The R Word…
We’ve all been thinking it, and our fears were validated when our administration announced the prediction of our economy going through a recession.
It’s hard not to allow yourself to have flashbacks to the last recession in 2008 and relive the fear and loss we all went through. But there is a silver lining. We’ve been there, we’ve lived through it, and if you’re like me, you know what you would have done differently.
Here are some quick tips on how to evolve your business to go through the potential COVID-19 recession:
- Focus on revenue streams that don’t require face-to-face interactions.
If your typical revenue stream requires you to be in-person to conduct business, look for alternate ways to use your knowledge to service your clients.
If you run a business that provides services to clients, consider opening a consulting package and use your time teaching clients how to use these skill sets for them to better their business and/or personal life. This way you can bill for consulting hours instead of using a team to perform the work.
- Become flexible in how you offer your services.
Think outside of the box on how you can service your clients without being in person.
If you are a therapist who typically sees your patients in an office, consider using a HIPPA certified teleconferencing app or website to continue your sessions. We have several clients who offer these services, and now more than ever these services are needed!
- Lean on technology.
As we go through this global pandemic, we are so fortunate to have access to technology that allows us to reduce the impact to our businesses. Here are some great tools you can use to help minimize disruption:
- Cut fixed expenses where you can.
When faced with uncertainty in your revenue stream, it’s important to find as many resources and vendors that can offer expenses that will ebb and flow as your business needs. Looking for a team whose hours can fluctuate with your business demands or platforms that will allow you to go month to month are crucial in keeping your cash flow. Below are some examples of how to cut fixed expenses.
- Staffing: Using a fractional team, such as BOSUN SOLUTIONS, allows you to increase and decrease your teams’ hours based on the revenue you have coming in the door.
- Office space: Being able to work from home is always the least expensive, and at this time, crucial to aid in flatting the COVID-19 curve. But when the time comes for us to go back into the office, look into co-working spaces as an alternative option to office space!