When I was in university my degree was a Co-Op program - which meant that I had several work-terms through my degree that allowed me to experience different businesses and industries. It was fantastic. I loved my degree and experiences at that time.

In one particular experience, I had the privilege of working in two businesses that shared admin resources (me) which was a partnership between two individuals - one an interior designer and the other a marketing consultant. It was a fascinating look inside these two diverse industries.

At the time, I noticed two hard-working Business Owners with a passion for their work. It was only years after that experience that I really understood the significance of how they ran their business. 

What I learned:

There’s much talk these days about a recession and what that could mean for our own businesses. Recessions can be tough for some and yet others thrive. What’s the secret? Is there one?

In my research I’ve identified strategies that can help businesses not only survive, but thrive during economic downturns.

What I found can be summed up in three main areas:

What’s not to love about your favourite customer?

Whether it's the fact they’re wonderful people to work with, provide you with much of your business, they pay on time or you simply look forward to your interactions together; whatever the reason, each time you do business with them, it’s a good day :).

And why not? I love it when business is fun and enjoyable.

But could working with your favourite customer put your business at risk…?

You’re working too hard to not have the profit you need.

You sell your products and services, but realize that after each month, you’re no further ahead.

Your bank account is dismal and there doesn’t seem to be much left to invest back into your company.

Does this sound familiar?

If so, you may be suffering from the profit conundrum.

This is suffered by those businesses who are selling, but not making any money.

This is no bueno.

If you’re not familiar with the 4 Levers of Profit, then you’re going to love today’s article.

Let’s dive in!

Several years ago my husband and I were asking questions like: Will we have enough to retire? How much is ‘enough’? What do we need? What do we want our future to look like?

We’ve both worked in the financial industry and we have a good understanding and knowledge of personal finance. However, we wanted more than our general understanding and wanted to speak with an expert in retirement planning.

We explored possibilities and chose someone who we love working with and has the expertise we needed.

Once we made that move I felt incredibly relieved. Like a weight had been lifted off my shoulders because we now have a plan built for us.

And, I feel more confident in our ongoing day-to-day financial decisions because I know where we are in relation to where we are going with our ‘plan’. It was a very smart decision for us and I’m so thrilled we made it.

Getting help in the areas you need it is important. We can’t be all the things.

And we don’t know what we don’t know.

You can apply this to a number of areas in life.

My mission is to support businesses to grow, scale, thrive and experience the possibilities of what a healthy business can create: an impact on the lives that use/experience the product/service, often going beyond only the user, creating a career and stability for employees to learn, grow and provide for their families, freedom and flexibility for the owner, and a financial nest egg.

The unique element that I bring to my work is my calm approach, simplifying complexity, and support in reducing confusion and overwhelm, which can crop up from time to time during growth stages.

I find one of the most effective ways to reduce confusion is by having a plan. Making a decision and creating a plan to make it happen. However, indecision and overwhelm can crop often up when we’re faced with a decision of some kind that we resist making…

You don’t need to get through your to-do list, focus on managing your priorities.

With changes happening regularly, sometimes hitting us daily, challenging our focus and shifting our plans, you can pretty much toss that to-do list out the window.

These days our weeks are anything but predictable, yet our work must continue.

So, how do we continue to adapt to our still-changing environment?

I’ve been paying a lot of attention to conversations that highlight the challenges and needs that are surfacing right now. These conversations take place in my client interactions but also with my network and beyond.

What I’ve been seeing is that you are evaluating how you’re moving forward over the next few months. Whether it’s deciding what services or products to offer now or how you will position or sell your services and products.

Businesses are looking at re-opening guidelines and looking to their provincial and state mandates to see what that means for them and how they can continue to operate or re-open (if they’ve been closed through this).

In addition to that, I see you wondering about what this means for your existing services and products and questioning how to get these in front of your clients over the next few months. What’s appropriate as a business? How can I continue to be viable? How can I continue to strive to hit certain business goals?