Welcome to Uncover Wealth Radio Episode 088 – In this episode, we will be talking From Coronavirus Into a Recession? What Can We Be Doing at the Moment?
Today, Annette Ferguson, who is the host of Uncover Wealth Radio and a pro in helping entrepreneurs take home more money from their business for them and their family to enjoy, is here to tell you all about money, business wealth and creating financial freedom
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Welcome to Uncover Wealth Radio, Episode 88. From Coronavirus into a recession, what can we be doing at the moment? Let’s dive in.
We’re expecting the UK economy to drop by around 14%, although some economists argue more, during the second quarter of this year. Two sustained quarters of drop means that we’re in a recession, and there is every likelihood that we will go into a recession after we come out of coronavirus because the economy will, in all honesty, have taken a pretty big battering. So what can we be doing in our businesses now to prepare us for a recession, bearing in mind that we are currently in an incredibly challenging time, anyway, with coronavirus? Many, many businesses have seen their revenue drop, some to zero and some significantly. And so thinking about preparing for a recession at the moment might sound a little bit crazy, but we need to be aware that it is very, very likely that it’s coming round the corner directly off the back of coronavirus, and, therefore, we need to be prepared for that to potentially happen.
So what can we be doing now in order to prepare ourselves for that situation and to try and come out of both coronavirus and a recession as strongly as we possibly can? The very first thing that I want you to focus on is money leaks both in your business and personally as well. So for those of you that have listened to much of my content, you will know that I speak about making sure there are no money leaks in your business. It is a big, big thing that I like to talk about a lot because I’m very, very passionate about it. And what I mean by a money leak is basically overspending, in all honesty. So what I urge people to do is a money leaks exercise that I have. And the money leaks exercise, you can find that either on my YouTube channel, which is Annette Ferguson, or you can go to the podcast. Episode six talks all about money leaks, and I’ve got an exercise in there, which I’m not going to go over just now in full, but if you listen to episode six, you’ll be able to find that exercise.
The summary is that you want to be assessing all your spending in your business and asking yourself two questions. One, is the spending 100% necessary to keep the proverbial lights on in my business, and, two, is the spending delivering me a positive financial return in my business or a positive return in terms of my time, which frees me up to generate revenue? If the answer is no to both of those questions for any spending in your business, then typically those are money leaks.
You can also ask yourself a similar question when it comes to your personal finances, and particularly just now, both during coronavirus and in a recession, it’s really important to do it on your personal finances as well. So I highly recommend that you listen to episode six of Uncover Wealth Radio once you have, of course, listened to this episode and set some time aside to do that exercise on both your business and your personal finances because that is the first thing that we need to be doing in order to make sure that our business is as healthy as it possibly can be heading into a recession off the back of coronavirus.
The next thing I want you to think about, and just now is also a good time to do that and reflect on what your business currently looks like, what you might want it to look like in the future, because I want you to think what do you actually want your life to look like? Is that changing based on the current situation? Is that changing based on the current environment we’re in? Have you reassessed some things that you want from your life and what you want your life to look like on a daily basis that will, in turn, impact how you run your business and what you want to do with your business. It may impact how you deliver your products and services, your operations.
It can have a really big knock-on effect, so I want you to examine, okay, what do you actually want your life to look like? What is that for you, and how do you then need to incorporate those thoughts into your business moving forward so you have a business that’s going to be working with your life moving forward and not one that’s going to be pulling against what you actually want from your life plan.
The third thing I want you to think about is revenue, and this links a little bit back to point number two about what you want your life to look like, because do you want your revenue to be generated in the future in the same way as it has been in the past? Do you want to be selling the same products and services? Do you want to be selling them at the same price point? Thinking through those things is really important. If we are in a deep recession, are your typical buyers and is your typical audience still going to be purchasing from you, or is their position going to be changed so much that they are unable to purchase from you?
So thinking through the different permutations of that is incredibly important as well, ensuring that you have products and services that are going to serve your market during a recession and not just during the good times, making sure that those are in alignment with your vision that you have as well so that all the pieces come together neatly. And then, of course, assessing what you need as a family. So what do you want to be taking home from your business? How much is that? What does that look like for you? And having done this money leaks exercise on your personal finances, you might have more of a clearer idea now than you perhaps previously did on that number. What does that have to be, what do you want it to be, and how does that slot into everything else that you’ve just looked at? How does that slot into your revenue plan, your vision? How does that slot into your expenses? Does it all stack up? Does it all work out? And then putting it all together into an implementable plan.
So what does it actually mean? The numbers, when we translate them into actions, what is your day going to look like? What is your content going to look like? How often are you speaking to your audience? All those kinds of things can then be thought through and built out so that they’re all in alignment so that you can have a plan together for how do you get through the recession that will come off the back of coronavirus. What considerations do you need to make in terms of your audience, in terms of your messaging, to enable yourself to do that as well? That gives you a few things to work on at this point in time to try and make sure that you go towards the recession in as solid a position as you can be in your business.
So I hope this episode has been useful. If you are enjoying this podcast, I would love if you want to subscribe. It would mean the world to me if you want to leave a review in iTunes so that more people can benefit from this podcast, more people can come and find us. Also, if you enjoy this episode, I would love if you want to screenshot this on whatever device you are listening, share it out onto social media. If you are, please do tag me on Twitter and Instagram. I am annette_fergs, so please do tag me so I can come along, I can give you a follow, I can give you some likes and some shares and some love on other channels as well. And thank you so much for tuning in.