POM059: 11 Business Tips to Survive a Recession or Economic Downturn Pocket of Money Podcast

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The entrepreneur roller coaster may have been crazier than normal for the past 12 months. No one really foresaw such craziness was going to happen. However, it’s a matter of time before a recession hits. You can take steps to make it through the current downturn and to make sure you’ll weather a recession successfully. In this episode, you’ll learn eleven strategic tips and actions to recession-proof your business. These tips apply whether you’re a service or product-based business.

Resources Mentioned:

WISE Budget Box

Go from “I hate budgeting” to consistently planning, successfully budgeting, and saving money every month with the WISE Budget Box subscription. Only $75 per quarter ($25/month).

Just when you start to fall off, the WISE Budget Box will give you a motivational jolt and a box filled with a new set of tools every 90 days. You’ll also have continuous access to the WISE Financial Fitness portal filled with courses, protocols, and digital resources.

Business Goals Planner

Get organized, make progress, remove overwhelm, and increase your revenue. You’ll design clear goals and a powerful strategy to achieve them. Don’t just make a long to-do list that leaves you in overwhelm.

Focus on tasks not just your schedule. Clearly write tasks each day that will help you move your projects along. Organize tasks each day by project to help with project management. Stay ultra-focused each quarter. You’ll power through your tasks with this 90 day progress system.

Financial Planning Roadmap

This financial planner helps you consistently budget (by month or paycheck), analyze your budget, and track and analyze side hustle earnings for profit. If you don’t like your financial situation, then change it.

The Brave Entrepreneur’s Desk

I reveal major lessons l learned during my journey, and powerful affirmations and epiphanies that will keep you motivated and progressing as an entrepreneur.

Thanks for Listening

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Episode Transcript:

Hi Success Rebels. This is Dr. Maria James, The Money Scientist. For many of us, it’s been a tough time to be an entrepreneur or small business owner. While for some of us, the last 12 months or so have been the most lucrative time period in quite a while.

I’ve spoken with colleagues who hit revenue milestones and have spoken with some whose revenue came to a halt.

I guess like any major event or situation, the pandemic made some industries and side hustles become popular. For example, accounting became really hot as people try to make sure their finances were on point. Of course, everything virtual went through the roof. I saw things like virtual babysitting and virtual storytime become very popular.

Everyone felt like they had to become a expert on zoom overnight. Of course, this resulted in zoom stock going through the roof.

No matter your business or side hustle you had to do some sort of pivoting as a new normal was established. Even if your business provided and online service or product,