Since August 2020, I have had the honor of being a part of the Forbes Coaches Council, an invitation-only organization for senior-level executives in the coaching industry. During my tenure thus far, I’ve written articles or quick tips dedicated to common issues I encounter with clients or that often pop up in conversation with other coaches.
How organizations can leverage AI or how coaches can define their niche are some of my most recent submissions, but as we prepare for the inevitable recession, I wanted to regather some of the advice I’ve provided specifically for startups and entrepreneurs. Everything points to the fact that the next economic downturn will not be a swift dip. Instead, it will be a situation entrepreneurs need to navigate with care. No matter where you’re at in your business journey, double-check your run rate, your marketing strategy, and make sure your business goals can withstand new challenges that are likely on the horizon.
Below are a few quick tips, but let’s find time to connect to directly discuss your business challenges.
14 Strategic Ways To Scale Down When Business Grows Too Quickly
Nayan Says: Find A Strategic Partner And Offload
“I would advise them to find a strategic partner and offload some of the consumers to them in the form of referrals in the meantime. Best case, they’d structure a kind of a subcontracting deal, if possible and feasible, and still get something out of it. Regardless, I’d then identify where the breakdowns are happening, then focus on creating a scalable operation with significant process improvements.”
16 Smart Ways To Stand Out In A Saturated Market
Nayan Says: Double Down On Your Client Avatar
“Get into the heads of your ideal clients and try to either serve their current needs better or anticipate their future needs to get ahead of your competition. Start marketing more effectively and differentiate yourself based on things that matter to your customer, not just the product or service itself. Apple does this really well with its entire ecosystem.”
Keep Planning Or Cut Losses? 15 Questions For Startup Entrepreneurs
Nayan Asks: Have You Tested Your Offering?
“If you’re only working on the plans and are already feeling like walking away, that in itself is telling. At least take the time to test the offering with your target audience and let them speak. They will tell you whether it’s worth walking away from or pushing forward. But before you even get there, consider whether it’s meaningful for you. Always start with why you’re doing it, and then for whom.”
Let’s Chat
Advice is easy to give, but finding a specific solution for your business’s challenges can be tough. Let’s connect in a free 1:1 consultation to dig into what might be standing in your way and how you can prepare and shore up your financial future ahead of the recession.
These excerpts were originally published on Forbes.
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