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Episode 15: Protect your business from recession
The early signs are starting to show, in some parts of the world it has already hit, but a recession is more than likely on the horizon, it has the potential to cripple businesses and the construction industry. It is crucial that you prepare yourself for if tough times hit so that you don’t have to worry about things like being able to pay staff or debtors. Being proactive is the best defense, waiting too long means any action taken is more likely to be affected by lag, a concept that is discussed in the episode.
Safeguards protect you in hairy situations, not just recessions, so the benefits of having some extra precautions in your business will be seen on a regular basis, not just when times get difficult. In this episode some of the methods that can be used to protect your business are shared. Make sure you act fast as some of the solutions do not bring rewards instantly, meaning you need to make moves now that will pay you back in the future.
It’s not all doom and gloom, because like every tough time in the past, it will end, and it’s not just about surviving but also about being able to thrive when the economy returns to its growth phase. Make sure you take the simple steps to protect things like your cash flow and your margins. Don’t be caught thinking “that won’t happen to me”, because even if you are lucky enough to avoid the damage a recession brings directly to business, the industry will take a hit and that could affect other business’s ability to pay you, or give you work. It’s better to be safe!
WHAT YOU’LL GAIN FROM IMPLEMENTING TODAYS PODCAST:
- Actions you can take to protect yourself from difficult times
- What areas of your business require safeguards and why
- An understanding of the lag concept and why it’s best to be proactive
LINKS MENTIONED IN THIS EPISODE:
- Join our FREE private community of trades business owners in our Facebook group
- Subscribe to our YouTube Channel
- Get a copy of the Profitable Tradie book
- Ready to take your business to the next level? Fill in this form to see if what we do will work for you and your business
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We’ve been helping plumbers, electricians and similar trade service based businesses for over 10 years. In that time we’ve refined a number of techniques, resources, and tools to help businesses win back their time and be more profitable.
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