I was doing a little reading this morning and came across this headline and it reminded me of the time I went to see Jurassic Park (I think it was 3) Tesla Is Cutting 10% of Workforce, Elon Musk Says He Has a 'Super Bad Feeling' About the Economy
Dean and I bought the tickets and were excited to take our seats. Popcorn was being consumed- candy was almost gone and then the movie started. Several minutes into the movie- I was sitting on the edge of my seat when one of the characters went into a little building looking for his friend- as his back was against the door to the electric room, he felt his friend’s arm come across the back of his shoulder- BUT IT WAS NOT ATTACHED!!! It freaked me out so bad that I left the movie and finished the popcorn in the car! The scene freaked me out because I was not expecting it- it was OVER THE TOP in the scare department (for me) and I am not big on THOSE kinds of surprises! Years later I watched the movie again and guess what- I watched it from beginning to end no biggy.
So why did Elon’s ‘Super Bad Feeling’ about the economy remind me of my Jurassic Park movie experience? Because when we are not anticipating or expecting something- it can tend to FREAK US OUT or catch us off guard! Economically speaking, all signs point to a disruption in our economy- it seems somewhat unavoidable at this point: DON’T GO IN THE BUILDING I want to scream to the cast of characters every time I see Jurassic Park 3- because I KNOW what is going to happen next- I’ve seen the movie!! A recession that we do not prepare for is like my first time watching that movie- it left me wanting to RUN. But knowing what was going to happen allowed me to prepare myself and actually enjoy the thrill ride of a movie.
As business owners, we can’t do much for the guy who lost his arm in Jurassic Park! But we CAN prepare for the upcoming economic season!!
Here are five things we can do:
1- BE THE VOICE Your staff is concerned about the economy no matter what they say! Think about it- prices are going up, all news outlets are talking doom and gloom and your team is being bombarded with negativity. By being a consistent positive voice in their lives, you can help minimize stress. Touching bases routinely, and sharing the good news and your awareness can really help reduce their stress levels. At TMC, we encourage our team members to report a WIN every day. This gets them looking for the good and when you look for something- many times you find it!
2- GET TO KFP Our good friend Ellen Rohr encourages all businesses to get to their KNOWN FINANCIAL POSITION- this is critical in a downturn because things only get worse (in any economy) if you have no idea where you are financial!!. For years, Dean and I ‘lived out of the till’ and really had no idea how our finances were until we were unable to make a payroll or pay a supplier. Taking the necessary steps to find your current financial position empowers you to make the next RIGHT decision to grow where you want to grow! If you need help in this department- we have some great tools for you!
3- TIGHTEN UP In 2008 when the housing market fell apart, Dean and I were forced to cinch our belts and slow up the expenses. When 2020 hit- we had already cinched up we were prepared!! (as much as we could be) Taking a look at all of your expenses and cutting costs where it makes sense to do so will help you prepare for any economic downturn. Be careful not to cut things that help you GROW- but evaluate every expense.
4- ENGAGE YOUR TEAM The people that work in our businesses are intimately familiar with the day to day details. This puts them in the perfect place to help you as you navigate rough economic waters! On our team, for example, we have had team members refine processes, cut expenses, and increase productivity- all because we ASKED FOR THEIR HELP! It is also a great time to make sure team members have the ability to increase their revenue as they add value- again, take it to the team: your team will help you come up with a variety of ways to save and generate revenue!
5- LEAN IN Billy Ocean once told us ‘When the Going Gets Tough, the Tough Get Goin’- LOVE that song and I love the lesson. When there is a storm on the horizon, leaning into your business mentors or coaches as well as your business communities can really help you identify what needs to be identified so you are not caught off guard. I used to be the business leader who did not want to share any bad news- today I realize that sharing that news with those who can help or who are walking on the same path, can shorten the struggle time! LEAN into your support groups! Need a strong business community? We have one!!!
The GREAT THING is that, unlike the untimely demise of our 1 armed friend in Jurassic Park, we will make it through the upcoming recession with all of our limbs intact AND- if we take the time to:
• BE THE VOICE: give your team a positive voice to listen to
• GET TO OUR KFP: know your financial position in your company
• TIGHTEN UP: stop any unnecessary expenditures
• ENGAGE OUR TEAMS: ask for the team’s input and help in solving challenges
• LEAN IN: harness the power of your business mentors, coaches, and communities
We will not only make it through any economic storm, we will arrive at the other side with stronger teams and healthier bottom lines!
Being prepared and taking the necessary precautions can help us prevent the FREAKING OUT situations that occur when we have no idea what is bout to occur. This upcoming economic season is like rewatching Jurassic Park- WE KNOW WHAT IS COMING and since we know- we can prepare!! POPCORN ANYONE?