How To Recession Proof Your Business
We’ve just come out of a boom. For the first time that I’m aware of, there were far more leads than there were people to hire to service, business, etc.
Many people built million-dollar businesses in record time.
But the market is cooling off.
Leads are slowing down.
For those new to business if feels like leads dropped off. Those of us who’ve been through these economic cycles see that leads are getting back to normal.
Moreover, we’re ripe for a correction. I.e. a recession.
They happen every 18 years or so.
After building out business through the Great Recession, here’s exactly what I’d do to make my business recession proof moving forward…
Focus on relationships.
People do business with and refer business to people they know like and trust.
Referrals are your best chance for succeeding during a downturn.
Ad spend is going to go way up. Lead costs are going to go up and the economics won’t work for you anymore.
So you better have the following systems in place:
Step 5 is Networking:
BNI, Chamber, & Rotary. Being involved in these organizations and building relationships saved my hide.
Step 9 is Staying Top of Mind:
We get so busy chasing new leads that it becomes our only habit for growth.
What we forget is that we have a list of raving fans that we let forget about us.
All you have to do is find creative and warm ways to stay top of mind.
To recap, develop and nurture relationships and then nurture your customer list because those are relationships too, and you’ll have the best chance to recession-proof your business.
You’ve Got This!
Steve Burnett 🙂