The last time we hit a recession, my business actually earned more.

Not because I was capitalising on the pandemic or selling mega-expensive loo rolls from a secret stash, but because I was able to read the room.

Right now, people are panicking. It’s fair to say lots of people have been being more careful with their money for a while, but now the R-word has officially dropped, and cashflow anxiety has knee-jerked up a few notches.


First things first… take a step back, slow down and BREATHE (there’s a quick breathing technique to help you calm down HERE, if you need it. 

Let’s get some perspective: yes, news channels have reported an official UK recession, but we actually “slipped into it” during the last three months of 2023, so it’s not as though it’s just happened. We’ve been living it for a little while now.

The BBC reports Ruth Gregory, deputy chief UK economist at Capital Economics, saying: “This recession is as mild as they come”, adding that the data “is more politically significant than it is economically”.

So, again, breathe. 

HERE’S HOW I MANAGED TO LEVEL UP LAST TIME.

I got a great big piece of paper and mind mapped, looking at what the real challenges were for people – the ones waking them up at 3am – and then noted down everything in my toolkit that might help them.

From there, I came up with a series of new programmes and workshops, including a budget coaching package (that’s still going – ask me about #ELITE25), a series of online ‘mini mastermind’ training programmes AND a ‘Make Me An Offer’ initiative that allowed people to open dialogues about working with me without worrying about their budget. It’s amazing what can come out of someone asking: “What can you do for me with £500?” for instance. 


I showed up more. 


I reinforced a message of communication, encouraged people to talk with service providers and find a way through together, rather than reactively slashing services or cutting contracts short.

I reminded people that at the end of every app they were about to cancel, was a team of people trying to keep their heads above water.

I regularly spoke of the difference between facts and fears. There’s often a big divide between being genuinely broke and being so afraid of our cash running out that we stop spending it, start sitting on it, and needlessly contribute to the small business economy grinding to a halt. 

I did my best to show up for and campaign for sole traders, solopreneurs and small businesses across the UK and spent lots of time creating free, easily accessible content to help, inspire, motivate and support.

WARNING!


Fair warning here… I took on so much during the first throws of lockdown I almost burned myself out, so please use your time safely and sanely!

SAME SEA, DIFFERENT BOATS


You DO NOT need to start discounting all your products and services. 


It MIGHT be wise to review everything you have on offer and see what else you can create to serve current needs and keep your services rolling out and your cash rolling in.

We might all be in the same sea, but we must remember we’re all in different boats. Some will find it easier than others to stay afloat, some will need to build a few more support floats, some will need to paddle differently. 

Whatever it is for you, get to the drawing board.

Get your pens and paper out. Work out the skills and knowledge you’re sitting on that might be invaluable over the coming months. 

And then? Create. Create. Create.