BUSINESS CAN BE TOUGH...THAT'S WHEN YOU NEED TO SHOW UP...

Have you noticed in business that when external events happen that people in business can panic, stop buying, cancel contracts and generally hunker down and pray that things will change?

I started my business in 2008, at a time of great economic unease in the UK when there were many redundancies and, frankly, it was a 'pants' time to start any kind of new venture. Let's face it, I was made redundant myself although the timing was rather coincidental as it had been on the cards for a good while. I left my employed role and started my business in the summer of 2008, I wasn't technically made redundant until early 2009.

Starting up then was so very hard, so very demoralising as it was tough to keep going and to keep on believing when everyone was so downbeat. Now, looking back, I'm glad I've had that lesson early on because when it's happened since, I've known what the past can look like and can act accordingly.

The truth is that in business, the slightest hint that something economically nationally or globally will cause many businesses to stutter, to downright panic and to pull back from investment - including smaller businesses wanting to grow. This is often linked to factors which have nothing to do with any individual business owner - they act on a 'feeling' or nebulous 'predictions'.

For a few directly affected businesses this is entirely understandable however it's the effect on other types of businesses which has always baffled me - because their behaviour can make a 'worry' about the wider economy and future economic outcomes become the reality.

There is always money out there and there are those who will want to buy and, more out of naivety than anything else, when I started out I kept on keeping on without even considering the wider economic picture because I had no other professional choice. I found a way.

These are lessons which came back to haunt me again during the pandemic and after 24 hours' of panic when half of my business disappeared, I applied the principles of a start-up - keep on showing up where you can and often and you might just steal some market share. For me this took about three months of trust and then my bank balance started to improve and within the year it was back where it was pre-pandemic. I showed up, online, a lot, and I did various things to keep money coming in while accepting that things would be different in the teeth of something we'd not seen for 100 years.

There's an air of this about in business now and, when others are panicking or pulling back, I've simply learned that in my own little bubble, it's good to lead from the front. In the teeth of a Budget which has hit all businesses which employ more than three people and in the teeth of uncertainty from America and worries over Ukraine, there's a perfect storm around us which none of us can affect individually.

Here are my tips for surviving - and even thriving - in the face of economic uncertainty and fear.

*Accept the situation - this is a mindset thing where you have to let go of previous success and be present. This is particularly important if you are in a sector which is very directly affected by national or global economic events. Bemoaning, whinging and whining won't change things, you have to do it in the least painful way possible to survive.

*Take advice - from those you trust around you to come up with a plan and often this will mean your accountant, or FD and look at the numbers. Be sensible, be cautious but also, if funds allow, be brave. Don't cut back on everything unless there's absolutely no choice. This may be an opportunity in the making.

*Listen to your customers - if your clients are worried and want to engage with you differently then consider it seriously. By this, I mean that some may want to give you notice for no other reason than fear. Dig deep find out if this is real or if it is fear. If it's the former, be kind (they need to survive too or everyone loses in the end) if it's fear stick to your t&cs.

*Flex to your customers or any new customers which show an interest - some may not want in times of economic uncertainty to commit to you for long period of time. This is tricky in PR because it's a long game, there are no quick wins. However flex, even charge a higher hourly rate for a shorter period of time, or for a defined project, be real about what can and cannot be achieved in that time. This is a thing now - people wanting project work at a set monthly fee for a defined period which is less than a year - and even though I've openly explained that I'll charge a higher rate for this - I've had three projects come my way. During the pandemic we called this 'pivoting'.

*Introduce one or two new ways of working. For me in the service sector, I use the 'one to many' principle. Do more online webinars, courses or perhaps in-person events to help at a price point which is lower but which still works for you financially. During the pandemic, I started doing this weekly for free to test it. After a month I started to charge - around £25 plus VAT a head - and you got a high attrition rate which got rid of those who will never spend but people were left and that made it cost effective and kept bringing new people into my circles. I also introduced a power hour for 1-2-1 support just for an hour at a higher hourly rate and about five per cent took up that offer. That was a good rate for me just being one person stuck at home in the pandemic.

*Show up again and again and again - some people will say 'well of course you'll say that, you're in PR' but it's a truth nonetheless. By showing up every day on social media, talking about your thoughts, sharing your expertise, offering new services, growing your email list, and telling the media what you are doing through press releases (and in the pandemic the media were even more desperate for stories) you will stay visible and become more visible. Do it until you are utterly sick of it. Then new people might have heard you.

*Ask for the money - during these periods of time, don't do everything for free. Behave almost selfishly, yes you want to help people but they do need to invest in you at some point. So point them to your 'free stuff' offer them a place on your news letter list so they can take their time and build their confidence in you. Then ask for the money - or if you find that phrase 'icky' put out your news and allow them to buy from you.

For most of us in business there are always opportunities and there is always money to be made, businesses or people who need help and who are willing to invest to move forward - in their professional lives and in their personal lives.

There will be some businesses which will crash - and that can happen to us - a close friend of mine had to cease trading because during the pandemic he'd taken out a loan which he then couldn't afford to repay and it killed his business. Sometimes we are in such a situation and we have to make a tough decision. There have been very large brands these last few years which have been surviving on debt and loans for decades and the axe falls eventually. We can all think of some big names which have crashed in that way over the last few years.

Working in fear and pulling back won't bring new people to you - you have to do more and be more during these periods of time. You can use your expertise to empower and encourage others to do the same. You have to embrace visibility more than ever.

My final tip is this - when you feel things are quiet, there's a downturn and your income is dropping - step up, step out, say more, do more, when you've got less money, invest more time in this. There's one thing which often rings true in business - the more visible you are the more sales you'll make (as long as you know in your heart of hearts that your offering is sound, it's good value and it's honest and you demonstrate that over and over again).