Recession Proof Your Business

No matter what the economy decides to do. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ Hi Entrepreneur, Yesterday I promised I would share the three things that work, no matter the economic climate. So let’s dive in… #1: Double Down On Sucess Systems The #1 way to recession-proof your business is to have success systems in place that sustain and scale growth. Because the fact is, growth alone is NOT enough – let me prove it to you… The Kauffman Foundation and Inc. Magazine conducted a follow-up study of companies five to eight years after they had appeared on the magazine’s list of the 5,000 fastest-growing companies. What they found was startling: about two-thirds of the companies that made the list had shrunk in size, gone out of business, or been disadvantageously sold. Simply put, 67% of the fastest-growing companies in America fail! Why? You can’t outgrow your inefficiencies! All growth eventually stalls, and without systems, there’s no guarantee if the next step will be up or down. And, no, I’m not talking about endless checklists and SOPs… I’m talking about documented processes to carry out key business functions that consistently lead to predictable results. Systems enable your team to do higher quality work more effectively and more efficiently, allowing you to… - Save countless wasted hours so your team is only focused on the work that will move the needle and lead to success. - Remove the need for hiring more people that you don’t actually need, saving the business from unnecessary expenses. Systems are how we deliver consistent results that are positive and predictable, no matter what the economy decides to do. #2: Double Down On Cash FACT: Money is the most expensive it’s been since 2007… [fed-interest-rate-chart] It’s time as a business owner to focus on making sure you have the cash set aside you need… - In case of emergencies - In case of new opportunities - In case the bank called your loans or lines of credit A good place to start is having three to six months' worth of your operating expenses put away in savings. Not sure where that cash is going to come from? I bet if you looked into wasteful spending over the past 12 months, you would start finding it really quickly… #3: Double Down On Circles There are two circles we want to focus on: your circle of competence and your inner circle. Inside the circle of competence lies the skills that you have mastered throughout your career, or life (what you know). And beyond the circle are the things you understand only partially, or not at all (what you think you know). According to Warren Buffet, “Everybody's got a different circle of competence. The important thing is not how big the circle is. The important thing is staying inside the circle.” To be successful, especially during difficult times, we must know the boundaries of their circle of competence and stick within these boundaries at all times. But what about necessary decisions that lie outside our circle of competence? That’s where your inner circle comes in… Every problem at scale becomes a “Who” problem (not a “How” problem). So ask yourself, do you have the right peers and mentors in your inner circle who already have the answer? If not, it’s time to find them. Now, you might find yourself feeling a bit overwhelmed looking at all of this. If that’s the case, don’t worry… Tomorrow, I’ll be sharing with you the details of something special I’m doing next week to help make it all much easier. Talk soon, Ryan “Prepared” Deiss [ryan-deiss-signature]   Sent to: {EMAIL} The Scalable Company, 4330 Gaines Ranch Loop, Ste 120, Austin, Texas 78735, United States Don't want future emails? [Unsubscribe](