Recession, Don’t Panic!

Whatever you do, don’t panic. There’s a lot of talk about a potential recession in the UK, and this video is really about helping you as a business owner if that does happen.

Recession, Don’t Panic!

Whatever you do, don’t panic. There’s a lot of talk about a potential recession in the UK, and this video is really about helping you as a business owner if that does happen.

Whatever you do, don’t panic.

If you’ve been watching the news, there’s a lot of talk about a potential recession in the UK, and this video is really about helping you as a business owner on how you’re going to cope with a slowdown or a recession if that does happen. Your business needs leadership. The people that work in your company need you to be clear on where the business is going, what the plan is for your company what you’re going to do if there is a challenge.

If you are getting yourself into this negative thinking spiral, the challenge of that is that people will notice. Right now, where there is a tight labor market, if somebody’s a bit worried about the company and even more worried that the leader of the company is in confident and doesn’t have a proper plan in place, you risk losing good people, and that’s going to make things even worse. The things that you think about have an impact on the actions that you take, so if you’re worried, fine, but turn that worry into opportunity. If you are worried about losing customers get your marketing straight. If you’re worried about costs going out of control, put more attention on cost management, look at your pricing look at finding alternative suppliers. If you are worried about something, flip it into a positive your team members are involved in trying to identify solutions to the problems that you are anticipating as a result of a potential recession.

The people in your company want to feel like you are moving things forward and that you have clarity of what needs to happen. If they see you flapping about worrying about going into your shell, that is not going to help you. So the message from today’s episode of mind your own business is to mind your own business. You can’t affect what’s going on out there in the economy what you can affect is the stuff that you focus on, the stuff that you choose to apply attention to, and the decisions that you will make over the coming months to ensure that your business is rock solid that you continue to invest in marketing that you continue to support your customers properly and that you continue to be able to provide a great working environment for the people that work for you.

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Marco Soares

I have worked with owner managed businesses since 2010. Over the years, I have helped my clients grow turnover and profit by assisting them to structure their teams effectively, implement proper business planning systems and become highly effective leaders. My approach is simple and practical. I believe that success is the result of structure, consistent marginal improvement, and a business’s ability to implement good ideas effectively.