When it comes to preparing for a recession, the issue is not only what you do to prepare, but who you choose to have on your team.
It is easy to prepare a checklist for all the things you want to do to be prepared. It is even a bit fun to check off the items you have completed. But, there are going to be things that happen that you cannot prepare for. When those things happen, it is vital to have a team in place to turn to for quick answers.
If you are like most people you are thinking this sounds great. But, how do you choose who is on your team???
I found myself wishing I would have asked the same question during the last US recession- in 2008. At the time my only entrepreneurial business was as a landlord and I had no clue how to prepare. As a result, I did not take advantage of the opportunities like I am this time around.
Here is how to choose who you want on your Recession Ready team:
1. Accounting professional
I may be a little biased, but it simply makes sense to have a trusted accounting professional to help answer the finance and investing questions you have. After all, recessions are all about money.
2. Marketing professional
While it is human nature to want to reduce marketing during a recession, smart business owners know they need to recruit new customers before they need them. Unless you have a solid track record with attracting customers, a marketing professional could help you bring in the new leads.
3. A strong network of other business owners
Bonus points if this network contains businesses in your niche or category so you can bounce ideas off each other and work together to notice trends and opportunities.
4. Your customers or clients
You really want to be listening to your customers and clients during this time. They will help you figure out the best products and services to offer as the economic situation changes. Many millionaires were made during recessions because the observed and listened to what people wanted.
5. Your immediate friends and family
Not everyone will understand what you are doing, but ask them to trust and support you anyway.
If you found this helpful, join me Thursday at 6 pm ET (NY time) in the free How To Be A Money Master facebook community. During these live sessions, I will be covering what you need to do to prepare so your business can thrive during a recession. Bring your questions to the session or ask it in the comments below and I will be sure to answer it. Most sessions are less than thirty minutes- because you have better things to do than listen to someone ramble, right?