Business Mentor PodcastHow to Prepare For a Recession?
Market crashes. Brexit. Recessions.
Be prepared. Look out for your business.
In today’s episode of The Business Mentor Podcast, Jay urges you to prepare for recessions and market crashes. It’s unpredictable when and how grave will recession’s effect be to your business, so it’s better to anticipate the worst right now. Don’t miss the 4 tips that Jay gives on how to prepare for a recession. Whenever it happens, you have to be equipped to get through it. Remember to yourself surrounded by the right support group (including your mentor), be financially stable, and be adaptable. Discover more when you tune in.
KEY TAKEAWAY
- A recession happens, on average, every 10 years. It happened since 1946, and it’s unpredictable of when exactly it’s going to happen and what’s its effects will be. The last recession that occurred in October 2007 took 65 months to recover.
- Lately, there has been too much competition, and a lot of people are looking at investing in property. According to Jay, that’s a tell-tale sign that recession is coming.
- Laying off employees happens a lot in the first phase of recession.
- You don’t know what you don’t know. You have to be prepared when it happens. For Jay, it was approaching his mentor about it. He asked about his mentor’s experience, studied about the recession and did a SWOT analysis. It became clearer for Jay how he should plan for his business’ next move.
- Keep going even if it’s recession. It will happen no matter what, and your business shall be able to withstand the outturns. You should be fully aware of even the minute details of your business so you can prepare, and once it happens, it’ll be easy to adapt.
- 4 Tips for preparing for recession:
- Have an emergency fund. Jay advises that you save at least 10% of your business’ profit. The sooner you start, the better.
- Have multiple streams of income. If you only did one market, you’re vulnerable. There’s a lot of ways you can earn income. Look into where you can branch your primary business, look into the skills that you can develop.
- Keep some cash aside. When the market crashes, stocks become cheap, so buy stocks.
- Have the right support network. The most important thing is you have the right mindset that can face the consequences that happen during a recession. If you’ve got the right mentor and the right community, you become firmer and more driven to overcome it.
BEST MOMENTS
- “If you’re not prepared, when it comes, it could take out the market.”
- “Recession comes out of the blue.”
- “When recession does come, rather than panicking and saying, ‘We can’t do anything’, we did a simple SWOT analysis.”
- “If you’re going through hell, just keep going.”
- “You may never use your emergency fund, but at least it’s there when you need it.”
ABOUT THE HOST
Jay Dhillon is a serial entrepreneur, investor and philanthropist based in the UK with a proven track record of growing businesses from start-up to success- and helping others do the same. From humble beginnings, Jay grew his first business from 0-500 employees and three locations, racking up sales of over £30 million – all without any investment other than a small amount of savings. The business went on to acquire major clients such as Landrover, Jaguar, Toyota and New Look, to name a few.
Its huge success inevitably brought about outside interest and at the age of 33, Jay eventually sold the company to a London investment firm in Doyen Resources. Today, Jay owns several businesses in different sectors and helps entrepreneurs achieve success.
A calling to give back and help others led to Jay being chosen for the highly-coveted role as a Prince’s Trust mentor, where his achievements were marked by a personal invitation to Buckingham Palace to meet Prince Charles.
After helping several young entrepreneurs to success as a mentor for the Trust, Jay’s burning desire to bring his wisdom and knowledge to a wider audience ultimately triggered the concept of The Business Mentor Podcast.
Jay feels that anyone can achieve success in business with the right advice and mentoring and is now sharing his knowledge with his growing audience via his podcast.
In the UK alone 95% of business fail within the first five years and Jay’s aim is to reduce that number.
Backed with the hard-earned knowledge and experience from his time in business, The Business Mentor Podcast will share Jay’s personal business lessons as well those of other successful entrepreneur guests who share their wisdom and secrets on the show.
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