S2 E1 - CRASH: 5 steps to recession proof your business

Welcome back to Season 2 of the Wealthy Wednesday Podcast As ever, if you'd like to get in touch, find me at [email protected] 5 Steps to recession proof your business partial transcript: So for the next four or five weeks, focus on strategies that will help you and your team get recession ready. So, what I want you to think about is an acronym, and it's called CRASH. And we're going to be discussing these more over the coming weeks. But right now, C stands for cash buffer. Get your accounts organized to make sure you always have, ah, cash allocated for a rainy day. This is so important. Just remember when you were younger, maybe you're a piggy bank and you put your savings away there, whatever it was. Please. In business, put savings away. Keep a rainy day account. R stands for Reduce costs. Do a thorough cost cutting review of all your business expenses, but be careful not to devalue your brand and capacity to deliver your full and remarkable solution. Now, reducing costs, just literally get your credit card bills out. go through any cost you've actually got, because what happens then is the cost savings go straight to your bottom line in terms of profit. Very important. Okay. A in crash stands for Automate with Assets. Here's where you've got to get your team thinking of what assets they can create to free up time and resources for bigger, more revenue impacting work. Really crucial. So if you can think about how you can educate your clients on how amazing you are, whether it be a podcast like this, or YouTube videos, or blog posts, whatever it might be, do all you can to automate assets so that you can just forward the assets URL directly to people who are interested. Really important. S in the word Crash stands for literally stand out. Position yourself as a trusted authority in your field and leverage your influence as a competitive advantage in business. So no matter which field you're actually in, what I want you to think about is how can you stand out, from the rest? It's all about differentiation as the market tightens. So important that you begin right here, right now, and actually start building your profile, connecting with and, being in touch with your key individuals. You can think about your dream 100, your ideal clients you want to work with, or that you currently work with and continue to work with, and just build even stronger relationships with those people, but stand out really, really important. H in Crash stands for help build a network of trusted partners and suppliers who will collaborate with you in the event of cash flow concerns and keep an eye out for opportunities to help others by becoming a trusted partner or supplier to someone else. It's a bit like the old American movies where the Indians were attacking the cowboys and the wagons were rounded up the settlers would be on the inside. They're all protected because the settlers were working together against the alleged bad guys on the outside. In business. Right here, right now, look at people you can collaborate with. Really, really important.