This week, I wanted to talk about the negative talks I’m hearing about the economy going down. A lot of clients have been asking me about it, what I think, and what they need to do, so I tell them to focus on what they can control.
Amidst all that talk, what can you do, as an entrepreneur? My immediate advice is to take a piece of paper, set a time block, around 30 minutes to an hour, and really think about what would be the plan for your business if there will be a traumatic slowdown in the economy. Here are 3 quick steps you can do:
- Write all your thoughts out
- Put a plan in place
- Put some numbers together, like an If, and Then scenario so you know what you should do if one or different scenarios happens
What’s important is having a written plan and knowing how to react. It’s very similar to the things we do with our clients at CPA on Fire, where we look at their goals, their financials, and business direction. Having a plan in place is actually half the battle, then it just needs to be executed.
At CPA on Fire, we come up with different forecasts, like a 3-year forecast for our clients. This allows us to act quickly and feel much more confident about things that are bound to happen. And, a big thing about being the CEO of your own company is being confident and knowing that you’re making great business decisions through whatever economic climate you’re in.
For those who may have just joined us, we’re CPA on Fire, and we are an Accounting, Tax and Virtual CFO Service Provider. We specialize in online businesses that want to grow and we help them scale their business and navigate all the financial complexities that come with growth.