When you hear the word “recession” typically most people think of a widespread economic downturn. For example, “The Great Recession,” which lasted from 2007-2009, led to major cutbacks in consumer spending, the loss of 8.4 million jobs and the collapse of the financial sector.
To business owners, a “recession” can occur at any point in time, regardless of the status of the general economy. When a business experiences negative growth for two consecutive quarters, we consider them to be undergoing a financial downturn or “recession”.
What most people, especially business owners, don’t realize is that there are other factors that can put a business into a “recession.”
Let’s break it down:
If you lost your biggest customer, you’re in a recession!
Losing your biggest customer is a huge hit to your business. Not only will it affect your bottom line, but it won’t help boost your team’s optimism or enthusiasm either. Without help, it’ll be hard to recover from this loss while keeping the momentum to grow your business.
If your five best employees leave and form a competitor, you’re in a recession!
Ouch – what went wrong? Not only did they all feel the same about wanting to leave, they must have learned, from either from your successes or your mistakes, how to do things bigger, better and more efficiently. Losing employees will add stress to you and your remaining team to get the same work done with less manpower. Over time this can lead to low morale, the inability to maintain your existing client base and in turn, not allowing your business to grow.
If your partner embezzles form you, you’re in a recession!
You probably are asking yourself how did you not see this coming? Putting your trust in the wrong partner will undoubtedly set your business up for disaster. As a business owner it’s important you are aware, involved and making smart business decisions.
We’re here to help. We don’t want you to just survive the recession you are facing – we want you and your business to thrive! We’ll teach how to leverage the situation to profit and grow your business 10X—even while times are tough, and your competitors are crashing all around you because they didn’t plan ahead.
If you’re ready to put your business on the path to success contact our team today.
Get started by joining us at the Rock the Recession Summit this November and pre-order our new book “Rock the Recession: How Successful Leaders Prepare for, Thrive During, and Create Wealth After Downturns”.
