Is this even true or merely hype?
That scary R word.
Maybe. Maybe not. Even the experts don't agree.
First, don’t buy into the hype. There is a lot of money to be made from fear mongering. The prediction of a catastrophic recession is not based on reality or even the science of economic forecasting. One word cannot define the state of the economy. Last year there were a lot of very dire predictions and yet lots of businesses saw unprecedented growth. Things are swinging the other way and they will swing back. Always have, always will.
Second, how worrisome is a “recession” to the small business owner anyway? In light of world events, in particular the pandemic and the war on the Ukraine, we're seeing an increased mindfulness by consumers on how they spend their money. While some of it is fear driven, most are merely looking more closely at what is important to them. Most excellent! Make this something you build into your business strategy.
So then, what is a good measure for the health of the economy as it applies to you? The answer… How is YOUR BUSINESS doing? Are you struggling or seeing renewed interest? We know that there are a lot of businesses experiencing growth because we see “hiring help” all over the place. If you're struggling, what are you doing to capitalize on the changing tide?
Here are some things you should be doing to ensure that your business gets all of the leverage possible out of today's economic conditions to get and stay healthy. These are universal in their effectiveness and remain the axioms that drive the financial engines of all businesses:
- Are you being seen? Keep marketing. Do you need to adapt your message? Consumers are savvier than ever and as they decide how to spend their dollars you need to be sure they know who you are and what you do.
- Listen to your customers and take care of them. If you don’t they will go elsewhere. What are their wants, needs, fears? After all, they are hearing the news too.
- Know and speak the value of what you do. This continues to be a big stumbling block for business owners. Let's get specific. What problem do you solve? Why is what you do something your customers need. Why should they buy it from you?
- Practice being Revenue Relevant every day. This is the #1 success factor that profitable businesses know and do. Call your past and current customers. Relationship building is great but does nothing if you fail to focus on making sales. Follow up on accounts receivables. Do a financial assessment to find out what your customers are buying or to see if you can hire help or increase your marketing spend.
- Get some expert help! If you can’t see the forest for the trees it’s time to get someone to help.
I would love the chance to help you assess, design and implement a game plan that focuses on your goals and will make everything you do more effective. Having an expert to support and guide you is an important part of business success. Operating in fear will only keep you stuck and hiding your head in the sand will not make it all go away. Owners of small business have always been resilient and have an amazing ability to adapt quickly. The definition of insanity is doing the same thing over and over and expecting different results.
Your future is yours to create. Economic upheaval is GOOD for business. Make it good for you!
Success is not an event, it’s a result. We prioritize what's important to us. Trust in the process. Trust in yourself. You’ve got this!
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