6 Steps to Create Recession Resilience in Your Business
Updated: Aug 13, 2022
With the Bank of England raising interest rates the UK economy looks set to slide into recession. The outlook is similarly troubling in many countries around the world.
As a small business owner the word 'recession' can strike fear in our hearts as we know customer spending and confidence will take a hit.
I think it's important to have this conversation because if you are a business owner looking to continue scaling next year, you need to be making decisions NOW to set yourself up for success.
With that being said, here are 6 things that should be on your radar right now, as you prepare to take 2023 your best year in business.
#1: Plan your marketing and visibility.
The businesses that survive and thrive during recessions are those that have the edge in visibility. They are the names that come instantly to mind when you're looking for a solution to problem, 80% of your time should be spent on increasing your visibility, and if you're staying out you can do so much of that for free, without paid ads. OK, you have to invest some time and effort, but you will see the rewards. There are so many ways you can leverage your visibility, and social media is only ONE of these, there are 7 other methods that I use to attract my one-to-one and one-to-many clients into my offers. I'm planning a masterclass on this topic so watch this space!
#1: Revisiting your financial plan.
Is your money being spent in ways that are going to provide the highest ROI? I see so many business owners spending their hard-earned money on things that are never going to bring them a return, And doing almost zero advertising. Rule of thumb: a bare minimum of 10% of your revenue should always go toward advertising and visibility (and if you didn't spend enough on that piece of your business this year, you likely saw results that coincided with that). It doesn't matter how limited your budget is; there's always an opportunity to rework how you're spending to invest in things that'll bring you a higher return — these are absolute requirements for sustainable growth.
Additionally, look at re-negotiating with contracts, cancelling unused subscriptions, and moving money around to spend on things that will facilitate growth in 2023.
#2: Preparing your budget.
Whether you have been in business for a few years and anticipate hitting the millions, or you're just aiming for your first 2K month so you can leave your job, you should be operating off an annual budget. This should include your commitment and projections for revenue and profit growth throughout the year, with set goals for each month.
You should also be holding yourself accountable to that. You don't need fancy software, you can set this up in a simple spreadsheet. The important thing is that you check in on it and take action to keep you on track.
#3: Aligning your systems and process, goals and team.
Look at your 2023 goals and make an honest assessment about the practical systems and processes your need to support those goals. Are your existing software systems, time management, planning and task schedule aligned to support the level of business yu want, and quantity of clients you expect to serve? Will you need to bring on team members?
Remember: it often takes longer than anticipated to plan and execute than we think! The reason soloprenuers so often burn out is that they are not planning ahead, You don't want to be winging it on a challenge or mastermind. If in order to hit your Q1 goals next year you know exactly what has to be done and whether you're going to need more staff than you have right now, Those wheels need to be in motion now.
If you are looking for more support on planning for 2023 and beyond, you can book a 60-minute power hour with me here https://www.faysemple.com/power-hour
#4: Cleaning up your operations.
Only 5% of businesses succeed because the other 95% don't know how to get the basics in place to attract and retain clients. Of course we need to focus on sales and marketing, but you also need systems and processes to ensure things are running smoothly on the backend. When your systems for onboarding, customer retention, renewals, upsells, client experience and results generation are not dialled in, you will hit a wall. It is just as critical for back-end operations to be in place, as it is for front-end systems to be in place. Otherwise, you will work yourself to death bringing in new clients who drop out just as fast as they came in.
#5 Get Creative!
It can be tempting to lower your prices on your signature program r offer, but I would encourage you to think creatively. Can you offer short-term, low touch and lower investment offers that will keep the needle moving for your ideal clients? Can you offer a membership or 1 day mastermind?
It may be possible to break down your signature offer into consumable modules or set up a monthly subscription that people can opt out of if they need to, and re-join when they can.
Really think about what your ideal client needs right now, and how you can help them. You also need to be mindful of your budget and your own income needs. Don't offer deals at your own expense!
Whether you have a course, programme, mastermind, 1-2-1 or 1-2-many idea, just do it! Get it out there! You won't earn any money by sitting on an idea. Imperfect action is WAY better than no action at all!
If you want your business to keep growing, you need to keep growing you need to keep showcasing exactly what problem you solve and how people can work with you. There are many ways too"launch". You can go the full monty with a live 5-day challenge, you could use a mastermind webinar or you can simply launch using email. There is a method to suit everyone, and my Micro Launch method allows you to get paid while your build your offer! This was a game-changer for me. You get to do your market testing and put money in the bank!
I want you to see a return on investment asap. When I took my consultancy online I created programs (before I know if anyone wanted them) and then put up a few posts on sicla media and thought that was 'launching' and wondering why I got no sales! I also invested in a ton of tech before I needed it! I basically had money going out before I started earning!
I wondered why I wasn't 'attracting' money or clients. I questioned myself. What was I doing wrong? How could I 'align' myself with my goals? Now I'm not saying energy alchemy and mindset are important, of course, they are! (And I've done a lot!). But I was asking the wrong questions. I should have asked whether I had holes in my business skills. I was leakier than a scuppered boat so I invested in myself by enrolling with a business mentor! Once I mastered launching and sales I found out that I had no problem making money!
This is the focus of my Soul Infused Business Launchpad. Creating and launching an online soul business with your unique gifts which serve the needs of your clients and quantum leaps in your income is for you if you dream of a life of financial abundance and time freedom. This programme is also for you if you don't yet have a business, an email list, an offer, product or serviceá - and perhaps even no ideas! And it’s for you if you have an existing business that you'd like to grow and scale. Maybe you're a healer, creative, consultant and you're not seeing the results of your effects with client sign-ups and money in the bank! If you've already got an email list, a presence online and an existing offer that you know sells, then I can guarantee you're going to have the best launch ever!
I'd love to welcome you into my community of spiritual female entrepreneurs who are ready to up-level and hit their income goals.
👉 For low-cost or no-cost leadership resources, join my Facebook Group, or subscribe to my podcast