Ways to Future-Proof Your Business In Case of a Recession

How close are we to a recession? Can your business survive and maybe even thrive in a market downturn? Co-hosts Hannah Robinson and Melissa Honan break down Ben's BKX opening speech: Fascinating Futures - and how bookkeepers can build recession-proof businesses in these uncertain times.

• Hannah and Melissa talk about Ben's doomsday BKX speech about the prospect of an impending recession.
• Hannah describes why it was important for Ben to talk about the recession and the uncertainty in today's business environment.
• Melissa explains why she's convinced that the businesses that came out of the pandemic unscathed can survive a market downturn the same way.
• According to Melissa, your actions will determine whether you're one of the businesses that come out on top in case of a recession.
• As someone with anxiety, Melissa reveals all she can do to stay sane, with everything that's happening in the world, is to keep moving forward.
• Hannah and Melissa share their admiration for Ben's "Adapt and Overcome" philosophy - and why businesses need to learn how to pivot in the face of new economic challenges.
• For Hannah, the key to surviving and even thriving during a recession is to play the long game - make long-term decisions and only make changes when it's absolutely necessary.
• Melissa's advice for business owners: when the money starts rolling in, fight the urge to start buying things you probably don't need.
• Melissa shares an inspiring story of how her clients came out on top during the pandemic.
• Melissa explains why client success should be the driving factor for any business - and how helping your clients make more money will drive more revenue for your business.
• Hannah believes the overarching theme for surviving a global crisis is being creative, expanding your services, and thinking outside the box.
• Melissa breaks down the benefits of having an emergency kit and saving for your business in case of a market collapse.
• Melissa highlights the benefits of niching down - and why having a niche is the key to surviving all forms of financial drawbacks.

 

 

Mentioned in this episode:

hello@ilovebookkeeping.com