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.