Ep 33 - How to Survive and Thrive in A Recession

Inspiring Women in Business

I have lived through quite a few recessions, economic downturns, and pandemics (still can’t believe I can now add pandemic to the list). As difficult as recessions are, experiencing them and learning from them has helped me make better business decisions and stay the course when I feel like giving up.

Economic downturns, recessions, and pandemics have shaped the business I have today—a business with multiple income streams that don't all rely on trading time for money.

In this podcast episode, I share what keeps me going and what practical things you can do to survive and even thrive during a recession, because emails and podcasts like this have helped me and I want to help you right now.

Key takeaways from this episode:

• The inaction we take doesn't create any action.
• There's always something positive out of a difficult time and we don't know what we don't know.
• Recessions are inevitable. They are part of our economic cycle but we will get through them.
• Recessions are awful but also offer important economic benefits.
• It's a human need to contribute. It's a balancing act of supporting others whilst looking after your own needs as well.
• Feeling guilty about making money in your business does not help anyone.
• The more you earn, the more you can contribute and help others.
• Panic is very human and normal, but equally, by understanding it, normalizing it, and becoming self-aware, we can adapt and build resilience.
• Make decisions when you are in a logical state of mind, not emotional.
• Reduce your news consumption. Stay informed but don't overconsume.
• Get advice from reputable sources.
• Gather data and information. It is important to review and understand your finances, results, and data.
• This is not a time to bury your head in the sand; This is a time to be informed.

Practical steps you can implement to protect your business:

1. Reassess your monthly budget and assess what your business needs to still run and still grow.
2. Maintain your marketing efforts
3. Upgrade, update, and reevaluate who you do your business with, who your client is, and what your niche is.
4. Research recession-proof businesses.
5. Be smarter with what you invest in.
6. Re-evaluate and revamp your offers and services.
7. Upgrade and get your support. You aren't supposed to do everything alone as a business.
8. Protect your business.

Episode Timeline:

00:04 Podcast Intro

01:05 Episode Intro

02:14 Some quotes that will help reframe what’s going on at the moment

04:08 The 2008 credit crunch experience for Ruth

07:10 Recessions as inevitable parts of our economic cycle

10:21 The balancing act of supporting others while looking after your own needs

12:34 Our behavior during a recession and how we can do better

13:41 Making decisions in a logical state of mind

19:52 Practical steps you can implement to protect your business

20:29 Reassessing your monthly budget

20:40 Maintain your marketing efforts

21:34 Upgrading, updating, and reevaluating who you do your business with

22:59 Researching recession-proof businesses.

23:58 Being smarter with what you invest in.

24:53 Re-evaluating your offers and services.

25:39 Getting your support

26:09 Protecting your business.

27:09 Recap of the practical steps you can implement to protect your business at any point

28:55 Outro

Links:

Protect your business

• Get insurance. There are many different types of insurance out there, depending on what kind of business you have or whether you are a limited company or freelancer. Ask around for recommendations depending on your sector and industry. I have insurance with Dinghy if you sign up to Dinghy using this link https://getdinghy.com/deck/members/rg-8885 we both get a £15 amazon voucher.
• Have up-to-date contracts. There are many different types of Legal support and contracts out there, depending on what kind of business you have or whether you are a limited company or freelancer. Ask around for recommendations depending on your sector and industry. I use Koffeeklatch contracts. Koffeeklatch helps micro-businesses thrive and become more profitable. Koffeeklatch contracts and courses can be found here (I'm an affiliate because I think what Annabel and Koffeeklatch do is fab and as you know I'm only an affiliate for things I love and use myself).

More about Ruth:

Hi, I’m Ruth, a business coach specializing in helping freelancers and business owners adjust their mindset and their marketing so they can get fully booked with clients they LOVE to work with. I’ve helped hundreds of self-employed women achieve the time and money freedom they craved.

I’ve started this podcast because when I first went all in and left the corporate world to be a freelancer, I was grateful for any work that came my way. After over 20 years of freelancing and working for other people, I started to realize I’d created a glass ceiling for myself.

In 2017, I finally started listening to that voice that had been telling me for a long time that I wasn’t doing what I loved and fulfilling my true potential. It took a critical illness to give me that wake-up call. I don’t want the same to happen to you.

You can expect practical advice, inspiring stories, and a lot of aha moments as we uncover and kick to the curb all the obstacles you have been putting in your way.

I’m on a mission to inspire women to start and play bigger in business.

Connect and know more about Ruth Gilbey here:

Coaching: https://www.ruthgilbey.com/coaching

Free Masterclass: https://www.ruthgilbey.com/the-sold-out-solution-2022

Facebook:https://www.facebook.com/ruthgilbeymarketingandcoaching/

Instagram: https://www.instagram.com/ruth_gilbey/

LinkedIn: https://www.linkedin.com/in/ruthgilbey/