One of the best things about being in business for yourself is that you’re the one in charge. But it’s also one of the hardest things about it. When things get tough, the buck stops with you!
Well, I’m no economist, but last year’s whispers of a looming recession are turning into shouts lately.
Some of my clients and colleagues are starting to panic (“I hear ya!”). But let’s not get ahead of ourselves and throw up our hands in defeat. Remember, you’re in charge, which means you have options.
It’s time to start recession-proofing your business. Here’s what I recommend:
Diversify your portfolio.
Just like your financial advisor would tell you to avoid putting all your eggs in one basket, I’m telling you to add some variety to what you offer.
What can you do to make your services more accessible?
How can you bring clients in at different price points?
Where can you add new revenue streams?
Retain the clients you have.
Excellent customer service should always be a pressing matter, but now more than ever, do what it takes to keep your current clients happy! Think of creative ways to add loyalty perks for staying on board, such as bonus one-on-one time or retainer discounts for paying ahead. Retaining a client is cheaper and easier than attracting a new one in any economy.
Enhance your value proposition.
Make sure prospects know you’re worth the investment. What kinds of returns will they get from working with you? The results you deliver should make the kind of impact they would regret missing out on.
Keep up with your marketing.
If you’re looking for things to cut out of the budget, put marketing near the bottom of the list. Staying top of mind should be a top priority. Switch up your messaging to meet the moment if necessary, but don’t you dare go quiet. Stay out there, and stay consistent.
Upgrade your skills.
The key is to stay relevant, to stay nimble, and to pivot if you have to. Be smart about it, but focus on how you can best add value right now, and how you can make your business more profitable. Do you need to learn new technology or a new method?
Streamline your operations.
What things are nice to have, and what’s a necessity? How can you make your business run more efficiently (truly)? Be mindful and strategic about cutting costs and eliminating time sucks.
Most importantly, stand in your power! Lean into your strengths and gifts. People may be discerning about where they spend their money, but they need you. Remember that.
We’ll get through this!
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