5 steps to recession proofing your business
You will have likely been targeted with a lot of marketing recently with the tagline of ‘how to recession proof your business’, but it’s unlikely that you’ll be able to completely protect your business from the recession, but there are a few steps you can take to keep moving forward. And, believe it or not, you could actually see significant growth during this economic downturn.
After all, some of the biggest household brands were born out of recessions eg. Airbnb, Microsoft, Revlon, Wilko, Pets at Home, Graze.
Here’s where you can start:
Revisit your objectives
And if you don’t have business objectives… get some. Objectives are designed to make sure you’re heading in the right direction. What is it that you (or your business) is trying to achieve? What’s your aim?
Know your numbers
How do you know whether your business is going to survive the recession, if you don’t know your financial targets or how much work you need to bring in each month? Knowing your numbers means you’ll go after the right clients, make good business decisions and focus on sales/marketing that will get you there.
Find an accountability partner or a group of people who will keep you accountable
Part of how I have designed Wild is to create a community of people who keep you accountable for your goals (without the pressure). Weekly goal-setting sessions help you prioritise and regular Virtual Coworking sessions help you focus on the task in hand.
1:1 sessions with me (either through Premium Memberships or one-offs) take it one step further with actionable strategy. I work with you to develop those objectives and decide on the steps to help you achieve them. But don’t take it from me, see the testimonials below from members who have seen huge success when working with me.
Networking, but not as you know it
Community is key in a recession. Finding your people, those who have got your back and would mention your name in a room full of opportunities is how you survive, not only recessions, but everyday life as a business owner. Put yourself out there, make connections, collaborate - it’s easier than you think (especially with the right people around you). There’s plenty of work out there for everyone, you’ve just got to go and get it.
Don’t panic
Easier said than done, I know. But you’re not alone so take a deep breath and remember that you have autonomy over everything you do. This is the joy of being self employed - we have control, we can pivot, adjust, and are the ones who’ll come out on top.
“1-1s with Jess have also been invaluable in helping me to navigate my business through a period of growth and change. With her help I have hit my goal of doubling my turnover in a very short period. Jess coaches and guides you to find exactly the right path for you. She makes it easy for you to work out the right strategy without over burdening you. She is supportive, encouraging, inspiring and importantly - great fun. Deciding the join the amazing Wild community was one of the best business decisions I ever made!”