When it comes to planning for a possible recession, the issue is not a lack of money. The real issue is how you position yourself.
Most entrepreneurs think of recessions as times when consumers stop spending and stop buying products and services. Let me show you how this does not have to be the case.
First, you need to be willing to change what you are doing. This way you can place yourself in a position to give them what they really want. Now, if you are like most people, you may be wondering how to do this… especially since change is so scary!
I asked myself the same thing just a few weeks ago, when it became clear that many of my clients had never been through a recession before. Failure is not an option. Getting a job is not an option. So, in addition to my own experience, I turned to others who have taken their businesses through a recession and won.
The Steps:
1. Talk to your clients and listen to what they want.
This sounds so obvious, but we often stick with what has worked and, once we find what works, we do not change it until it no longer works. This works great most of the time, but a recession changes things. If you wait until what you are currently doing no longer works, you are too late. And you may not be able to recover for the duration of the recession.
2. Create a plan to 5X or 10X your income over the next 90 days and take action on it.
Now is the time to bolster your savings and investing. You can only do that if you increase your revenue or decrease expenses (or both). By creating an aggressive plan you open your mind to new and different ideas. You do not have to completely recreate your business, but figure out ways to maximize what your clients really want. Now is the time for experimentation and optimization.
3. If you have a hard time believing you can expand during a recession, find proof of how it has been done.
This can be a simple as googling “businesses that started during recessions”, “businesses that grew during recessions”, or “recession-proof businesses”. There are so many businesses that started- and thrived- during past recessions. Once you recognize that it has been done before, it is easier to believe it can happen for you. Keep this in mind as you proceed. Whenever the going gets tough, remind yourself that recessions are temporary and expansion is possible during recessions.
If you found this helpful, join me Thursday for a FREE training. It is all about winning the recession game. We will cover:
– how to position yourself for a recession
– how to maximize your cash flow in preparation
– how to track and analyze your offers
I tend to keep these trainings under an hour and they are packed full of valuable, actionable content. Email me to be included!