With all the negative press, recent budget implications, World uncertainty, recession fears, and economic downturns forecasted to last for a good while yet, it is difficult not to get downhearted, worried, or anxious.
I would encourage anyone worrying to talk about their fears and concerns sooner rather than later as this is not the time to be avoiding facing your reality.
Sadly, I have seen some small and large businesses shut their doors over the last few weeks which has had and will have a ripple effect on businesses in their supply chain or located nearby, all of which can further increase anxiety levels.
So, what can you do?
Firstly, resist the urge to cross your fingers and hope, or bury your head in the sand. Instead take stock of your current resources whether staff, physical equipment, or work in hand, projects lined up, and give yourself a reality check.
Examine your finances and make sure there are no unnecessary outlays. All outgoings should be giving the business something in return. Consider what a good return on investment is for your business and why?
Conduct a SWOT analysis:
What are your and your business’ strengths? Then consider how to maximize them.
What would you consider to be your weaknesses? Then create an action plan to address this.
What opportunities there are for you to explore? Do some research to see how you can expand, pivot, or alter your offering as needed. What ideas have you had in the past that you haven’t yet actioned?
Consider how real the threats are to you now and in the coming 3, 6, and 12 months. Then plan what you can do to counter or mitigate them.
Worrying tends to lead to emotional or hasty decision-making, so hold off until your mind can clear.
Pause.
Take stock.
Consider all your options.
Discuss your current reality and projected position with someone who can give you an objective view. Family or friends may listen and will always want what’s best for you, but they may not always be the best choice as they can be emotionally involved too.
If you think you would benefit from an outside view, then please book a Complimentary Consultation Call with me NOW so we can review your situation together. I guarantee to give you some immediate help even during our discovery call. Rest assured, there is no -obligation for further support. However, we can discuss the options if you think ongoing support might be helpful.
Please remember it may not be as bad as you are currently thinking.
Recessions are cyclical and businesses do survive and some flourish - Air BnB, Uber, and Walt Disney all started businesses during recessions.