70 businesses are being created in the UK per hour however up to 57% of these will fail within five years, but did you know that those businesses that are started during a recession tend to grow 1.4% slower for the life of the business?
Please please please monitor what you allow into your mind very carefully over the next 6 months.
Yes we are facing challenging times, however if you buy into the panic then you will damage you, your team and your companies success.
Remember that the media has been proven to have a massive impact on our buying activities, our investment decisions and even our plans for growth and development in business.
If the news is glum are you likely to think now is a good time to take on that new member of staff so that you can concentrate on growth and they get on with the admin? (Evidence suggests that in a recession a manager/boss takes on more of the day to day tasks in order to save money. This has an adverse effect because your role is to grow and think long term (Thus sustainable growth), not just about how to get the pay roll out or what to add to your social media marketing.)
If the news is depressing you may revert to the basic level of Maslow’s hierarchy of needs and not consider that there even is a future, since after the 2008 recession there was 68000+ less businesses (an increase of 3 times the year before!)
But did you know that even during the 2008 recession some businesses managed to grow by 20% to 30%!
So how can you ensure you get through whatever the next 18 months throws at you and your business*?
- Know when and how to have a growth mindset and when to hold firm to a fixed mindset.
- Know who to trust for business advice. A glossy website, or good looking visuals on social media does not mean they are right for you.
- Ask for proof. Not just a link to some testimonials, actually get an email address or a phone number and find out how that business helped.
- Keep investing but invest wisely. Speak to other happy customers directly. If they won’t supply them, then walk away.
- Think past the next 6 months to what you want to see for your future. It’s a big mistakes to have the mindset of “Let’s just get through the worse of this.” It’s far wiser to consider “Where do we want to be in 18 months time?”
- How are you going to invest in that desired outcome? Training? Personal and professional Development? Networking events and expos? Growth? R and D? Marketing? (With the job market so buoyant right now, losing staff can be dire and cause fast shrinkage and destabilise a business and it’s teams feeling of security. And yet one of the first things that goes in a recession is often investment in staff. I see many staff who cry out “We want more money” what they are actually saying is “We want you to notice how damn hard we work!” Respect your team and they will stay loyal. It’s just one example on these areas that investment drops during tough times.
- If you are easily depressed or turn into a procrastinator switch off the media and be very cautious on what you allow on your social media feeds.
- Remember the quality of your thoughts impacts on the quality of your actions and thus your results. Underlying many strategies I teach leaders and their teams is a human response to all stimuli. F.E.A.R – ie Feelings, Emotions, Actions, Results. If you’ve read my books or read my blog you will know my negative and positive spirals. How your feelings and emotions impact on your actions and results. Get the good thoughts and feelings and you get the good results. Okay I’ve oversimplified that, but you get the idea. Click here to learn more
- Check the quality of your network. If you hang out with everyone that is doom and gloom it will impact on you. Remember there’s a difference between discussing concerns and risks and moaning without action.
- Be careful of your perception of EVERYTHING! In my mastermind group someone recently said “People have no money” and another said “People don’t buy in a recession”. I shared with them that this is not true, by 2021 the UK saw it’s second highest savings per household since records began. People are spending but they spend wisely. In tough times people can be more cautious with their money but they can also be more spontaneous but only if it fits with their emotional needs too. People are buying, but it has to tick the right boxes!
- Lastly (for now – I’m obsessed with understanding how human pscyology and beliefs impacts on our actions and success – and a recession is the perfect research tool so I study them a lot!) Resilience. It is not enough to be confident. You need to ensure you and your team are resilient. I was discussing this with a client recently who advised me that they were fairly confident their team were resilient. I asked “How do you know this?” They admitted they didn’t, they were guessing. No guessing over the next 6 to 18 months. Know! Sit your team down and ask them how they feel. It can be dangerous to do this yourself as your teams own insecurities and concerns can stop them from being honest “I’m not telling the boss that!” mentality can rear its head. That’s why with that client I hosted a session on “I.C.E.S – What issues do you feel we have and face? What concerns do you have? What do you feel you and we excel at? What solutions have you considered? It gave them confidence and security in each other, their leader and the companies future. And helped everyone feel respected and listened which helps with staff retention, happiness, reduced stress levels and obviously productivity too – win win situation!
*This is not in detail – this is a checklist of things to consider on a regular basis, for each point I’ve free resources and articles on my site, books and low cost courses to guide you through how to do every thing I suggest to ensure you, your team and your business thrive and of course one off training and coaching sessions or work with me once a month to ensure no matter what the next 18 months holds – you and your business will be here, doing well.
And yes, I’ve got a lot of evidence for all of these resources and I’m happy to connect you with customers for a chat so you can ask them anything – I’m sure they will tell you I’m kick butt with love. I don’t hold back so I can make more money. Every session is packed with what you need. The only outcome that matters to me is you, your team and your business – it’s why everyone pays my invoice within 7 days. I look after you, you look after me. Think of me as a member of the team.
(This is my mastermind group – it is really only £10 a month with a lot of benefits, because I put my money where my mouth is and promise you the very best quality advice and support from myself and other business owners.) https://lnkd.in/gteWvphk
The INsiders are meeting up this week for fun (and a dip in my pool / hot tub) this week. And we virtually network with our members once a month – 3rd Tuesday of the month – it’s open to all and I’d love to welcome you too.