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4 Steps to Recession-Proof Your
Business
Reading the newspaper is something I've done
a great deal of all my life. However, right now, I'm a little perturbed with my newspaper,
and its capacity to go wild with the word recession. I feel like – completely
independent of whether or not there’s actually a recession
on the way – the paper is doing more than its fair share to
scare one into existence.
I'm hoping for the best…what else can we do? I'm going to
accept it as a natural part of the cycle. The economy goes up and
down – end of story.
I'm also going stick to my goals, take action, and follow the Boy
Scout's motto, Hope for the Best, Prepare for the Worst.
- Attitude – One
key to being successful in business is having the right attitude. If
you aren’t pushing things forward,
nothing is going to happen. At least half, if not more, of business
success is mindset, so keep stepping up your mindset. Be sure you
get enough exercise, sleep, time with friends and family…and
consume a “low-recession” diet.
The “low-recession diet" I have in mind is moderating
my newspaper intakes. As business people, we need to know what's
going on in the world and keep an eye on trends and new developments.
At the same time, it's important not to overdo it on the negative
news. So cut down on your news consumption, and don’t be afraid
of ‘fasting’ for a week or two, if you need to.
- Skills -- I'm
not going to tell you that “business success is all mindset,” like
some gurus. My business experience tells me that success is about
having the right skills too. If you are lacking marketing, sales,
organizational, managerial or financial skills, now is a great
time to get help. Are one or two of those areas tripping you
up each month? It’s time to take a class, read a book, or
hire a coach. Hire an organizer for your office files. Hire a
bookkeeper to help you set up Quickbooks. This is the time to
perfect your skills…and
you probably already know where it is you’re weak.
If you
want greater success but don't know what your weak spot is,
write about it, walk, and talk to a colleague until you are clear
about where you could develop your skills. Sit still, reflect
and take thoughtful action to decide where your skills need to
grow.
- Expand your marketing. If you have reason to
believe the possible recession will affect your business, expand
your marketing efforts to compensate. The real estate industry
and related industries like construction, staging, and remodeling
have already been hit. Keep in mind, the US economy is the largest
in the World, and California (I'm in California) has the 6th largest
economy in the world – so
there is business to be done here, even in down times. But
you will need to look harder.
- Create a plan to expand your income
streams, especially passive income. What logical ways can you
expand your income? If you are in a service industry as are
many of my clients, I want you to think about products or information
products and start thinking about valuable, meaningful ways
you can move in this direction. When you have multiple steams
of income of income you are less vulnerable and your business
is stronger …and
thus you are stronger.
So that's my Expect the Best, Prepare for the
Worst take on things.
I wish all of you your best year ever.
Almost Everything Communications
510-527-9920 karen@almost-everything.com
627 Evelyn Avenue, Albany, CA 94706 |
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