The announcement this week that we are in a technical recession in South Africa will result in many business owners and self-employed professionals pulling back and cutting down on all business spending including investments.
Business owners will be thinking that spending money on anything is dangerous, right now. Unfortunately, this line of thinking is counterproductive if you start to think about investing your money rather than spending it. Having a proactive approach is one of the best possible strategies to take when the economy is down.
It's here that a business coach can help you make the right investment choices for you and your company, provide you with guidance and support, and hold you accountable to take the necessary actions. This should best deliver a clean bill of health for your business to grow when the economy starts picking up.
So why would we recommend you look at investing in a business coaching program right now? Here are 6 reasons why I think you should:
- Your coach will keep you focused on the big picture and the road map to your dream business and on how to get there.
- Your coach will ensure you astutely manage your business finances, evaluating on where to spend and where to cut down, so you remain profitable. Focusing on projects with a great ROI is key.
- Important to strengthen and focus your marketing and sales investment and to ensure you develop new sales and marketing strategies to maintain and increase revenues. It's here where we have our 5 ways strategies come into play and they will drive results.
- Your coach will help you hire and retain A-players - the best employees to creating a winning team.
- Your coach will help you prioritise your to-do list and select between importance and urgency, to ensure you improve your productivity.
- You'll at the same time improve your leadership skills and business management. Never stop learning and never stop growing. It's Jim Rohn who said, "Work harder on jour self than on your business".
Its important to understand that coaching must deliver a ROI and if it doesn't someone is not doing the work.
So being in a recession is difficult, everybody you talk to is down and pessimistic about the future. The masses out there see a picture and future of doom and gloom. Do we partake in the as SME business owners? I don't think so! You see as warren Buffet said, "You only find out who is swimming naked when the tide goes out". There are businesses that will suffer, and we know not everybody is fit, the question is, are you?
With the confirmation that we now are officially in a recession in South Africa and the Rand at a 2-year low, the current economic outlook is bleak. Almost all business owners are finding that they need to work harder and smarter in their businesses just to survive. However, some of you may remember that Tony Factor with his discount stores decided not to partake in a recession back in the 1970's. When interviewed about the success of his Discount Stores back then he asked the reporter – "Recession, what recession"?
It is now that you must out smart the other players in the market and ensure that your business is recession proof. Focusing on cashflow and specific targeted actions that will drive your sales and maintain and grow income.
Should you want to discuss the impact of the economy on your business … I'd like to talk to you. We can then discuss your specific needs and how I and the team at ActionCOACH-Inspire can assist in helping you recession proof your business.
It is however extremely important to remember that the biggest reason businesses fail is because they run out of cash. Money management is key and investing in risky ventures is not recommended. You need to proceed with caution and manage your money gap carefully!Have an awesome day