How to Survive a Recession

At our hang-out this week we discussed How to Survive a Recession.  Outline below.

How to Survive a Recession

  • The New Normal
    • We won’t return to “normal” for at least a year
    • Re-opening our economy will be a phased and slow process
    • Social Distancing will be the norm – now an employee health and safety issue and opens up huge legal issues if the public contract COVID-19 from your business
    • Large Gatherings will be banned for most of 2020
    • Probably second wave of infections
    • We now have to learn to live with this virus and the infections and deaths that result
    • Taxes will HAVE to go up
  • You CAN come out STRONGER!
  • The Business Crisis Trend
  • The Survival Trap
  • 5 Step Strategy to Beating a Recession
    • Focus on what you CAN do rather than what you CAN’T DO
      • What you focus on gets bigger
    • Determine who your best clients are
      • What Products/Services do they buy from you
    • Reach out to your best clients
      • Ask them what they need most from you right now
      • Don’t hide, don’t offer platitudes
    • Evaluate your resources
      • How can you meet your client’s needs in a new or different way
    • Look for new opportunities
      • Market to a narrow audience
      • Set yourself up as THE EXPERT
  • The Pareto Overlap
  • Do Less NOT More
    • Trash
      • What should you stop doing?
      • Low margin items/services
      • Temporarily suspend some things until we are close to “normal”
    • Trim
      • Can you remove, reduce or defer some steps in your process?
    • Transfer
      • Avoid taking everything back on yourself due to cost-cutting
      • Look for ways to outsource or delegate so that YOU can focus on the business
  • Resources
    • fuelaccountants.com/COVID-19
    • resessionresponse.com

www.fuelaccountants.com
Peter McCarroll
peter@fuelaccountants.com
NZ: 04-282-0306
Canada: 647-367-0876

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