We’re facing some pretty challenging times right now.
Not just here in Australia, but all over the world.
I’m not going to sugar coat it - there are going to be some significant impacts on your business.
That being said, one thing I have learned through my years in business is this:
Where there is great challenge, there is also great opportunity.
But opportunity is hard to see and grasp where we’re giving into fear, scarcity, and panic.
What’s happening in the world right now is a ‘once in 100 years’ phenomenon.
I’m not just talking about the virus itself. I’m talking about the mass panic (which is arguably more dangerous), and the shortages it’s creating.
In these different times, you need to think about your business differently. You need to do different things to ensure your business survives long enough to feel the sunshine again when this is all over.
Because it WILL be over. This cannot last forever. And when the virus is beaten, and people start venturing out again, demand will increase for things that they once had.
Trainers. Bookkeepers. Gardeners. Concreters. Childcare. Everyone is going to want to get back to normal… and they’re going to want to do it FAST.
Although it’s going to be a long, tough winter… the spring will be fruitful.
But right now, you need to make sure you have enough firewood to survive that long.
Three areas you need to work on right NOW to recession-proof your business
- Nurture your body
We know that this virus is harder on people with weakened immune systems. Stress, overwork, worry, and fear all have a negative effect on your body’s ability to fight infection.
As much as possible, eat organic, fresh plant-based ‘live’ food. Get your antioxidants, your vitamins, your minerals and other nutrition from lots of fruit and veggies. Which are ironically one of the things supermarkets haven’t sold out of!
- Protect your mental health
I know it can be hard not to get caught up in what’s going on right now. Every time you turn on the radio or look at social media, there’s an overwhelming amount of negativity.
Fear, anxiety, projections, assumptions… they can all eat away at your sense of wellbeing.
But let’s be honest. We can’t change what’s happening. All we can do is change how we show up to face it. Now more than ever, you need to protect your inner game - your mindset, attitude, and beliefs.
Because what we’re feeling inside directly influences our results on the outside. So limit your time on social media. Get your news from the World Health Organization instead of checking 20 different outlets each day.
And take time to practice self-care - meditation, positive visualisation, grounding and breathing exercises all make a big difference to how well you cope with the challenges you’re facing.
- Plan for the worst
I’m not trying to scaremonger - there’s a practical reason for saying this.
What do you think will be the worst case scenario for your business by June 30th? Take some time to brainstorm everything that could go wrong. Journal it and get it out of your head!
This is super-important because when you keep all these ‘what ifs’ bouncing around in your brain, it’s easy to feel confused and overwhelmed. Yet when we put our thoughts on paper and get them physically in front of us, we see them from a different perspective… and actually PLAN for them.
When you’re done journalling the worst case scenario… journal the BEST case scenario.
Everything works in balance - you can’t get rich collecting one-sided coins. So dump all your optimism onto a page as well. Get it in front of you.
By the end of this exercise, you’ll have the worst case scenario, and the best.
Then take a look at the middle ground.
When you’ve done this, call your accountant.
Get them to prepare 3 budgets for a:
- 15% revenue drop
- 30% revenue drop
- 50% revenue drop
(or whatever revenue drop that your business is likely to face)
What needs to be done in each of these scenarios to break even?
When you can see the numbers in front of you, you can put a plan into place to navigate these worst, best, and middle-ground scenarios.
You will KNOW how much revenue you need to uncover.
You can take ACTION on hitting those numbers.
That could look like -
- Giving your staff some paid leave
- Cutting your non-essential expenditures
- Making changes to your service
- Changing your payment terms
Identify the dollar amount you need to survive, and to meet your financial obligations.
Think about what needs to change if the worst scenario happens. So you can take care of yourself first. Because in every emergency scenario, you have to put yourself first.
Put on your mask before helping others
Accept the fact you may have to let staff go. Accept the fact you may have to close your doors for a while.
Accept what you need to do NOW to make sure there is something left to re-open with when this current situation clears.
If you want any help weathering the storm in your business, myself and the whole team at The Game Changers are here.
All is not lost. You CAN get through this.
So don’t let yourself drown. Reach out and connect.