🤯 60% of CEOs think a recession will hit soon, and that’s scary, but what if wasn’t…
‘Hunkering down’, ‘riding out’, ‘cutting back’ is what everyone else is sure do. Thriving in challenging times is what differentiates a good leader from a great leader.
I’ve coached a number of leaders over the last month about the potential of a recession and here’s the questions I asked…
- Are we acting for the right reasons?
- Are we acting based on market changes? Do we have the right / best / accurate data? What questions do we need to ask about the state of the market? What trends do we need to look for?
- Are we acting based on lack of control, uncertainty or anxiety?
- Are we acting based on what our competitors are doing?
- Are we planning for the worst but still striving for the best?
- Are we acting from a position of power or a position of fear?
- What are the traits of our best customers and how can we make the most of that?
- What are their needs now vs in a recession? What is driving their decisions and business?
- What is keeping them with you vs what is a reason they could leave? How can we make the most of this?
- How can we get more customers like them? (it’s most probably the same reasons as the two questions above)
- What more do they need from us? How can we maximise our relationship?
- Are we empowered to offer / serve / help / support our best customers to strengthen the relationship?
- How are the team feeling?
- Is there an information void? Voids get filled with rumour and hearsay.
- What is driving their motivation? Is it fear of the unknown, business as usual?
- How can they be empowered to look for opportunity? How can they thrive during challenging times?
- Our competitors are cutting back; How can we take advantage of that?
- Think: 1. Talent / 2. Marketing / 3. Sales / 4. Growth / 5. Markets / 6. Unmet customer need
- Are their customers leaving them for the same reasons your customers may leave you?
- Who is our true competitor during a recession? Is it customers cutting costs / customer apathy / customers putting off decisions until there is more certainty vs the obvious, a competitor company?
- How do we change to meet that change?
- How can we thrive during challenging times?
- How can we embrace a downturn?
- How can we embrace a challenging market?
- How can we embrace uncertainty?
The answers to these questions can drive your recession strategy because after all, a recession strategy is better than a cost-cutting policy. That is acting from a position of power not fear.
Need help answering theses questions? I have just opened two complimentary coaching slots for this quarter. Please get in touch and let’s talk: email@example.com
BONUS: Disney (1929), AirBNB (2008), Microsoft (1975), WhatsApp (2008), IBM (1911) and many others were all started during a recession. There is always opportunity; in challenging times you just need to look a little harder.
Thanks to G. for inspiring me to write this.