Recession Incoming. What To Do About It…

Lots of people in the corporate media have been saying that we’re on the verge of an economic recession. Frankly, I think it has already begun. They just redefine terms and kick the can because they don’t want it to look too bad before the next election, but the numbers don’t lie.

In my view, a recession is a guarantee. And the potential is there for it to be even worse than that.

But, the last thing any of us should be doing is engaging in alarmism. That’s useless. We’re all in charge of our own destiny.

So, from the perspective of online businesses and, perhaps, even some personal moves, what do we do about all this? Let me give you my perspective.

#1 – Increase Marketing

Most of the time, when times feel tight, the instinct is to cut back on expenses, batten down the hatches, and wait for it to blow over.

Sure, cutting some expenses makes sense. However, I believe one of the biggest mistakes you can make is to cut back on marketing. Unfortunately, often marketing is one of the first things to be cut.

You want to lean in on promotion. Increase it!

Send more email. Make more products. Make more offers. Promote, promote, promote. Even if that includes spending more money on ads to do so. If you have to cut another expense to make room for the promo, then do it.

You absolutely want to be smart and effective with your marketing. You don’t just blindly ramp up the expense and cross your fingers. You want to be efficient about it. But, don’t cut it!

And keep in mind, marketing and promotion doesn’t have to mean spending a lot of money. It could be mostly action and sweat equity on your part. The point, however, is that the right way to prepare for a recession is to pull an “all hands on deck” when it comes to ramping up all of your promotions.

#2 – Increase Execution

Trust me, I know exactly how easy it is to get really comfortable in your daily pattern. And I also know how easy it is for your list of great ideas and future plans to get longer, but mysteriously you just seem to never have the time to actually do it.

Well, time to light a fire under your ass. And start leaning in and executing on those projects.

Look, most people will (unfortunately) look at a recession as a time of shrinkage. They want to shrink into a little ball and just wait it out, like a bear going into hibernation. Thing is, that’s usually why so many businesses die in recessions. It is because they start focusing more on getting small than they do on growth.

We’re all going to get exactly what we focus on. So, if we’re busy focusing on shrinking (cutting expenses, being paranoid of what’s to come, constant prep for bad things), then that’s what you’re going to get. However, if you focus on growth, you’re way more likely to get that.

That goes for everything, but if we keep it in our wheel house here of our websites… what projects have been on your “someday” list? Did you you want to launch a new product? Build a membership site? Create some new lead magnets? Launch a webinar?

Then, get started. Now.

Obviously, you can always bring me in to speed up those projects and build the tech the way you need it. Let’s get it done!

#3 – Cut The Fat

You want to increase the things that matter… and cut the things that don’t. This goes both for financial expenses as well as our actions.

Certainly, with a recession coming, it makes sense to review your expenses and trim the dumb things. Cut the subscriptions you’re not really using. Cut the stuff that’s actually just a waste. For example, if you’re paying for a few different TV streaming services, you’re basically just paying to distract yourself and make yourself much less likely to work on what really matters.

Whenever I drive somewhere, I see lines around Starbucks to get coffee you could easily make at home. Lines in fast food drive-throughs to get crappy food that only makes you sluggish and more prone to health problems. People are spending massive amounts of stupid money on these things that literally make them fat and unhealthy and a lesser version of themselves.

So, review the financial fat and cut the stupid stuff. But, it goes for our actions, too…

What actions are you doing that are counter-productive? Or perhaps just not adding to anything useful? Could you cut those things out and re-purpose your time?

Look, nobody needs to be in “work mode” all the time. I get it. Everybody needs some down time to chill out and re-group. But, it’s also good to be intentional about it.

For instance, we all know how many people are letting their phones control their attention, so they can sit there and scroll through social media feeds for an hour and… it just happens. No intention. No self-control. Just… being a slave to some tech company that has engineered an interface specifically to turn you into a mind-numbed robot. Maybe… just maybe… social media is fat to be cut.

#4 – Create Assets

One of the big things that is fueling this recession is inflation. All the financial trickery of the central bankers and power brokers is leading to most world currencies de-valuing, including the US dollar.

Now, this isn’t an economics lesson as that’s beyond the scope of this newsletter. But, the point is… your money is nothing but potential energy. And it’s potential is shrinking. So, what we want to focus on here is ASSETS.

An asset is a thing you can own which has an economic value. And I’m going to extend that just a bit to be a thing you can use to generate more income down the road.

Assets will always have value even as the currency we measure that value in is dwindling.

So, as you make money, I would encourage you to take some (or all) of your excess and transfer it into assets. Could be items in your home, extra food, crypto, metals… whatever floats your boat.

But, don’t forget to look at income-producing assets. In our wheel house here of online business and websites, everything we build is potentially an asset. Look…

• When you build a membership site, that’s a real asset.

• When you create a new lead magnet to build your list, that’s an asset.

• Your website itself is an asset you own.

• Your email list is an asset.

So, create assets. Create things which can deliver value longer-term and be used to grow your business. Create that online course you can turn around and sell. Create that new lead magnet you can use to grow your list faster. Work on creating a library of marketing and business ASSETS that can give you the edge when it comes to growing your business.

Not all assets have to be a place to park money or acquiring some thing. Sometimes, these assets are things we can create out of thin air, but provide long-term value.

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A recession is not a time to shrink into paranoia and fear. It is not a time to sit there and act like you’re not the one in control of your own destiny. Instead, it is time to buckle down, get smart, and accelerate right into the coming wave.

Tech Talk

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