We can’t control the price of fuel, but we can control how much we use and how far we drive. We can’t control the cost of food, but we can control where we shop, the food waste we allow and the treats we buy.
Don’t take all the fun away from life; you’ll still need that gin and tonic at the weekend!
What is in your business that you can and cannot control?
In many ways, the fear and worry of a recession can be a positive thing (here I go again, flip-reversing a negative into a positive 😊) It will force us to take stock, have a look at our spending and work out if we need all of the things.
Don’t panic; there is plenty of time to make changes that will affect your bank balance and, more importantly, your worries about your bank balance. If you’ve worked with an Online Business Manager (OBM) like me for a while, you’ll probably have a financial plan with identified limits. You’ll know that when your account balance gets to specific amounts, you’ll have an action plan of what’s needed to be done.
It’s like I always say – cash flow kills businesses. You might have great income, but if your expenditure is just as great, it’s all counterproductive
Subscriptions and memberships – when was the last time you opened your app store and looked at your subscriptions? Are you paying for apps you no longer use?
Software – this can be a significant cost to many businesses. BUT – if the platform you’re paying for saves you time, makes things easier for you, allows your team to work more effectively, it’s worth it, right? If it costs your business £50 a month, but saves you 5 hours of messing about or going back and forth – I’d say that’s money well spent.. would you?
ALSO weigh up the annual vs monthly costs. It’s not uncommon for an annual subscription to save you around 2 months fees – if you’ve got the lump sum money in the bank, consider investing annually to relieve your monthly outgoings, and be quid’s in from the broader picture.
If you are looking to switch software, then have a look around. Most companies offer a two-week trial; make sure you use this! Try before you buy 😉
Consider your schedule, though; don’t start the trial on a busy week. Make sure you have the time to test it properly.
Clients – nurture your clients/customers/audience! I mean, I’m sure you do day-in-day-out, week-in-week-out anyway.. but – make sure they receive your best possible service. They will value you and be more likely to recommend you. They, in turn will be happy to continue investing in you from their own businesses because of the positive impact you make and general happy-jazzy uplift you give to their world 😊
Stay in regular contact with your clients, provide extra value, and offer support and a helping hand as they might be finding things tough.
Value – Share more of your knowledge and skills with your audience. They will appreciate you going the extra mile to help them succeed.
Content – Find the right tone; it’s tempting during a recession to go hard on sales, and people might find that too much pressure. You could focus on more supportive, caring and entertaining posts to uplift and make people laugh. Take a different stance and just be there to be there – not to sell, not to promote, but just to be there.
Shine – competitors might have already reduced their marketing budgets and decreased their online presence; that’s good news for you as your posts will shine brighter. Keep up with your consistent and valuable content to support your audience.
Outsource – If you’ve taken on too much work in the panic of recession worries, outsource. There’s always something you can pass on to a virtual assistant; you’d be amazed at the breadth of skills covered, remotely! A virtual assistant is a more cost-effective and simpler way to get tasks done than employing a staff member. You can even do this for the short-term – whilst you figure out what’s occurring and get your ducks back together and in a row.
Make the most of your team – Whether that’s a Virtual Assistant, Online Business Manager, your Accountant, an apprentice who’s with you, or anyone else in between. Talking things through, brainstorming ideas and considering new concepts could develop something new and exciting that you may not have discovered keeping yourself to yourself. Creativity goes where energy flows!
Products – Do you have old stock to set up a sale? Or a digital product that you could sell in a mini launch? Most businesses have something that will only take an hour or two of preparation to promote.
Above all else – stay positive, know it’s ok not to be ok for a minute, and talk about it.
Voice your worries, your concerns, your frustrations – cry the tears, feel the emotions… if you feel all the things, that means you care. You care about paying the bills, about giving the children the very best even if that goes hand-in-hand with a regular serving of beans on toast for tea.
We’re in this together, and you’d be surprised if you wave that white flag how many people around you, in person or through your social-media-family-who-you’ve-never-met will swoop in and tell you a joke just to bring you a smile on the day that feels particularly heavy.
You’ve got this. We’ve got this.
In support of all the things- I’m giving away 4 x FREE 15-minute power chats to give you clarity, insight and support in any area of your business that’s within my zone of genius. A chat might just give you the encouragement, confidence or understanding, you need to take that action you’ve been considering but not taking.
Just get in touch at jen@jensands.co.uk and let me know you’ve read my blog and would like to book a call. Let’s talk our way through.