Business has evolved. Within the last few years there have been HUGE changes in the way we think about business (and money in general).
The market has become unreadable. And the economy? You can see how it’s directly impacting our choices EVERY DAY.
The thing is… We have no clue when or how things will improve. And inflation is making it more difficult to afford even the necessities.
So how do we continue to move forward when it feels like the rest of the world has STOPPED?
Your business’s success doesn’t have to depend on the world around you. You can (and should) create a Concrete Business Plan with a solid safety net. Why? To deal with things out of your control.
You know what they say… there will ALWAYS be RISK in BUSINESS. Wouldn’t you want a safety net to catch you — at any level?
What is a safety net?
A Business Safety Net is a backup plan for your finances and operations strategies. There will always be the risk of failure and setbacks when you have your own business, BUT a key part of your business plan should be a safety net.
In other words…
This could include establishing a Stable Line of Credit, Savings for Emergencies, and Adopting Insurance — wherever possible. A successful entrepreneur will be prepared for anything. Especially failures ( even when you’re just beginning your journey).
Stable Line of Credit: Like a credit card, a line of credit can help your business when you need some emergency money. Pay the interest as you use that credit line — that way don’t dig yourself deep in the hole ( like you could with other loan options). It’s the perfect happy-medium.
Savings for Emergencies: As a Business Owner, you’ve probably been told you NEED to save. Sure, there are ways to invest and make more money as an Entrepreneur — but you can’t count on that.. Focus on building up a savings account to use for business emergencies only.
You see… You want at least enough to cover 3-6 of operating expenses. This way, you won’t have to worry about coming up with money quickly if business is down.
Insurance: Nationwide Insurance says: A Business Owner’s Policy “combines various insurance coverages – Commercial Property insurance, General Liability and Business Income” There are different plans and levels so shop around if you don’t have insurance (or need a new policy).
How to establish a safety net for my business?
Create a Doomsday plan.. It’s never a bad idea to be prepared for the worst case scenario. Run through these situations with your business partners and come up with solutions for each. Why? It'll help you put out any fires in the future. You may never have to use these rescue strategies — BUT now that you’re prepared for the worst possible scenario shows that you can deal with anything less than that, too.
In other words… Have confidence in your business AND map out your finances + operations under different Economies and Circumstances. Keep these plans in your back pocket (for emergencies).
Open the door for multiple customer bases. Adopt a few different customer bases. If something happens within your Business Market, you aren’t tied down to 1 target audience. Your business should be targeted to someone specific AND applicable to other scenarios and clients, too.
Truthfully… Don’t think too hard about this.. You’re solving problems with your business – problems that A LOT of people have. You already have the ability to attract multiple customer bases.Work on applying that to your business now.
How are “big businesses” surviving recessions?
They understand their competitors and the market they’re in. You have to stay up to date on the Status of Your Market in order to stay on TOP. Falling behind in marketing and sales trends can be DETRIMENTAL to your image. Successful businesses gauge the Market, Economy, and their Competitors consistently. Why? To ensure they’re ahead of the latest trends.
They act fast when it comes to finances. Along with understanding the market, it’s necessary to MAKE MOVES when things are changing (so basically all the time). The only way you’ll get things done and keep your business moving — in any circumstance — is to Keep Moving Forward. Safety Nets will help you financially, so use them wisely. BUT don’t take too long to make your decisions. Remember Business Rule #1? Time Is Money!
They’re not afraid to ask for help. You want the quickest tips for the Highest Success Rate. You have your expertise, but you can’t do it all on your own. (paid advertising, course buildout, content creation, email marketing — WOOH). The biggest and most successful businesses know when to hire an expert.
In other words…
These marketing elements are essential to creating a successful business (and a happy life as an entrepreneur). You deserve to focus on what makes you happy. We want to help you create strategies that grow your business. Let’s chat about what that can look like for your business.
Book Your FREE 15 Minute Call, today!