The Resilient Founder’s Playbook, Chapter 1: When Everything Costs More
Don’t just survive rising costs—outsmart them. Here are four powerful strategies to control your spending, protect your profits, and invest where it counts.
As the Founder and CEO of WhatJobs, my mission is to fix that. I believe hiring should be smart, simple, and above all, affordable. Think of us as the "Southwest Airlines" of job advertising—we're here to give entrepreneurs and leaders like you the powerful tools you need, without the enterprise price tag.
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Every founder I speak to is feeling the squeeze. Rising costs for everything from software to supplies are shrinking margins, and the pressure to raise prices without alienating loyal customers is immense. It feels like we’re navigating a gauntlet.
But founders are built for challenges. This isn’t a time for panic; it’s a time for precision.
After building businesses through booms and busts, I’ve learned that economic uncertainty doesn’t have to mean instability. It forces us to become sharper, more disciplined, and ultimately, more resilient. Here are four of the most crucial strategies you can implement right now.
1. Price with Confidence, Not Fear
The most common reaction to rising costs is to fear that any price increase will drive customers away. But holding your prices steady while your expenses skyrocket is a recipe for failure. The key is to reframe the conversation from price to value.
A resilient founder ties price increases directly to the value they provide.
- Communicate Proactively: Don’t just change the numbers on the invoice. Explain to your customers why prices are adjusting, focusing on your commitment to quality and service.
- Offer Tiered Options: If possible, create new service tiers. This allows you to raise your standard prices while still offering a more basic, lower-cost option for budget-sensitive clients.
- Focus on Impact: Remind them of the ROI you deliver. A statement like, “To continue providing the 24/7 support that saved you from a critical outage last month, we’re adjusting our service fee,” is powerful.
2. Treat Your Cash Flow Like a Barometer
Profit is a theory; cash flow is a fact. In a tough economy, you can’t afford to have your cash tied up. You need to know, down to the day, what’s coming in and what’s going out.
A resilient founder is obsessed with their cash flow cycle.
- Shorten Your Invoicing Terms: Move from Net 60 or Net 30 to Net 15. If that’s not possible, offer a small discount (e.g., 2%) for payment within 10 days.
- Negotiate with Your Suppliers: Have an open conversation. You might be able to get better terms, a bulk discount, or a more flexible payment schedule simply by asking.
- Build a Small Cash Cushion: Your goal should be to have at least three months of operating expenses in the bank. This is what allows you to make calm, strategic decisions instead of panicked, reactive ones.
3. Protect Your Growth Engine
When money gets tight, the most dangerous, knee-jerk reaction is to slash the marketing and advertising budget. This is like trying to save gas by turning off your engine on the highway. You must protect the machine that brings you customers.
A resilient founder gets lean, but they never stop marketing.
- Audit Your Software Stack First: Before you touch your ad spend, look at your major software licenses. Are you paying for ten seats for Salesforce when only five team members use it daily? Does your marketing team need the full Adobe Creative Cloud, or would a more focused app suffice? Cut the fat from your operational costs.
- Double Down on What Works: Scrutinize your marketing channels. Which ones deliver a measurable return? Pause the experimental campaigns and reallocate that budget to your proven winners.
- Measure Everything: Every pound or dollar spent on marketing should be tied to a clear outcome. In a tight economy, brand awareness is a luxury; lead generation is a necessity.
4. Defy the Downturn: Always Be Recruiting
The second major mistake leaders make in a downturn is a total hiring freeze. This is a defensive move that takes your most powerful weapon—your team—off the table. While your competitors are shutting their doors, you can be opportunistic.
A resilient founder knows that the right person is an investment, not an expense.
- Keep the Door Open: You may not have ten open roles, but you should always have a door open for an A-Player. A game-changing salesperson, marketer, or developer can single-handedly alter the trajectory of your company.
- Think Offensively: While others are laying people off or freezing budgets, the talent pool gets richer. This isn’t just a theory. We’ve seen it firsthand at WhatJobs. In the last 12 months alone, we’ve been fortunate enough to hire exceptional people from industry leaders like Talent.com, CVLibrary, Adzuna, Jobget, and Monster. This is the best time to find incredible people who are looking for a new home with more stability or opportunity.
- Remember the Core Truth: A great hire does not cost you money; they make you money. The right person will generate far more value than their salary, no matter the economic climate.
From a Resilient Foundation to a Winning Team
By controlling costs, managing cash, protecting your marketing, and staying open to talent, you build a truly resilient foundation. This financial and strategic discipline gives you the stability and confidence to build the most important thing of all: your team.
Next week, in Chapter 2, we’ll tackle that head-on: How to win the talent war without breaking the bank.
All the best,
Alexander Paterson
