways to expand.

A loyal team will be focused on delivering high value work as it’s in their interest to see the business continue to grow, opening up new career paths for them within the firm.

Invest in your brand

In the current climate, marketing isn’t just about getting clients, your marketing expresses who you are as a firm and what you stand for. When done right, your brand will connect you to like-minded lawyers who want to be a part of your journey.

At FAL, we’ve invested heavily in marketing. Recently, we went through a rebrand to better reflect who we are as a firm. We want our company values to be evident in everything we put out, to effectively build a team aligned to our principles.

Don’t rush

It may be easy to fall into the trap of wanting to fill a position as quickly as possible. But you must ensure the candidate is a good fit. It could mean you have to wait a little longer for the right person, but you need to prioritise values and cultural fit when searching for candidates. If you don’t, the short-term gain can set your firm up for long-term damage.

Build a solid foundation

Focus on trying to do things right from the start. To grow successfully and sustainably, businesses need a solid legal foundation.

Get in touch to book a free consultation with one of our team today.

Interested to find out more? Feel free to contact us today.