The past few years were a great time for design firms, with an extraordinarily high demand for our creative services. However, the times are beginning to change and we are seeing more and more economic uncertainty, which can be unsettling for many designers. Recessions are a normal part of economic cycles and we can’t avoid them. But, we can be prepared to not only survive them, but to even thrive during them.
One of the keys to surviving an economic downturn is to avoid panic and worry and instead, apply strategic safeguards and seek creative growth opportunities. To make sure that your business is prepared, it is time to evaluate and streamline. I want you entering these uncertain times debt free, or as close to it as possible to reduce your risk.
It may take some careful consideration to get there, but it starts with pushing your creative boundaries and embracing new solutions that your creative mind is already so prepared to find. In today’s episode, I will share with you my ten tips to prepare for the economic uncertainty that we are starting to experience. These tips will help you to be strategic and focused and will give you a sense of confidence and ease that will help you breathe easier and feel prepared for anything that may come your way.
In this episode, you will hear:
- Ten tips for surviving and thriving during economic uncertainty
- The importance of building and maintaining an emergency fund
- How your creativity can be used in your favor when looking for new ways to streamline your business practices
Highlights:
03:08 Prepare for uncertain times by reducing debt risk
08:01 How to recognize and avoid unnecessary expenses
15:29 Steps to building an emergency fund gradually
16:41 Steps for managing your finances better
32:19 Strategic expansion while reducing overhead
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Supporting Resources:
- For more information about The Affluent Creative, check out my website www.melissagalt.com
- Follow me on Instagram, Facebook, and LinkedIn @MelissaGalt and TikTok @MelissaGaltBusinessCoach
