There’s no doubt that right now, the threat of the COVID-19 virus is making business owners worldwide feel pretty nervous. It’s time we started thinking about how we can recession-proof our businesses.
The economy is predicted to get hit by 2.7 trillion dollars. As a result, experts are saying that we are likely going to go into a global recession.
Unfortunately, this is a time of great uncertainty. And the sad reality is that with around 13,000 new cases of the virus every day, we don’t know when things will start to get better.
However, there’s one advantage we do have as business owners facing a possible recession in 2020. And that advantage is The Internet. Oh yes!
The OBM Advantage
Fortunately, the online world is accessible to everyone during these tough times, which is great news for us OBMs and online entrepreneurs.
Businesses right now are struggling to take on full-time employees because of the wider package those roles require – things like benefits, consistent salaries to pay and guaranteed work.
On the flip side, OBMs work on a contractor model. This is the PERFECT solution for business owners who need help to future-proof their biz, but can’t commit to full-time workers right now. OBMs can be hired RISK-FREE, with no employee benefits etc to pay.
But without strong foundations and solid strategy in place, every online business faces the harsh realities of not being recession-proof.
In fact, according to the Capital One Small Business Growth Index (Fall 2019), only 32% of small business owners say they feel fully prepared for a potential recession.
But I really DON’T want that for you. That’s why I’m sharing my top 5 ways to recession-proof your business. Because we should all help and support one another during this time. Let’s do this!
1. Keep Calm and Carry On
It’s time to say buh-bye to those excessive fears!
Often we find that what determines our success in these moments is not what happens to us, but how we respond to what happens to us. And NOBODY operates rationally or performs at their best when they are in panic mode.
OBMs are LEADERS. So it’s important that we step fully into our role and be strong, supportive and positive problem-solvers for our clients if they start to panic.
One thing we can do is step up into a Plan B Leadership strategy. That means helping our clients to implement systems and streamlining their businesses to stop them falling victim to a potential recession. More on this later…
2. Invest in Learning, Development and Networking
There’s never been a better time (or more time!) for personal and career development.
In the event of a worldwide outbreak like we are experiencing now, there may be long periods where we need to isolate. But fear not! This is the PERFECT opportunity for you to knuckle down and widen your skill set.
There’s also tons of amazing people stepping up to offer free or donation-based classes, virtual summits and resources online. Not only will this bulk up our skill set, but it stops us from losing our sanity in the process!
3. Double Down Your Marketing
Our natural instinct in tough times is to begin cutting spending on things like our marketing efforts.
However, in reality we should continue doing the same as before, even if that goes against your beliefs!
In fact, marketing guru Neil Patel says he learned from going through two crashes (the dotcom crash in 2000 and the real estate crash in 2008) that the best time to start doubling down on your services is when others aren’t.
Why? Because there’s less competition around. This makes it easier and faster for you to get results. Plus, some services like Pay-Per-Click advertising will come at a reduced cost. Even better!
As billionaire investor Warren Buffett put it – “Don’t be fearful when others are greedy. Be greedy when others are fearful.” I can’t say it better than that!
4. Systematize & Automate Yours and Your Client’s Business
As the queen of systems, I’m constantly telling business owners to automate the recurring tasks in their businesses.
Systems are the essential building blocks of every successful business and a key part of forming a recession-proof plan for your biz [tweet it!].
That’s because systems don’t just ensure consistency. They also enhance performance, help implement strategic planning and ensure smooth operations. By nailing consistency with your products or services, systems will give you the means to reduce costs and grow your revenue.
5. Be Resourceful
In times of great change, we need to get creative and start to be more resourceful in order to recession-proof our biz’s. And there are a number of ways you can do that.
As I mentioned before, there are some incredible FREE online events happening right now which you can join. One example of this is The Turnaround Summit. This event is offering crisis-management advice to help people deal with uncertain times in their businesses in light of a potential recession.
You can also reach out to past clients to offer your services. Maybe you went on a discovery call a year ago and they weren’t ready to utilize your services then. But they may now be trying to figure out ways to streamline their business and implement systems.
That’s where you step in – the Confident OBM ready to save the day! By sending a simple pitch email, you could be addressing their current fears or thoughts without even realising it.
Final Thoughts
Please take care of yourself, your loved ones and those around you during this difficult time. Let’s continue to support one another and stay connected to our incredibly kind and supportive global community.
We can only hope that we don’t reach the point of recession. Regardless, now is the time to squash those fears. Be resourceful and double down on your marketing in order to recession-proof your biz before it’s too late.
And remember – nothing good ever grew from being in its comfort zone. You’ve got this!
Now over to you: What challenges is yours or your client’s business facing right now? And what are you doing to weather the storm?
