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Can you really recession-proof your business? Let’s chat…
Whether it’s an impending recession, economic uncertainty, or even just a period of personal uncertainty, it’s important to ensure your business can weather the storm.
Your business is your livelihood and that matters! That directly relates to your own security. So you want to take the necessary actions to shore up your business so it can continue to operate.
Even and especially in times of uncertainty, there are certain practices you want to take to recession proof your business so that it can continue to survive — and ideally thrive — even in the midst of chaos and tough times.
But first, tend to yourself before your business
Don’t forget that in trying times, your personal security and safety supercede that of your business. And so, you want to do the work to ensure you are your own best support system — emotionally, mentally, and physically. That means making sure you have your own needs met (food, shelter, support, sleep) first.
This also means you want to be in a calm, stable headspace while making decisions for and about your business. One of the best ways to do this is by creating your own internal safety anchor.
A safety anchor can be a place you love, real or imaginary, which serves as your sanctuary. It’s whatever is most soothing and safe and comfortable for you. If you don’t yet have a safety anchor, I encourage you to choose one now. Anchor into it. Bookmark it for future reference. Visit regularly.
Here are 10 ways to recession proof your business
While there is no way to 100% proof your business against a recession or anything else, there
are practical things you can do today to ensure the stability of your business no matter what comes your way.
1. Go all in with your existing clients.
We all know it’s more expensive to get a new client than to keep an existing client. So do what you can to keep your existing clients satisfied. Go above and beyond. Treat your clients well. Yes, you should always be doing this, but pay even more attention to it now. Consider offering add-ons that don’t cost you extra in time or money, like bonus digital products or access to resources.
2. Review your analytics to see what’s working.
Look back over the past 90 or even 30 days. What products or offerings have brought in the most money? The most clients? What marketing channels are working best to capture attention and engagement? What lead sources are working best for you right now? Familiarize yourself with your website, newsletter, and social media metrics and review them regularly.
3. Double down on your marketing.
Once you’ve reviewed your analytics to see what’s working and what’s not, double down on what is working. This is the fastest way to grow. If certain content is giving you twice the engagement, do more of that. If a certain product sells better than others right now, focus on promoting that. If a certain channel is bringing in more leads, work that channel!
4. Review/update your existing assets.
While I’m not a fan of perfecting your website before you do anything else, you do want to make sure it reflects who you are, what you do, and what you offer. If your current website does not accomplish that, spend a couple hours refreshing it. Focus on your Home page, Services page, and CTAs. Then, let it go! Our websites are never perfect, but up to date is good enough.
5. Look for recurring revenue opportunities.
ANY time is a good time to think about recurring revenue opportunities. These include offerings like monthly memberships, monthly masterminds, retainer clients, and paid newsletters. Remember that no matter what you sell, you need to have an audience to sell TO. So don’t focus all your time on creating products; spend even more time on marketing.
6. Continue building your audience/list.
You can have all the paid products in the world but if you don’t have an audience, you won’t make sales. An audience can be many things: your email list, your youtube subscribers, your linkedin network, people in your local meetup, your local chamber of commerce, your local community, etc. You want to always be building this audience!
7. Add more income streams.
Now is as good a time as any to look for other income streams and consider opening other income portals. Brainstorm other ways you could bring in money that are related to your skills and talents. Even brainstorm ways that aren’t directly related to your business! Think of every and any (legal) way you can bring in income within your business and outside of it.
8. Add new skills to your toolbox and connections to your network.
The most valuable currency is your skills and your network. Keep building both. What’s a skill you’d love to add to your toolbox that could make you more marketable? What’s a group or organization you’ve been meaning to check out? Who’s thriving in your industry that you’d love to connect with? More skills and connections will never do you wrong.
9. Cut back on unnecessary expenses.
There’s never been a better time to go through the list of your business expenses or your business credit card statement and examine each and every expense you have. Is it necessary? Is it necessary right now? Is there a cheaper alternative? Could you take a pause from this expense? Be as ruthless as you need to be.
10. Be open to adapting.
Your business will change and evolve over time. Sometimes it may need to take a sharp pivot. Remember that this doesn’t mean it will be this way forever or that you can’t change again if you don’t like something. Keep tuning into the needs of your ideal clients and your niche and look for opportunities to serve those needs. Be willing to experiment! It’s all part of the process.
Recession-proofing your business is about managing uncertainty
The way you get through uncertainty is by anchoring into what you know, staying the course, and being flexible and open to new ideas and ways of doing things along the way.
While you can never 100% recession-proof your business, you can ensure that your business is built on a strong foundation, that you’re tapped into your market and their needs, and that you’re willing to adjust along the way.
If you’d like support, let’s chat! I support clients to understand their ideal clients, create valuable offers that serve them, and find and sign clients so they can keep their business running. If you’d like to learn more, the first step is to apply here.
