It may seem a scary proposition when you encounter an economic downturn when you are a business owner but with the right business coaching on the Gold Coast it can be a lot less daunting. Let’s talk about five things that you can do in your business to help you during an economic downturn.
Save your Cash
It might sound silly but as the old saying goes, “Cash is King” and especially when it comes to running a successful business. Having enough cash reserves to survive any economic downturn will ensure the longevity of your business. Sure, you should invest some of your turnover back into your business and especially marketing (we will get to that later) but keeping a little cash for a rainy day isn’t a bad option either. Smart business owners control their cash flow so that there is always enough cash in the business to continue positive operation, but the super savvy owner will always have a little cash in reserve. AMG Coaching provides quality business coaching on the Gold Coast and will help you with strategies to hope for the best but also plan for the worst.
Divorce problem clients
Every business has those clients that are just a little bit of a pain but the birdy on the shoulder tells you that you must put up with the hassell. Well, here is a secret you don’t! It is ok to divorce problem clients, especially when an economic downturn is on the horizon. You don’t need the extra stress and work for clients that don’t seem to understand the effort you are putting into them. Focus your efforts on growing your better clients and taking them to the next level.
Manage accounts properly
This is where a good business coach on the Gold Coast will earn their stripes. AMG Coaching works very closely with the clients to achieve accountability in their business. Some business owners hate having hard discussions with clients and usually, those discussions revolve around money. It is so important that you manage your accounts properly during a downturn to ensure that your business remains solvent. Time spent on the phone chasing outstanding invoices may seem like wasted time to some, but it will make all the difference.
Streamline your Business
If it looks like an economic downturn is around the corner it is a good time to start looking over your business more carefully. Are there areas where you can trim some fat? This will help you to control your accounts more efficiently but will also help to maintain profitability and also positive cash flow. If you are a stockholding business, check your stock levels and see whether you need to carry as much stock for the short future, can you manage with an order as you go system? Your trusted business coach on the Gold Coast can help you develop strategies and processes to help with streamlining your business.
Never stop marketing
This may seem to go against your instincts especially after we have just suggested streamlining your business, but you can’t stop marketing. It has been proven that even in an economic downturn it’s the business’s that still stay active and visible through marketing perform the best.
The team at AMG Coaching have years of experience in helping businesses develop plan to stay successful through an economic downturn. If you are looking for quality business coaching on the Gold Coast, AMG Coaching should be your first phone call.