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Aug. 30, 2022

Ways to Future-Proof Your Business In Case of a Recession

Ways to Future-Proof Your Business In Case of a Recession

How close are we to a recession? Can your business survive and maybe even thrive in a market downturn? Co-hosts Hannah Robinson and Melissa Honan break down Ben's BKX opening speech: Fascinating Futures - and how bookkeepers can build recession-proof...

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I Love Bookkeeping

How close are we to a recession? Can your business survive and maybe even thrive in a market downturn? Co-hosts Hannah Robinson and Melissa Honan break down Ben's BKX opening speech: Fascinating Futures - and how bookkeepers can build recession-proof businesses in these uncertain times.

  • Hannah and Melissa talk about Ben's doomsday BKX speech about the prospect of an impending recession.
  • Hannah describes why it was important for Ben to talk about the recession and the uncertainty in today's business environment.
  • Melissa explains why she's convinced that the businesses that came out of the pandemic unscathed can survive a market downturn the same way.
  • According to Melissa, your actions will determine whether you're one of the businesses that come out on top in case of a recession.
  • As someone with anxiety, Melissa reveals all she can do to stay sane, with everything that's happening in the world, is to keep moving forward.
  • Hannah and Melissa share their admiration for Ben's "Adapt and Overcome" philosophy - and why businesses need to learn how to pivot in the face of new economic challenges.
  • For Hannah, the key to surviving and even thriving during a recession is to play the long game - make long-term decisions and only make changes when it's absolutely necessary.
  • Melissa's advice for business owners: when the money starts rolling in, fight the urge to start buying things you probably don't need.
  • Melissa shares an inspiring story of how her clients came out on top during the pandemic.
  • Melissa explains why client success should be the driving factor for any business - and how helping your clients make more money will drive more revenue for your business.
  • Hannah believes the overarching theme for surviving a global crisis is being creative, expanding your services, and thinking outside the box.
  • Melissa breaks down the benefits of having an emergency kit and saving for your business in case of a market collapse.
  • Melissa highlights the benefits of niching down - and why having a niche is the key to surviving all forms of financial drawbacks.

 

 

Mentioned in this episode:

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