How to Get Your Business Through a Recession – The First Two Steps To Take

Every recession since the 1920’s has had a common pattern – a psychological pattern – mass shock.

When we go into a mass shock response, we tend to batten down the hatches and do nothing. Cling to what we have.

Wrong. 

Especially as a business owner, you must avoid this shock response. While it’s a normal response, I want to challenge you:

Don’t panic. Expect that you will be shocked – you’re only human. But plan ahead of time so your business is prepared to take immediate action when it hits the fan.

Here’s where I start:

Reach out – The first thing I suggest when there’s a financial crisis is to engage your customers. Reach out to them in an email or even phone calls. Let them know you’re open for business. Let them know you’re there to serve them, and ask them how you can best serve them at that moment at such a critical time. 

Give them what they need – Redesign or redefine your services based on what your customers really need in real time. Then, when communicating with your clients and customers, be sure to define what your (new) set of services is. You may find that you have to pivot a bit, or, you may find that your customers’ needs and perspectives inspire you to create new products and services.

From these two foundational steps alone, I have created new webinars, courses, and yes, even written a couple new books and systems to not only create a better business, but a better customer experience and relationships.

The first business owners who manage that shock phase, and move forward in their business in a deliberate manner, are the ones who end up scaling and sustaining profitability for their company. They are the ones who survive and thrive. The ones who go into shock and act out of desperation are those who end up struggling the most.  

Shock may be coming – it’s the natural cycle of the economy, it seems. Be prepared to go through it, and come out the other side successfully.

Remember to prepare – You’ve got this.
-Mike

PS. For more resources related to recessions, check out the free, downloadable resources at our Recession Response page. And, you may access The Recession Rally webinar here. I know it can help small business owners right now.

The post How to Get Your Business Through a Recession – The First Two Steps To Take appeared first on Mike Michalowicz.