Don’t freak out we are in a recession folks. This is normal. Economies go through cycles which are up, down and sideways. When the economy goes down for a long enough period of time and loses 20% it is called a recession; or if it continues to go down further, it is called a depression.
When Michael Jordan had a few bad games in a row did he fire his coaches? No, he looked to them even more to help him get through his “recession” in play.
In May and June, I lost three clients. Their reason for discontinuing was to save money. I told them “That is not the way to save money, but it is their choice, and my door is always open for them to return.”
Last week two of the three returned and wanted my services again. Why? Since they left their businesses dropped another 12 and 18% respectively. They realized that the way back is through the fundamentals that I teach. Yes, grand slams are nice, but it is the fundamentals of singles and doubles coupled with accountability are what consistently wins ball games.
I always use current events to inspire my blogs. There is always something to be learned.
Here are the suicide moves that small business owners make during down-turns in business; you would be wise to refrain from making them too.
- Proper cost-cutting not just slashing across the board is the way to cut costs. To keep this short don’t cut advisers (business coach, accountant, lawyer, insurance agents). Cut anything personally and professionally that does not make or save you money or have the potential to do so.
- Don’t cut marketing and advertising
- Don’t cut staff
It would be too long to explain why in this newsletter. Just trust me on this after 36 years I do know what I am talking about. If you need further explanation, I am happy to hop on a call with you and you can schedule a call by clicking here.
Recessions are wonderful times to grow a business. I know that sounds counter-intuitive but look at when the biggest companies were born. It was during or after a recession or depression. If you execute proper action steps while everyone is hunkering down and pulling back, you can massively gain market share, but you have to do it correctly.
Results are what is measured. If you are happy with your results do nothing. If your results are poor talk to a friend, colleague, another business coach or me. If you want to grow faster than you are, talk to a friend, colleague, another business coach or me. After thirty- six years of being in business and after nineteen years of coaching small business owners just like you, you should be confident that you can be helped too.
If you would like to explore the possibilities, Click here to set up a free and no-obligation strategy session and screen share and I will show you how.
In Gratitude,
Paul