SHOW 3: INTRODUCTION - HOW TO MAKE MONEY IN AN ECONOMIC DOWNTURN - WILLIAM EASTMAN

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 3 - Introduction: How to Make Money in an Economic Downturn

EPISODE 9: Summary
During an economic contraction, it is essential to strengthen relationships with your core or most profitable customers and suppliers. It is an opportunity to gain favorable terms from suppliers and hold on to the customer business. Gaining favorable terms and holding onto great accounts is essential when the economy is contracting. Strengthening the relationship with suppliers is applying the concepts from the Cash Flow Management Funnels. Strengthening the relationship with customers is applying the concepts from Lowest-Cost Producer.

Making Money in a recession starts with holding your customer base as much as possible. Given it costs five times more to gain new accounts and hold customers with existing relationships, it is a proven method of minimizing risk. The place to start or build upon is ensuring the relationship is data based to identify the best opportunities to improve your offer and prices. The next step is to bring this expertise to customers who can benefit from the same cost reduction and relationship improvements. Once you have shown your ability to help them, look for opportunities to bring them inside your operation to do the same. BTW - this also applies to suppliers.

Show Objective
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 10: The Schedule (65 Shows)

• Finance Monday: Recession Proofing Your Cash Flow in 13 Weeks
• Operations Tuesday: Cut Costs & Develop New Offer - A Solid Recession Proof Business Model
• Customer Wednesday: How to Make Money in an Economic Downturn
  • Assessing what data is currently collected
  • Organizing the data in a common location with shared employee access
  • Audit for both qualitative and quantitative data
• People Thursday: Recession Proofing HR - How to Do More With Less
• Owner Friday: First Principles - A Business Owner’s Survival Guide in an Economic Downturn

EPISODE 11: How to Make Money in an Economic Downturn

• Chapter 7: Data Based Relationships
• Chapter 11: Promise Gap
• Chapter 15: Recovery Gap
• Chapter 19: Personnel Gap
• Chapter 23: Inside the Customer
• Chapter 27: Process Improvements
• Chapter 31: Customer Relationships
• Chapter 35: Customer Inside
• Chapter 39: Agile Projects
• Chpater 43: Co-Development
• Chapter 47: Co-Testing
• Chapter 51: Summary & Implementation Plan

EPISODE 12: 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 Wednesday - Chapter 7: Data Based Relationships

How to apply today's show to your business:

• Leave Comments for the show
• Facebook Private Group - Build My Business Today
• LinkedIn Private Group - IBGR Growth Community
• Download the APP​​