Surviving economic downturns: some practical strategies that work — a 6-part series

Between industry crashes and major economic downturns, my business has survived 5 downturns, and returned to thrive afterwards.

A colleague asked me to offer advice to entrepreneurs about how to survive economic downturns. I sent him a list of 6 strategies:

1. Create cash reserves during the good years to get through the bad years;
2. Adapt your offerings, value proposition and pricing structure to what is needed now, not what you offered before;
3. Always market and network while you are working, even when you are fully booked;
4. Remain positive and confident about the value you can deliver;
5. Don’t waste energy worrying about what you cannot fix — fix what you can.
6. Keep balance in your life — non-work pleasures — to remind yourself of what you value beyond work.

I shall begin a series this week (every Friday for the next six weeks) expanding on this list of strategies. Please send me your thoughts and advice and stories to share with our community.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>