Are you wondering how to grow your business during a recession or, are you feeling worried about how to recession proof your business?
In this week’s deep dive video, I’m going to share my advice and some tips on what you need to be doing to help you grow your business during a recession.
I’m Lor Bradley, a business strategist and mentor and I’ve started, grown and scaled businesses for myself and other entrepreneurs for almost thirty years. And in my video’s I’m going to show you how.
Now as an entrepreneur I’m a great believer in keeping calm and carrying on when things take a downturn. But I also like to be armed with simple and practical things to DO to reduce those feelings of uncertainty as much as possible in our businesses when we hit hard times, such as in a recession.
I also firmly believe that to be ‘present’ and standing together with our networks and our customers and supporting each other is what’s going to pull our businesses through what is a time of reframing. And we need to do all these things with a positive frame of mind.
In my group mentoring program, I cover many of these areas in much more detail but I’m going to cover some of these briefly here.
So without further ado here are practical things you can do right now. I’m going to share with you my 8-step blueprint…
Number 1. Just Breathe.
It’s vitally important that you take care of yourself and make that a priority in a downturn so that you can be at your best to fully focus on growing your business.
Number 2: Make sure you get a plan together.
Whenever I anticipate a period of uncertainty, I always calmly create a 'Plan B' and by taking a few hours out to do that is going to help your business massively right now. A recession is the time to apply some lateral thinking to consider where, or how you might need to serve your customers a little differently over the coming months, until the economy takes an upturn.
If I ever believe my businesses will take a financial impact of any kind then I will always have a strategy in my back pocket to help me prepare for that, here’s what I do, and what you should do too:
The reason you want to have a plan is, well, if you don’t know where you are going then you’re very likely to end up in a place you didn’t want to be!
Number 3: Review your business expenses
Take a look over your last few months of business spending and ask yourself “what is absolutely necessary right now for my business”.
You’ll need to be thinking about cutting your expenses which in turn will enable your business to operate longer during a lean period.
So, here’s my thinking process around that:
And once you’ve done all these things you are fine-tuned financially to focus on your growth.
Number 4: Provide an out of this world service to your customers
Now this one is really important.
When times get tough, we tend to gravitate to what we know, who we know and what feels safe for us. And that’s the same for growing a business in a recession. Our customers will naturally want to stay close to what they know, like and trust so do everything you can to provide an incredible and unforgettable level of service.
And the reason we do this is, if we forget those who are investing in us then our business is less likely to grow in a recession.
Number 5: Keep Talking and stay connected to Your Tribes.
So, we all have tribes and audiences orbiting around our businesses and in any period of uncertainty, it’s the perfect time to get visible and reach out to communicate.
And the reason we keep talking to our audience is they are more likely to buy from us if we are actively engaging and listening to them.
Number 6. Network, Support, Collaborate and get involved!
A recession is the time for small business owners to support each other by making connections, referring customers, sharing posts, co-working and collaborating.
And the reason staying connected helps you to grow your business during a recession is, without a network around you, you may miss out on opportunities on recommendations, referrals and profitable collaborations.
Number 7. Keep Your Eyes on your Marketplace & Trends.
Changes in the economy during a recession means the competitive landscape will shift for your businesses.
The reason you understand your competitors to grow during a recession is because you are looking to capitalise on the gaps in the marketplace, your differences and opportunities they may have missed.
Number 8. Refresh Your Offerings
Think about how you can reframe or repurpose your services or product offerings to inject rapid income, by working with your current or past customers.
And you want to refresh your offerings to be responsive to changes in your marketplace and in a prime position to grow your business in line with those changes.
So, remember, get planning, keep talking, refresh your direction and continue to stay connected to continue growing your business.
Tips and tricks alone won't help you to grow your business - but they can certainly go a long way! Watch every week as I share my smart business strategies to grow your business; by boosting productivity, increasing your revenue, understand your customers and selling without selling!
I. Am. So. Over. Facebook Groups.
After feeling drained dancing to Facebook's tune I began yearning for intimate and authentic conversations with entrepreneurs who, like me, want to scale their business without the challenges of being seen on an algorithm driven platform.
Working as a solo, introvert entrepreneur life can feel lonely so I wanted to build a community of not just business connections, but a network of cheerleaders who have each others backs.
And so the Scale + Skyrocket community on Slack was born! Our private community is for female identifying and non-binary entrepreneurs looking to network, collaborate, scale and enjoy some downtime.
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