Is Your Business Ready if a Recession Hits?
Episode 239 – The Local Small Business Coach Podcast
Getting Your Business Ready for a Possible Recession
With a strong economy, low unemployment and record stock markets, everyone worries about the bottom falling out. We have an election coming soon and a lot of political unrest.
Talk is out there of a possible recession on the horizon. So what does this mean for you and your business? What can you do now, to get your business ready for a possible recession?
How is it that some businesses have last 15, 25, even 50 years and through many other economic downturns? What can you learn from them?
Today we will discuss 6 things that you can do now that will not only get your business ready for a recession but honestly, doing these things every day will only help you take advantage of the current market as well.
COMPETITION: Know your competition well so you know how to leverage it. What they do well and what they are poor at, will offer you insight on how to stand out when there are more folks fighting for the business.
BE DEBT FREE: Don't start in the hole each month. You will make poor decisions. Debt is what crushed so many folks during the last recession. We talk about how you can learn from their mistakes.
CASH IS KING: By having some cash reserves of at least 3 – 6 months, you will be able to get your arms around the drops in profit. Another advantage to having cash when it crashes is, when your competitors go out of business they will be selling their equipment and tools pennies-on-the-dollar and you can pick them up and take advantage and set your self up for when the market swings back. You will have what you need to grow quickly.
PIVOTING – NICE TO HAVE VS NEED TO HAVE: Make sure you shift your business to fit what matters most to people. When people don't have money they don't go towards luxury, they go towards maintaining what they currently have. So you want to focus on the need to have vs the nice to have parts of your business. You need to pivot quickly.
LEAD GENERATION: Lead generation is always important, but for some of you have lots of leads with little effort, you need to be able to seek those leads if it changes. Things will not come easily.
THE BASICS WILL HELP YOU WIN: Basics – Service & Quality – How will you stand out – Systems will get you prepared to take off when it turns.
These are a few of the areas we dive in deeper into on this podcast episode. Take a listen below or on your favorite podcast app.
QUOTE OF THE WEEK: “As sure as the spring will follow the winter, prosperity and economic growth will follow recession.” – Bo Bennett
The website I Reference in the Podcast: https://www.turd-kwondo.com You have to check it out. It is fun, well done and speaks to his client’s pain points
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