Recession-Busting Solutions and Strategy Tips for Success

Right now, our mission is to provide practical strategies and timely information to protect and prepare you as we slide into a global recession. With that in mind 10 Recession-Busting Solutions for advisors, business owners, and CFOs are here to help you be successful in your task.

1. Re-Evaluate Your Business Model the way you work has to change, make it a change for the better!?

“In the last two weeks I’ve seen many business owners make panicked decisions and rupture relationships that took years to build.”

In the past few weeks, you’ll probably have had to heavily revise how your business operates, to fit with the global change in circumstances. But change doesn’t have to be a bad thing. Take some time to re-evaluate your business model, really get to the heart of why you do what you do, and ask yourself if there are ways that you can do it better.

Are there changes you’ve made recently that you’ll want to make permanent once things start picking up? Has your team learned to collaborate in new ways that will serve you for the better going forward? Maybe you’ve had to shorten your turnaround time, or started offering new delivery options. Good things can come from bad times, if decisions are made with a cool head.

2. Ensure Your Team is Optimised and Ready Take care of your team, so they can take care of business. Health and safety doesn’t just mean letting everyone in the office know where the fire extinguisher is stashed. Keeping your team healthy and motivated is key to the survival of your business. Some of your employees will handle the disruption better than others, and should be supported mentally, physically, and emotionally through this time.?

If you have any hard decisions to make to keep the business afloat, make them early. If you have people willing to step up into leadership roles, let them shine. The more your team is on your side, the better your chances for success.?

3. Get Time With Your Accountant or Advisor? Their expertise might be the difference between sink or swim.?There are a number of services your accountant or advisor could offer you right now that could make a real difference. First and foremost, if you’re a business owner, you’re going to need a cash flow forecast. If you’re an accountant, you should be providing one to every client. There’s no point getting through the worst of the slump, only to find that you’ve run out of money.?

Business owners: ask your accountant for help with tax planning, government packages, and compliance and relief strategies. Chances are, this isn’t the first recession they’ve worked through, and they might have game-changing insights that will see you thriving.

4. Understand Government Assistance Schemes? Most governments are offering financial aid to get local businesses through these stormy waters. Not all of it will be applicable to you, but make sure you conduct a thorough investigation, so you don’t miss out. If possible, ask your accountant/advisor for help with research and applications.

5. Constructive Communication With Customers Humanity is more important now than ever.?Everyone could use a friendly face and voice from outside their quarantine bubble right now. But it’s not just about sales—it’s about connection. Reconnect, reassure, and really listen to what your customers are saying. Relationships rekindled under duress are likely to last well beyond bad times.

Be careful with your communication—quality, not quantity, is key. Make sure that your messaging is empathetic and not tone-deaf, but also, try not to hammer your customer base with crisis comms. We all know things are getting bad out there—how can you help make their day better?

6. Talk to Your Bank and Stakeholders If necessary, reconfigure and renegotiate. What debt options are they offering? Can they help you with governmental schemes? Are they willing to renegotiate existing debt, and offer you better rates? What advisory services can they provide? Are they a source of capital now, or will they be in the future? What expertise can they offer?

Keep the bank in the loop, so they can help you with things like overdraft availability and other measures. Stay on their radar.??

7. Dive Into Your Numbers? Use them as a guide going forward. As mentioned earlier, you’ll need a cash flow forecast, and a budget. Take your data and all available factors, and use it to plan scenarios: what good, bad, and ugly scenarios are possible in the future?

Your numbers will illuminate both ‘flab’ and ‘muscle’. If you need to trim the fat, now’s a good time to do so, but don’t throw out useful subscriptions and assets with all the nice-to-haves. Keep what’s useful, and it’ll serve you well in the long run.?

8. Update Strategy and Direction Get your business ready for the new normal.?Remember, this is a marathon, not a sprint. The way forward might be clear to you right now, but you need to be thinking about how the decisions you’re making will impact your business in the future. Create a chart of 30/60/90 day priorities and actions, and make sure there’s a balance between urgency and intent.

Put your customers at the heart of your decision making. What’s the best service you offer right now, and are you delivering it in a way that’s accessible to your base?

Take a moment to think about long term goals. What are the top three objectives for the next one-three years? Maybe it’s all about survival right?now, but recessions don’t last forever. How will you come out on top?

9. Double Your Support Networks Reach out to old friends, and make new ones.?In tough times, the prepared, proactive and fearless often move quickly from flight/survive, to fight/thrive. These individuals seek new or renewed relationships, networks, and sources of advice that will sustain and guide them on the journey ahead.?

Come out of this time with more connections that you had going in. Make sure you give as much as you take, and reap the rewards of beneficial relationships that will boost not only your business, but your own profile, as well as your wellbeing. Find the people who can support you through tough times, and be that person for others. No man is an island, especially not in the age of technology.?

10. Manage Yourself?

Take care of your physical, mental, and emotional health.?If you’re not operating at your best, your team, your family, and your business won’t be able to either. Show compassion and empathy for those around you, but don’t forget to save some for yourself. Stay realistic, avoid burn-out, take some time out to recharge so you remain positive and effective.?

