All the evidence is the United States, and therefore the world, is on the edge of a recession. This is a fact that business owners don't control, except in response. Using the perspective of managing the business based on the economy, there are two rules: in a (1) contraction - strengthen your core to (2) gain a multiple in the next expansion from processes under control and therefore better margins.
Book & Series: Recession Proofing Your Business
Chapter & Show 2 - Introduction: Cut Costs & Develop New Offer - A Solid Recession Proof Business Model
EPISODE 5: Summary
During a recession, unless you are selling necessities, you can expect a reduction in customer spending or losing accounts though no fault of the business. The key is to use the adverse economy to strengthen the core of the business - the variable cost processes that affect margin and fixed cost processes that impact profit.
Cutting Costs starts with value mapping your core variable cost processes, then eliminate steps and time to improve quality. This is the same process for fixed costs; value map your core fixed cost process to eliminate steps and time to improve quality.
Given a contracting economy with diminishing business opportunities and inflation devaluing the currency, we will demonstrate the need to strengthen the core of the business to not only survive, but thrive.
EPISODE 6: The Schedule (65 Shows)
EPISODE 7: Strengthening Your Core Operational Topics
EPISODE 8: How the Book, Shows, and Podcasts Work Together
We, the IBGR Network, has been using a very simple business model for content creation - make it once and use it multiple times. We looked at the best practices for business talk radio shows, podcasting, and creating eBooks. Then we built a process that integrates all 3.
That lesson is the basis of the Series Recession Proof Your Business. Instead of a weekly show, we have decided to take the subject through all 5 days using our balanced scorecard model. Every Monday we tackle what you need to do on finance, on Tuesday what you need to do for operations, and so forth. That means we will address Recession Proofing from 5 different perspectives and 65 shows. Each show is supported by a LIVE podcast for later review as part of the process of taking what what we provide and using it as it fits your business.
Our support system are the two Private Groups on LinkedIn and Facebook to move the conversation from one-way to creating a dialog and relationship with you. All you have to do is download the pre-release of Recession Proofing Your Business and listen to the podcasts. Our goal for the series is for you, the entrepreneur, to have a proactive plan to use the economic downturn to your advantage.
If you have questions post it here in the comments section or join our groups. Our handle on Facebook and LinkedIn is the same - ibgrnetwork.
See you there.
Next Operations Tuesday - Chapter 6: Achieving Lowest-Cost Producer
How to apply today's show to your business:
new choice for BUSINESS SEARCH