Depending on which economist you follow, it looks like a downturn will happen somewhere between 2020-2021. Now before you move to another blog because this sounds like doomsday, know that experiencing a downshift in the economy is a very normal part of business. In fact, Virtual Assist USA was founded in the recession of 2008. So it doesn't have to mean a downshift in your business.
If you are sick and tired of hearing about the potential of a recession, here's a secret - it doesn't matter. Economic downturns are just part of the lifecycle of our economy. And, whether there's an impending recession or not, as the owner of your business, you need to run your business-- and run it well. In fact, I'd argue that recessions are the perfect time for an aggressive small business to get smart about growth. No matter what the economy is doing, if you build a better mousetrap, the market will beat a path to your door.
1) Get frugal - Look for ways to save money like using a Virtual Assistant service which reduces your workforce expenses
2) Double your sales strategy - During a recession, you'll need to increase the number of qualified leads in your pipeline. It's highly likely that your prospects will be pushing decision further out. You may even receive more rejections than normal. Make sure that you have many realistic prospects in your pipeline-- get ready to double your sales strategy to do so.
3) Take the time - Businesses that survived the last recession are those that found an extra hour in their day to make phone calls to past clients, referrals and key contacts. Reaching out to just 5 people a day means 260 new contacts per year. That's what it takes to succeed.
4) Stay relevant - Stay within your area of expertise, but it is prudent to consider adjusting some services to the real-time issues your target market is experiencing.
5) Invest in your business - Think about alternative revenue models. Can you create a recurring revenue model in your business? New packages? Affiliate relationships? Do ensure that everything is tested and working before the recession hits.
6) Build your credit now - Start working with your bank now to build a relationship, acquire any funding or credit lines via service like Fundbox, etc. There is not a massive need for credit right now, so it is much easier to obtain when the banks are not under pressure. By having a line of credit, you can have access to the money at your fingertips when you need it.
7) Create processes - It's time now to set up processes to employees and Virtual Assistant teams to perform at their best. Work on creating and improving repeatable systems that will set your team up for success in the future.
These tactics can put your business in the place to not only survive - but thrive - in any type of economic period.