Learn to shut out the 24-hour news cycle, and focus in on what matters. Eliminate sources of negativity from your life, whether that’s people, companies, or news outlets, and focus on the good. In bad times, we often see humanity at its best, and now is no different. Look for the positive, bring it into your life, and share it with others. After all, we’re all on this journey together.

Strategy Tips for Success

To?help ensure that your business/personal adventure is a successful and profitable one, here are some tips and strategies to make your efforts more fulfilling and focused.

Build a Foundation Based on Your Core Values. What's important to you? What are the drivers that get out of bed each day to go to work for yourself? Look to your core values for some clues. Our core values shape how we operate in the world both personally and professionally. The more aligned your work is with these core values, the more satisfying your business will be and the less like work it will feel.

Get Clear on Your Commitment. What is your vision and mission for your company and yourself? What impact do you want to have on your community and the world? How do you want to achieve your vision? The more you can refine your vision, the easier it will be to set your goals and objectives along the way.

Create Your Plan. Writing a business/personal plan isn't just a nice exercise to do, it's a road map for building your company and your life. It's a working document to help guide you, stay true to your vision and help you establish the mile markers along the way. It should entail both your short-term and long-term goals for your company and include your plans for the internal growth of your organisation and the external growth of your business. Do not let it gather dust, review and update it regularly.

Determine Your Unique Selling Proposition (USP). Do your research -- what are your closest competitors doing? Then look to see how you can provide your services better, smarter or faster than your competition. This will help you to stand out from the crowd. Use your uniqueness to your advantage -- quirks and all!

Build Your Marketing Kit. Take your USP and use it to create a set of effective marketing materials. To get you started, you'll need a business card, an "audio logo or 30-second commercial" to briefly describe your business, an executive summary of who you work with and what you provide, and even a small website to get your brand out onto the web.?

Establish a Marketing Strategy. Now that you've got some tools to get started with, it's vital that you identify the 2-3 different marketing tactics you can do to help grow your business. This can include but isn't limited to: networking, advertising, online sales, creating a newsletter, speaking engagements, podcasting, writing articles to get published or even writing your own book. Whatever tactics you choose they should all point your potential clients into your sales funnel. The more closely each of these tactics is tied into the others, the more successful your marketing campaign will be.

Create Your Team. Yes, you are super human AND, having the support of different people will help you achieve your goals more quickly than you will on your own. Does this mean you have to hire a bunch of employees? No, you can create your team in many ways using full-time or part-time help. Consider hiring consultants such as a bookkeeper, FCA/CPA or web designer to help you with areas that might not be your forte. The idea is to work from your strengths and find the help you need in other areas that don't fall into your sweet spot of skills and talent.

Accountability is Key. Whether it's to your staff, your board of advisors or your coach, having someone outside of your head (and preferably not your spouse!) to help you stay in action around your plans and goals is extremely helpful. Establish regular check-in calls or meetings to review where you're at, where you might be off course and what you need to do to get back on track

That’s why a coach is so important.

Create Raving Fans. The least expensive way to attract a new customer is through referrals. And the best way to get referrals is to create raving fans! Under promise and over deliver every time and your clients will be singing your praises to their friends and colleagues. Think of it like a pump that needs to be primed -- it takes some work initially to get things moving (through your marketing efforts and delivering great products or services to your clients) but as your reputation grows, you're business will start to flow more easily!

What You Focus On Comes True. Focus on what you want to create and achieve, not what you're fearful of. Fear can easily generate internal negative self-talk or limiting beliefs that get in your way and get you stopped. The more you focus on these negative perspectives the more evidence you'll find to support your beliefs. Instead, focus your time, energy and actions on the areas that will create your success.

Find the Balance. Go back to those core values and remember what's important. I'm guessing that working 24-7 is not your ideal lifestyle. Be sure to take time out for the other aspects that make up your version of a balanced life - time with friends, family, hobbies and exercise. "Down time" is vitally important to recharge your batteries, clear out the brain fog and rest your body.

Celebrate Your Successes! It's easy to take note of what hasn't been checked off yourlist, what's missing, or what's not completed. This can send you into a negative frame of mind in a nanosecond if you're not careful. Be sure to take time at the end of each day to celebrate your successes no matter how big or small they may seem. By focusing on what you're grateful for, you'll raise your energy level, clear out some of the internal noise and go to sleep with a smile on your face.

Quotes "What a wonderful life I've had! I only wish I'd realized it sooner." ???? -- Colette "There are only two ways to live your life. One is as though nothing is a miracle. The other is as though everything is a miracle." ???? -- Albert Einstein "The future belongs to those who believe in their dreams." ???? --? Eleanor Roosevelt

What is your strategy for Success in beating this recession?

`Recession - Busting Solutions: For Your Success`.....

https://www.amazon.co.uk/dp/B0057XV9R8

`Leading Positive Change`

For Success to Today`s Organisation

https://www.amazon.co.uk/dp/B0878ZR16Y

`Business Turnaround`

Pushing Your Boundaries

https://www.amazon.co.uk/dp/B087ZPSZLG

What are your plans?

Sharing information for your success from many sources.

?