You’ve heard the news, right? Inflation is at an all-time high, the price of gas is out of control, the great resignation has left small business owners scrambling to hire, and just when you thought it couldn’t get worse, there appears to be a recession on the horizon.
Time to curl up in a ball and cry? Hold on, maybe not.
Do you remember when the pandemic started and many people thought that it would be the end of their businesses? While some folks were busy focusing on every single thing they could not control, others got busy looking for the opportunity and then, they took massive advantage of the opportunity while everyone else was distracted by the problem.
It is said that in times of crisis, there are opportunities for those who look for them. A recession is no different.
Don’t let fear paralyze you, instead, do these three things:
1. Get super clear on your numbers
Know exactly what is going on in your business in terms of sales, expenses, and cash flow. Make smart decisions to eliminate unnecessary costs—you know what I mean…that audible account you have 25 credits for books on, kill it.
2. Don’t shrink or get stuck in paralysis analysis
Instead spend time really thinking about the best way for you to serve your customers should this recession happen. Instead of focusing on you, focus on them. What do they need, and how can you be of service?
3. Triple down on your marketing
Don’t let up for at least the next 12-18 months. Why? The average recession lasts 11 months before the markets start to turn around. 11 months is not a super long time, but it’s definitely long enough for your competition to give up on their marketing and for you to take the lead.
If you want your business to do better than weather the storm, these are some of the things you can start doing right now. Use this time to get ahead of your competition, stand out from the crowd, and be masterful not only in your marketing but in how you show up in service to others.
The economic situation is your next opportunity.
How are you going to set fear aside and look for the opportunities you have in front of you?
P.S. What does Shopify and Youtube’s new partnership mean for you? Watch my recent Instagram video here and find out! As the economy changes so is the future of shopping.
