Recession Proof Business Strategies
Last updated on March 26, 2020
Today I am breaking down OFFENSE vs. DEFENSE.
We all need to be doing both to recession proof our businesses and ourselves.
First set up a foundation.
- Setup financials so you’re not worried about it (I’m 75% cash, 25% equities). Cut bills.
- Keep routine and structure. (Pushups, keep health/fitness)
- Create a mood board. Check in throughout the day.
- Stop blaming others.
Plan A: "30-5" Plan
- Revenue drops 30%, keep net income at 5%
- Triggered immediately
Plan B: "30-15" (Trigger and Action)
Revenue drops 30%, net income by 15%.
Look for leading indicators on when to pull back.
Trigger and Actions: Look at these 4 every single day.
- Conversion Rate
- Refund Rate
- Email signups (lead rate)
- Rolling 7 day revenue window
Go on OFFENSE. How do we gain market share and end bigger than we were?
- Remote Series
- New email templates
- More blog content (1-2 posts a week to 9)
- More ad spend (CPC's are cheaper than ever)
- Affiliates (if you have a customer base... you have sales people)
- Help 1 person (do good, no matter what)
- Cross promote with other people
- Offer to sell customers something new
- Offer gift cards (Grab da cash = sustain and gain)
Cover bases with DEFENSE.
- 20 months of capital for business, 12 months personal (at least)
- Pause new hires
- Freeze bonuses
- Look at every item on the credit card bill (review, reduce, and negotiate)
- Clear limits on ROI
- Ask all non-essential contractors to take payouts or pause work
If you can win now (make a new job or grow current business), then you’ll win now and forever.
Where do you want to be when this ends? #BackToWork. #Winners.
Leave a comment with how YOU are going on OFFENSE and DEFENSE.