Recession Proof Your Business

Watch our latest Nordens TV video with our CEO Mitch Hahn, discussing how. COVID-19 has had a major impact on the economy with lots of businesses being hit hard. During lockdown and to date, we have tried to help as many business owners a possible – we have launched a contact plan where we check in with our clients A LOT more often, we have run furlough for all our clients AT OUR COST, and of course as you probably know we have run free webinars and sent out daily content to keep you all updated with what is happening together with giving free advice.

Whether your business has been affected of not this video applies to you…

Figures that have been released this month confirming that the UK is now officially in a recession, however, believe it or not – this also means there are opportunities…In the last recession companies such as UBER/Whatsapp seized these opportunities and look what happened to them…

In this quick video Mitch discusses 7 simple steps you can do STRAIGHT AWAY to start the process in recession proofing your business…and what do to seize opportunities.

Make your vision crystal clear – Your vision is your ultimate goal, it should be big and bold and your dream of what an ideal world will look like when your business is successful, this is as important as ever as having a clear and meaningful vision will motivate you persevere when times are tough.

Once vision is crystal clear, you HAVE to set goals around your vision – Although your vision is essentially your ultimate goal, it is rarely small enough to achieve straight way so you need create stepping stones towards your vision and ensure you stay motivated and not get deflated. You set goals, which must be SMART to give you the best chance of success. For those of you that don’t know – SMART means SPECIFIC, MEASURABLE, ATTAINABLE, REALISTIC AND TIMELY.

Stress test your business model – Times are clearly different now than pre COVID. You need to analyse every aspect of your business model to ensure it is still viable in a post COVID world. How does your business model shape up in the new world we are living in?

Prepare and regularly review your cashflow forecasts – Probably one of the most important things. Your financial forecasts, are one of your most valuable tools right now, as they will allow you to set targets and milestones, and understand where you are likely to feel a cash pinch so you can do something about it and make a decision before it is too late.

A lot of business owners have contacted me over the last few months panicking that their businesses can’t and won’t survive the period we have gone through and the period we are in which is NOT good for anyoness mental health…but once we have put the cash flow forecasts together, it turns out that their situation was never as bad as they thought and they had a lot more time than they thought which lead them to not just survive, but create opportunities and look after their mental health.

Finance is available in a wide variety at present with the CBILS, Bounce back loans, and you have so many options that you probably are not aware of. So even if you feel you may not be eligible, get in touch with us and we can analyse your position.

Speak to your customers  – It is amazing how many businesses do not spend time speaking with their customers, they are arguably the most valuable source of information, and will help you with the stress testing of your business model. Find out how their attitudes and tendencies have changed, and you may just be able to adapt your offering to something even more impressive than before.

Be open and honest with your team – It is not a time for burying your head in the sand. It is more important than ever you and your team are aligned and pulling in the right direction, so openness and honestly now will be repaid many times over in the long run (remember they will have their own pressures too, so knowing that you are by their side and doing what you can to sustain the businesses and therefore their future, will be appreciated. If you do not have staff, that doesn’t mean you do not have a team… customers/suppliers/consultants/family are all part of your team!

Innovate and seize opportunities – Throughout COVID we have seen a multitude of success stories, businesses who had their backs against the wall and came out fighting, pivoting and launching a new improved offering that resonated with the new times we are living in. You have probably done so much of the hard work, starting a business from scratch, and that came from an idea, so it is now a perfect time to get creative again and come up with new and exciting ways to move your business forward, whether that is offering a new pricing structure, a completely new product or service, or combining with another businesses to create a complimentary offering,

it is time for you to get creative again….!!

Contact us for further information on 02085300720 or email businessdevelopment@nordens.co.uk

We specialise in business support, from financial forecasts to visually setting out the roadmap for goals achievement, to helping owners develop the right mindset to achieve success. We help business owners on their journey from start up all the way through to exit and have a team of specialists who can act as your external sound board, something we have found crucial to achieve success.

If you would like ANY support, whether it be to recession proof your business or how to help you thrive through this period and seize opportunities, please get in touch with us as we are offering free consultations.