Anyone who has been following up with the news recently has probably heard the constant discussion about a recession coming and how it will affect the global economies. Not just the US, but India is also observing the likelihood of an impending economic slowdown, most likely by year's end or the early part of the following year.
The global debt is hitting an all time high, government bailouts and money printing is also increasing at an exponential rate, moving the world into an economic halt with a recession on the horizon.
What is economic slowdown?
Recession is a period where the world growth slows, economic activities stall, resulting in degrowth of the economy. As business owners, there will be critical actions and practices we’d have to undertake to keep ourselves up and about during this challenging time.
How can business coaching impact the economic slowdown in India?
As businesses are diversifying and scaling, the concept of business coaching has gained widespread acceptance, especially among FMCGs, real estate, and textile to name a few. Over the decades, coaching has proven to not just double but triple the revenues for businesses in a matter of 2-3 years. Some prominent business coaches in India like Saurabh Kaushik, Vivek Bindra, and Ujjwal Patni are bringing about revolution in the coaching industry in India.
Below are some unique ways a business coach can definitely make a huge difference to your business and life:
Growth acceleration
The market is inescapably going to slow down. Growth rates will drop, the GDP will take a hit. Although the market will spiral, new doors of opportunities will also open up in all sectors.
A business coach will help you harness this downtrend and tap into opportunities that many businesses would be scared to explore. Your coach will help you carve out strategic plans that will break the boundaries of your business and help you expand in more directions than before.
Survival of the fittest
The great depression was a consequence of a series of systemic inefficiencies, causing many companies to wipe out. But it also brought about fundamental changes that were globally adopted and are practised even today. While these shifts in the system are needed from time to time, they may come at the cost of extinction of many business practices throughout the market.
Not just coping, but thriving through change
The market loves certainty, but the times are changing and the world has never been more unstable. While predictions may vary based on different parameters, the general consensus brings us to expect the upcoming recession by the end of this year, through 2024.
Success Strategy
A business coach can help you map out a plan to prepare for this uncertainty we’re headed into. There’s no ultimate estimate on how long this recession will last and if we’d be able to grow at all with these long economic halts. Your coach can prepare you to not only cope with this change, but thrive in it and get through these uncertainties with long term gains.
Entrepreneurs who can take the plunge and dive into risks through conviction will reap the most rewards once the market recovers, which it will.