Recession Proof Business Strategies

Recession Proof Business Strategies

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. 

  1. Setup financials so you’re not worried about it (I’m 75% cash, 25% equities). Cut bills.
  2. Keep routine and structure. (Pushups, keep health/fitness)
  3. Create a mood board. Check in throughout the day.
  4. 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? 

  • SoftwareFund.org 
  • 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.

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