Your Survival Guide
This article is about highlighting what’s possible and what to do going into the very likely recession ahead.
It’s about what we do as leaders to ensure we’re leading our business and our people effectively.
It’s about creating businesses that thrive in a recession – whether it’s a new venture you’ve been itching to launch or a new business add-on, there may be reasons why now is the time to get it out there.
It’s also about knowing your business inside out. It’s about building a solid foundation to grow from. I think you’ll notice that maintaining a solid, long-term plan for a company is important regardless of its size. Along with it is a financial plan that will support your business operations to ensure that you are adequately prepared for the circumstances ahead.
Here’s what’s possible for your business.
In order to look after and successfully lead your team through COVID-19, you must look after yourself. Before asking anyone else a question, have a go at answering them for yourself.
How are you practising self-care?
What are you doing to ensure your tank is full, and you are whole enough and present enough to guide, support, and lead your team as they live and work through this crisis?
Depending on your situation, it might make sense to ask people these questions verbally (but virtually). Or it might make more sense to send it to them so that they have the time to reflect and write their answers when they are ready.
Find a list of these questions here: https://www.smartcompany.com.au/people-human-resources/leadership/leadership-in-a-crisis-covid-19/
There are opportunities in a recession. This is the mindset entrepreneurs should have. Whether you’re using this as an opportunity to leapfrog into a new business or adding to what you already have, there is always an upside to an economic downturn.
However, if you wait until macroeconomic conditions are ideal, you may find that your personal situation is no longer suited to either starting or joining a new venture.
Adversity can be translated into an opportunity but it’s not for the faint-hearted: forbes.com/sites/johngreathouse/2020/03/11/coronavirus-recession-no-worries10-reasons-to-start-a-company-now/#7b941bb12fa9
A Marketing Week survey in the UK reported that 90% of marketing budgets were delayed or under review and suggested advertising investments in the UK were likely to be reduced 30% to 60% through the remainder of 2020. Only 7% of businesses responded to that survey suggesting their business was taking a deliberate approach to investing more through COVID-19.
The decisions you make today with regards to your marketing strategy will directly impact your businesses market share not just for the remainder of this year but in 2021, 2022 and beyond.
If you can avoid thinking short-term in your marketing you can expect to outperform your competitors that do.
You have to know your numbers inside out to be able to make the most effective investments in this area. But once you do, here’s how you can grow your market share despite the market downturn: https://www.smartcompany.com.au/marketing/growing-market-share-recession/
Some small businesses even thrive in a difficult economy. These businesses are called counter-cyclical or recession-proof businesses. Starting any small business during a recession is a baptism by fire, but if you can survive, you will thrive as the economy recovers.
“Transformational change”: Social enterprise sees 5800% uptick in demand, as COVID-19 drives telehealth boom
As the COVID-19 pandemic has taken hold in Australia, we’ve seen a shift towards telehealth solutions. The crisis has made many in-person appointments impossible, with more and more people turning to remote solutions for their regular healthcare needs.
Umbo, a social enterprise startup working in this online space has seen about a 5800% increase in demand for training courses and a 1000% increase in independent clinicians signing up to the platform.
Along with other social distancing needs, COVID-19 has shifted the healthcare scene and perhaps there is now no returning to ‘normal’. What do you think? smartcompany.com.au/startupsmart/profiles/umbo-covid-19-telehealth-boom/
There’s no need to be in the dark about your business. There are plenty of free resources on our website that will help you through these challenging times.
If you need help making sense of the government’s support packages click here to go to our resources page
If you need a time-tested recession plan, get it here.
Download the Recession Response Plan here
If you need specific help with your business book an obligation-free call today.