Is Your Recession Business Proof?

There are literally billions of dollars changing hands across the United States and, yet, the economy is slowing and we are headed for recession.

This simple fact is beginning to weigh heavily on business owners’ minds. True, the current economic climate may be trickier than it was six months ago, but are you content to let the natural cycle of our economic system dictate how you run YOUR business by blaming government spending, high inflation, or the increase in consumer debts? Making excuses or denying there is nothing you can do?

OR...

Are you going to take full ownership, accountability, AND responsibility for the success of your business by changing with the times? To plan and prepare TODAY to handle anything that comes your way?

Change is everywhere and is a constant. It is a renewal process, yet often, the human habit is to avoid it at all costs. The current financial climate may well be the inevitable result of uncontrolled

JODEE O’BRIEN

growth, but ultimately, as business owners, it is a change that forces us to react. And react to it we can.

Here are three tips to help you prepare for the coming recession:

� CASH UP Do as much as possible to ensure profits and cash flow are as healthy as possible. The stronger your focus on the fundamental practice of having cash available, the more choices your business has to adapt and shift. Annual planning, budgeting, and forecasting cashflow are crucial in business to build a healthy cash position.

� PIVOT AND/OR LOOK FOR OPPORTUNITY Be open-minded to options to adapt your business or pivot to a sector that has historically flourished in economic downturns. Additionally, be on the lookout for opportunities. In a time of struggle and tighter cash positions, not every business will survive. With a strong cash position see point 1 you may be able to take advantage of an opportunity to buy out a competitor or buy a customer database for pennies on the dollar.

� MINDSET Remain optimistic. I know this one may sound a bit less concrete than the previous two, but how you think and your mental approach to an economic slowdown or recession play a big role in your ability to keep a clear focus on what is important and keep the business moving forward. In this time of change, have you fully analyzed your business’ strengths and are you ready to exploit them fully to increase your share in a potentially shrinking market?

Where To Begin

If you are not, or are unsure where to start, connect with us here at ActionCOACH. Our team is ready to help you uncover the hidden profit in your business and, together, recession proof your business.

Scan the code and leave your contact information. Our team will reach out to set up a complementary 30-minute strategy call with one of our certified coaches. Prepare for a resilient 2023!