3 Tips to Recession-Proof Your Business

We made it!

First of all, congrats for getting through the first part of the crisis of 2020. Thank God that’s over, right? As the world is starting to open back up, things are starting to shift and change again. So we want to talk about ways that you can be prepared because even though we hope nothing like this ever happens again, the truth of the matter is that things go in cycles, and business goes in cycles. So we want to be better prepared for next time. So we’ve got three tips that we’re going to share that not only helped us through this crazy time, and may help you right now, but also help you be prepared in the future.

Tip #1: Create new offerings

Tip number one is to be prepared to create new offerings that your audience may need at this specific time. Many of us have been doing business a certain way for many years, and what we were offering in the past, may not be viable anymore. You know, for example, we’ve been doing video production in person with clients for many years, and with the pandemic that we’re going through right now, we just can’t be filming in person with our clients. So, we created some new offerings to say ahead of the curve. And if you can do that, if you can anticipate your clients’ needs, you’ll be ready to go if something like this should happen again.

Tip #2: Diversify your offerings

Tip number two is to diversify your offerings. If you only have one way to work with people, then when something like this happens, your income could come to a halt, or your business could end up closing. So if you can find a way to diversify – to work with people both in-person and virtually, or to have different offers at different price points, such as something at the low price point, in the mid-level, and then at the high price point, then if any of your income streams go “kaput,” your business can still live and survive and thrive. And you can still continue to help and serve people.

Tip #3: Make yourself essential and invaluable

Tip number three is to make yourself essential and invaluable. If your clients and customers can survive without you, you are not doing a good enough job. I used to actually have this mentality when I was in the working world, as an employee. No matter what level of position I was at, I wanted my business owners to think that that business would not be able to run without me there.

And you need to be thinking the exact same way about your business. If your clients and customers don’t see you as essential, and invaluable, then you’re not doing your job. Just like in a love relationship, where you need to meet the needs of your partner, you need to meet the needs of your customers, too. Whether you recognize it or not, you are in a relationship with your customers. So just keep that in mind. If you don’t meet their needs, they might go elsewhere to get their needs met.

Let us know!

We would love to hear from you in the comments below. What is one thing you’re going to take away from this video to prepare yourself, should anything like this happen again. We are hoping it won’t, but you can never be too prepared. Let us know. We’d love to hear.

And in the meantime, stay safe, stay well, stay connected to each other, and most importantly, stay inspired to step into your entrepreneurial greatness with video.