Businesses That Thrive During Recessions
Recession is on every business owner's mind right now, and fortifying yourself against the expected downturn in the economies is a wise step. With this in mind, Nic takes this opportunity to talk about the types of businesses that thrive during these periods, and the elements you can adapt to your own business in order to make sure that your organisation thrives also.
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KEY TAKEAWAYS
We must always use a positive outlook for our business, as this encourages growth. But we must also focus upon contingencies. We need to fortify. The best practice is always to ensure that we have at least six months' worth of operating costs in reserve for our business. We cannot affect the larger economic picture, which is largely influenced by the media and the public's reaction to circumstances. All we can control is our own business response. Industries that did well in the Great Recession of 2008 include discount retailers, healthcare, food and restaurants, freight and logistics, and the do-it-yourself markets.BEST MOMENTS
'You should expect the best. You should have positive intent. But you have to plan for contingencies'
'We need a profit-first mentality'
'Things that are accessible but which give pleasure or mute pain tend to do quite well'
VALUABLE RESOURCES
Scale Up with Nick Bradley: scaleup.vip/podcast
Scale Up Your Business, coaching/consulting: https://suyb.global
To download a free gift from Nick - The 5 Reasons Why Your Business
Will Never Get To 8-Figures ... How To Fix It Fast! - https://www.scaleupmastermind.com/free-guide1
Take the SUYB Predictable Growth Assessment™, to measure your current business performance
and show you where to focus next to get to where you want to be: https://scaleup.vip/PredictableGrowthAssessment
ABOUT THE HOST
Nick Bradley is a renowned entrepreneur, investor, speaker, and business growth expert.
His background is growing and scaling Venture Capital and Private Equity backed businesses globally.
Over the last decade, he has completed 117 acquisitions and 25 business exits with a combined valuation of over $5bn dollars.His mission is to help business founders build valuable businesses and create life-changing exits so they can realise freedom, wealth, and impact.
CONTACT METHOD
Work with Nick: https://highvalueexit.com
Nick’s Facebook page: https://highvalueexit.com/fb
Nick’s LinkedIn: https://highvalueexit.com/li
Nick’s Instagram: https://highvalueexit.com/ig
