A hot topic around the world these days is the looming economic downturn. Most business owners don't like the idea of going into a recession. In order to successfully navigate one, you have to be flexible and be prepared to adjust. To start with, it’s helpful to define what recession means.
What’s A Recession?
A recession is characterized by a sudden drop in activity across the economy, which is normally defined by a real GDP growth decline of at least two quarters. Recessions often result in job losses, decline in consumer spending, and decrease in income. But what does this mean for ergonomic service providers? Firstly, ask yourself this question: What actions should you take to prepare for this economic slowdown right now?
In today’s episode, we'll discuss the current economic downturn and what it implies for businesses like yours who provide ergonomic services. You may use the tips and strategies in this episode to protect your company from the economic downturn. By doing so, you can continue to provide ergonomic services for your clients, make money, and recession-proof your business.
Here’s what you’ll here in today’s episode:
→ [01:25] - What I learned from the past recession
→ [03:57] - Where the opportunity is
→ [06:55] - “Double down on making a shift on how you represent your services to education about the reactive side of ergonomics”
→ [08:02] - “In this economic downturn, we simply don’t have the luxury or the resources to market to everyone”
→ [09:19] - Start creating marketing content
→ [13:25] - Are your services recession proof?
→ [14:50] - How your business can adapt to a downturn
→ [22:17] - Action points to remember
The idea of entering an economic downturn isn’t a positive thought for most of us. However, if you do your homework right on how to protect your consulting business all the time (not just during a recession), you can create a foundation for long-term business success. I hope that after listening to this episode you feel better equipped to survive the economic slowdown.
Still feel unprepared for an economic downturn? Sign up to the Accelerate: The Business of Ergonomics Membership to keep your business thriving even when the economy isn’t. In Accelerate, you have access to all the in-depth training, tools, resources, and support from me. I can give you marketing and ergonomics advice, including how to establish an effective ergonomic process. Save your spot now and gain some highly valuable learning (next enrollment is March 2023).
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