Manage episode 256995898 series 1911977
The Coronavirus has taken the world by storm, affecting millions of families and businesses. In these shaky economic times, many business owners have fears and uncertainty about what the future holds for their business, and are faced with making difficult decisions. How can we, as business owners, continue to thrive in an economic recession? What changes can we make to ensure our success and future-proof our business?
In today’s episode, I share the steps I’m taking to pivot my business and the lessons you can learn from my experience with turnarounds. I share how I prepared my team for the changes I plan to make in my business and the steps we took to give my clients, community, and our team the confidence that we are here for them. I also discuss how to identify where you can save money and cut costs and the importance of evaluating your financial goals. I also share how pivoting your message or offerings can help you recession-proof your business.
“You have to be willing to make decisions without having all the information, because if you make the decision too late - you have lost too much.”
In This Episode of The Sigrun Show:
- The similarities between a recession and a company turnaround
- Why I made the bold decision to cancel the Self-Made Summit
- The importance of being decisive - even when you don’t have all the information
- Preparing your team for company changes during a recession
- Determining where to save money and cut costs to weather a recession
- Evaluating and setting realistic financial goals through a recession
- How to determine where you need to scale back
- Overcoming your fears of firing people within your team
- What it means to ‘cut so deep that it bleeds’ and why it’s critical for entrepreneurs to follow this mantra during an economic crisis
- The importance of asking for a loan or overdraft - before you need it
- Pivoting your offers and reframing your message to ensure they are the perfect fit for your ideal client
- Overcoming your fear of selling your services during a recession
Here’s the truth: None of us have seen a global pandemic before. Some of us have gone through recessions and a few of us have turnaround experience. Personally, I've gone through two recessions that turned out to be great opportunities and was a successful turnaround CEO for a number of years.
It's become clearer what we need to do in terms of the Coronavirus - social distancing is the new way - and now the bigger challenge is the global recession where every individual and company will be impacted.
But the impact will be smaller the more you prepare and do now.
That’s why my team and I are here to help. We have put together the following resources to support you in these challenging times. Click here to view all the resources.
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