How To Recession-Proof Your Business

How can you recession-proof your business? Obviously, there is no magic formula. But I believe there are a few things that you can do to recession-proof your business. You need to have meaningful conversations & build relationships and create loyalty. Yes…a recession means that people are going to get a little picky about who and what they invest in. But, they still have wants and desires when it comes to their life and business. If you want to be the one to fulfill those needs and desires, you have to create loyalty in your business.​

 

Understanding buying habits will help recession-proof your biz.

If you’ve built your business correctly, a recession won’t make a huge impact on your business. People are going to get a little bit choosier with how they’re spending their money. They are going to get a little bit more specific and not going to just invest in everything. However, people will still have needs and desires. 

They’re going to get super specific in what they invest in. People will not just throw money out there and see what sticks. They’re not going to just buy into everything. However, they’re going to get hyper-focused on the exact problem they need to be solved and who can solve it for them.

 

Building relationships is the key to creating loyalty and making sure your biz is recession-proof.

Start building those relationships. Content is always going to be there, but that only amplifies your conversations. If you’re not building relationships, then your business is going to suffer in any kind of economic crisis. People will always have those wants and desires. 

So the service provider that they’re going to reach out to, invest with, and continue to do business with, are the people they feel very connected to. They’re not going to be investing in the person with the best social media or the person that’s saying all the right words.  But they absolutely will invest in those that they’ve already built some kind of loyalty with. 

 

So- how can you create loyalty and recession-proof your business? 

Do you have a loyalty program to reward loyalty in your business? Are you offering a discount if people stay on retainer with you because it keeps you out of client acquisition mode? I ask you this because loyalty is what’s going to keep you in biz during a recession. 

Obviously, there’s nothing that can guarantee your business is going to withstand all of these economic challenges. You can’t control everything. But what you can control is how you treat people and how you build relationships. So continue to focus on how can you provide additional value to the people that are already in your circle. 

 

How can you provide additional value to those already loyal to you or those that you’ve already built relationships with? 

This might mean reaching back out to people that you haven’t talked to in a long time. It might mean hosting a free workshop. You could send people on your email list a new freebie. How can you stay top of mind so that when people are in a position that they need to hire, you are the one they’re coming to? 

 

Bottomline…focus on controlling what you can and recession-proof your biz.

There’s so much change and turmoil going on in this world today. Loyalty is what is going to carry you through. If you’re not doing something in your business to create loyalty, start doing it. 

Remember, loyalty is not given. Loyalty is created both on the client and the provider end. You need to be equally as loyal to your client as you expect them to be to you. And that’s not just something that is expected.  It is not just something that is given. I won’t lie. it takes work. 

 

So what are you doing to create that loyalty? 

I really want you to ask yourself that question right now. What are you doing to create loyalty in your business? That is where you’re going to safeguard yourself against any of these economic downturns. 

Apple |  Spotify | Google | Stitcher | Youtube

 

Connect with Michelle-

Have Questions? Let’s have a Cup of Virtual Coffee!

 

 

Want in on the Secret?

Secret Small Doses is an EXCLUSIVE email (you can only access them by being on the list -that’s why it’s a secret!) that goes out every other week with “secret” mini-trainings to help you grow your business, create long-term sustainable success, and grow your business in unique and genuine ways.