Treasure Tuesday: How To Beat The Recession and Prepare To Scale

In this Treasure Tuesday, I explore the question, “How to beat the recession AND prepare to scale your business?” There is a huge opportunity here.

Key Points

• When the economy is going through a pullback or recession, many business owners hunker down, cut expenses and get into survival mode.
• When employees are laid off, important knowledge leaves with them. This brain drain is very costly.
• It is a powerful strategy to do this NOW:
  • Capture and document critical knowledge and make it replicable. You get several benefits at the same time:
    1. Keep critical knowledge in the company, even if you end up being forced to layoff employees due to an economic downturn
    2. Free up more of your time by being able to delegate things that currently only you can do (or do well). That way, you have the time to think about how to navigate the new economic situation best. You likely will spot opportunities you might have missed otherwise (simply because you are too busy).
    3. Prepare to scale the business. Even if now was not the best time to scale your business, now is a great time to prepare. Extract key knowledge and prepare it to become replicable by others. You can hit the ground running when the economy picks up while your competitors struggle to scale. That is because they don’t have the systems to do it – but you do! Furthermore, your training of new staff will be faster, less costly and more consistent than theirs.

One Strategy To Do Both: Beat The Recession And Prepare To Scale

The big aha is that protecting your business from a recession and preparing to scale requires the exact same action: Mine your brilliance! In other words, take stuff out of your head and the heads of key employees, make it visible and actionable for others (new team members) and

Dr. Stephie

P.S.: I appreciate you commenting and sharing this with others. Thank you!