5 Keys to Recession-Proof Your Business

“Only when the tide goes out do you discover who’s been swimming naked.”
Warren Buffett

Are we in a recession or a depression?

Are we even going into a full recession…or will things get better fast…at least for a while?

I don’t know.

But when you have to shut down economies around the world, it hurts.

And I’ve heard the pain from many fronts.

Those in travel, events, local businesses, and those serving local businesses are bearing the brunt of it. But it can be felt by most in some way.

There have been other big shocks to the system in the past such as 2001 and 2008.

Everyone of these is different.

I started off with a quote from Warren Buffett, because a rising tide lifts all boats. It’s easy to succeed when everything is going well. We find out what we’re made up when times are tougher.

1 – Life is NOT fair. And business is even worse.

It’s not fair when an industry gets totally shut down (like travel or events).

But ruminating about how unfair it is doesn’t get you anywhere.

Instead, you’ve got to figure out how to adapt. How can you pivot to something else?

Even more important…are there any new opportunities available to you? For example, telehealth is surging.

2 – Create a reserve for rainy days.

The income rug got totally pulled out from under many people.

One of my clients mentioned to me this past week that his own clients weren’t suffering. One of his ‘rules’ was saving a portion of their income every month for hard times.

They didn’t know what exactly they were preparing for, but now they have the cash to make it through.

Multiple clients have mentioned the same to me. They’ve saved the cash on hand for this time.

3 – Build your well before you need it.

Your well is your funnel. It means having new leads and customers consistently coming in.

Sales conversion has decreased in many markets.

But the cost of advertising has also decreased, because competitors and big corporations are pulling back on their ads.

Optimize every step in your funnel to make it profitable.

Refocus your advertising on the most likely buyers. Clarify your message and demonstrate what makes you different from the competition.

4 – Take time to work on your systems.

Is your business slower or even non-existent at the moment? Use the ‘break’ to invest time in better systems.

What are you doing that hasn’t produced a good return?

How can you streamline what you’re doing?

What could you hand off to someone else in the future?

So many entrepreneurs grind all the time. They don’t take time to analyze where their time is best spent. Optimize your time along with your funnels.

5 – Consistently stay in contact with prospects and customers.

This is a BIG one.

Buyers don’t disappear in recessions or depressions. They just get more selective.

Continual follow-up becomes even more important.

No, your customers aren’t going to buy now if you only send an email once a month when you have something to sell.

Instead, you need to stay in contact with them frequently.

Be a light of hope in the face of all the other noise that’s surrounding them.

Consistently send emails to your list.

If you haven’t been doing so, now is the time to start.

The April issue of the Monthly Mentor Club is going to print and mail tomorrow, April 1st.

It’s called the “Email Accelerator Cheat Sheet.”

It not only tears about how to write effective, order-producing emails, but it also gives you 27 email ideas and intro examples you can model.

Struggling to come up with ideas?

Is it tough to write the first few sentences?

Not anymore. Use this month’s issue as your guide and keep it as a cheat sheet on your desk. Anytime you feel stuck, scan it and grab one of the email accelerators.

Today’s the last day to join the Club and get this issue mailed out to you…

Plus, you get dozens of other guides and training videos designed to help you Earn More, Work Less, and Enjoy Life.

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About The Author

Terry Dean

Terry Dean has been in full-time internet business since 1996 and has helped thousands of entrepreneurs get started online through his articles and products. He lives in Ocala, Florida with his wife and 2 dogs. Find out more about how the Monthly Mentor Club can help you today.