Are you ready for a 2016 recession?
Every economy goes through a 5 stage process - a downturn/ decline, a bounce, a drag, a release and then an upturn or increase. When business owners hear the word ‘recession’ fear sets in straight away and they look for ways to contract their business.
A successful business will actually do the opposite. You may still need to cut the fat in the expenses of your business or get rid of the dead wood in staffing. You have probably wanted to get rid of that weight for a while now anyway. But smart business owners will know and understand the five phases of the cycle. During a recession (downturn/decline) they will invest in their business to pick up as much work in the BOUNCE phase as possible. This will ensure they have a sustainable business as it goes through the third phase – THE DRAG. This is where most business owners hang on and hang and hang on until it is too late and they run out of money as they did not capitalise on the BOUNCE.
To do this you need to be very, very clear on your USP (Unique Selling Proposition). Why do people buy from you? In a recession you need to work out how to add more value than you were before. Yes, it will be more work for less, but it will pay dividends when the bounce phase kicks in!
The ‘game changer’ in all of this is that after the Winter (recession) there is always Spring which is then followed by the Summer. During a recession or downturn in the economy is the best time to get your systems right and platforms refined for the growth that will come after the winter season of your business.
How do I know this? I did it for my business in the last down cycle and for SiDCOR clients. Don’t miss this opportunity.