5 Tactics to Recession Proof Your Business by Dr. Jay LaGuardia
What has happened?!?!?
Without question these are volatile times. Just think back to the beginning of March when we had all-time record low unemployment, wages were steadily rising for working class employees, poverty was in steep decline and almost every sector of the economy was booming. Let’s not forget about the national survey that came out in February which stated 92% of ALL Americans felt optimistic about their financial future. By far the largest percentage ever recorded.
What the heck happened?? COVID-19 happened. We shut down the entire economy for months which resulted in 9.5% decline of GDP (Gross Domestic Product) in the second quarter. An estimated 40.4 million people reported that they had been unable to work due to the pandemic. If you weren’t considered an essential worker or if you worked for government, it is likely you have suffered to varying levels of degree.
If You Are In Business…
If you are in business I don’t need to rehash these facts. It is likely you have had to shut your business down at least for a certain period of time. There are those who have yet to reopen and still many more who will never recover at all. I can’t begin to tell you how this makes me feel for you and your families. As an entrepreneur myself, I can’t imagine how I would feel if I had invested my time and treasure to risk everything to pursue my passion and then have it ripped away from me for something outside my control. When they say life isn’t fair this situation epitomizes that statement.
You have to believe you can recover and start over because unfortunately that might be they only thing to hold on to. The same drive, grit and determination that drove you to start your business are the same characteristics that will help you overcome and succeed once again.
Things To Keep In Mind
For the rest of us who are trying to pick up the pieces we must remember these things.
….as life grows messier we must grow stronger.
…as many choose to stick their heads in the sand, we must look for ways to deliver incredible value.
…as some give up on their ambitions, we must honor our dreams, and remain steadfast around our ideals.
Just as the finest steel is forged under intense pressure and heat so are great and transcendent leaders. That is what we are called to do. To come out of this stronger and more resilient than ever.
We must use this time and experience to become more creative and innovative. To ascend to the next level of leadership, we must be willing to do what very few people are willing to do. To restore, grow and scale your business we need to focus on 5 tactics that will provide you the fuel and guidance to thrive during uncertain times.
#1. Work on You
Your business can never outgrow you or more specifically your ability to lead yourself and others.
Now more than ever you need to engage in a morning routine. Success is not random it is intentional. Starting each day with intention will give you a leg up on 98% of the population. Very few people have a morning routine but the most successful business leaders attribute this habit as a foundational key to their success.
It is also just as important to invest some of your time and resources on your physical and emotional well-being. Each day we must Eat, Move and Think Well if we are going to live our best life. Also make sure to schedule time for rest and sleep so you can properly repair and renew your body and mind.
#2. Eliminate your Destructive expenses
This is a great time review your balance sheet. Many small business entrepreneurs undermine their revenue and therefore their profits with extraneous expenses that provide very little to the operational success of the business. We should periodically have our accountant audit all our expenses so we can identify the fat and waste that is putting a strain on our profits. It has been estimated that destructive expenses can be as much as 10% of total revenue.
#3. Look to Innovate
When everything changes we must change as well. The spoils go to the disruptors therefore, it is time to adapt or be defeated. During the storm rather than be the victim and lament how things have gone off the rails, elevate your leadership and out invent everyone in your industry.
Identify new and creative ways to deliver your products and services to your clients. Figure out how to increase value during every touch point during your client’s journey within your business. Make sure your products and services are something they can never do without.
#4. Scale and Grow
This is a great time to invest in your professional knowledge and personal development.
Get better at what you do and who you are! Build and invest in your team. Leaders who do are rewarded 10x the financial investment and are rewarded with increased retention and production.
The businesses who elevate their game, advance their skills and become the best in their field will experience exponential growth in their business. You can have either reasons or results, pick one, you can’t have both!
#5 Tune out the critics
Those who pursue the road less traveled are often the target of criticism. The loudest critics are those who have not done the work or have never committed to these tactics. So rather than take responsibility they will look outward and try to find fault with someone else. This is how they deflect from taking personal responsibility.
The reality is that the very nature of being a visionary especially during dark days means that you’ll attract ridicule, jealousy and condemnation. Don’t let that stop you, pay zero attention to them. You just continue to do what you do. Which is focusing on serving better and serving more.
Please remember this one but important point. All victors at one time had to overcome victim-hood. Once you have turned your setbacks into stepping stones you literally become unstoppable.
Go Empower your dreams, Live Inspired, Be abundant and fulfill your Destiny,
Have an empowering week,
Dr. Jay Founder & CEO
EmPower Your Dreams, Ignite Your Passion, Accelerate Your Prosperity
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