How to make sure you’re in the best possible position to beat the recession.
In this first ever episode of the Future Proof Your Business podcast I'll be sharing more of what the podcast is about, who it's for, and how, over the coming months we are going to really take a deeper dive into your business and your key messaging to really show off that know, like and trust factor. Today we take a look at VUCA, we explore brand loyalty, buying habits, and so much more.
Please do get in touch and let me know what you think!
Here are the highlights from this episode:
(03:01) The company of one by Paul Jarvis
(04:45) What do we mean by Future Proof Your Business?
(07:07) A VUCA world
(09:46) The Great Resignation
(11:27) The next generation - Gen Z
(12:43) Four main reasons why people still want to spend money with businesses or brands
(15:27) Brand loyalty
(18:46) The next few months - what we will be looking at.
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Welcome to the first ever episode of the Future Proof Your Business Podcast with me, Lucy Rennie. This is a whole new adventure for me. I'm really excited about it, but I'm not going to lie, I’m a little bit nervous too. I'm sitting in a studio with big headphones on my head, talking to myself. I actually look like Princess Leia with my headphones on.
But that's another story that we'll get into.
The reason why I'm here and why I wanted to create this podcast is that I'm just such a massive believer in the future of small business and the fact that people do business with people.
I really want to help you to build something amazing and to feel in control, because I know what that rollercoaster ride is like. I want to help you stop that overwhelm, but ultimately I want to kind of take away all this. There just seems to be so much pressure about hustling and doing, and building and growing and all these things.
I'm on a mission to help you fall in love with your business again and to tell you that you can build a business that feels right for you, that works for you, and you can do it in your own way.
And there's no rules about that. It's about really tapping into who you are as a business owner, what you believe in, and building something great and doing what you love.
So that's why I'm here. That's what this podcast is going to be all about. And over the next weeks, months, years maybe. I'm going to share with you loads of insights, loads of stories, lots of different experiences, and loads of practical stuff that you can really think about, that you can take away and that you can implement straight away and use in your business to help you to refine, to get better, to improve and to do the good things that you want to do.
I know when I read the book The Company of One by Paul Jarvis, something really struck me, where he talks about the fact that business isn't necessarily about quantity.
We're not always about scaling, it's actually about quality and getting better and doing things better and just doing things in the best way.
And that really resonated with me and that's what I really want to help you guys today to do and help you to future proof your business.
So we're going to have also loads of different speakers coming on and we're going to hear from lots of other small business owners with some inspiring stories, some real life stories, case studies and things just to help us to know that we're not on our own.
Because it can be quite a lonely journey, can't it?
Running a business and that roller coaster ride.
So that's what we're doing.
You're going to bear with me as I get more comfortable doing this.
I'd love to hear from you if you've got any feedback, if you've got some ideas of things we can talk about or you want to share things that maybe you implement following the podcast.
So please do get in touch and all the information for that will be in the show notes, wherever you're listening.
But yeah, please, I would love to hear from you.
This isn't about doing this for me, this is about really helping you as a small business owner to get where you want to be, to build something fantastic.
And yeah, I believe the future is small business.
And so today, on this first episode, I thought it would be quite a good idea to just sort of, first of all, think about what we mean by future proofing and secondly, looking at the context that we're in today.
Because as I'm talking to you now, we're in August and August 2022.
So we're living in a bit of a funny time at the moment and I want to talk to you a little bit more about that and why I think it's really important that we take some time out.
That we take stock and we sort of look around and think about where we are today.
Where our business is.
Where we want it to be.
But also kind of what's going on in the world and how that might impact our strategy.
Might impact our vision or what we're doing and the things that we need to be doing today and over the next few weeks and months.
So just to get us started, I thought I would read to you the definition of future proof, just so you really get a feeling of where I'm coming from with this.
So the official dictionary definition of future proof is: to make or plan something in such a way that it will not become ineffective or unsuitable for use in the future.
That sounds a bit long winded, doesn't it? But actually what I mean by that and what I think Future-Proof means is that we want to build something that's going to last, we want to build something that's sustainable and that is going to keep on giving, that's going to be here for the long game, that's not a quick win.
We want to build something that's going to be here for the next year, the next generations maybe. We want to build something that's going to last and stand the test of time.
So we want to put in place foundations, we want to get things done in the right way, so that whatever gets thrown at us or whatever comes at us, whatever situations we might be facing, we're in a strong position to be able to survive, and not only survive, but thrive on that. So that's what I mean by Future-Proof.
And throughout the podcast, I'll be taking you through the three clear steps that I've come to understand and recognise that are the fundamentals of that, which is Clarity, Communication and Connection.
But for now, I thought it would be really important to talk about today's context.
And that starts off, really, by acknowledging the fact that we're living in what's come to be recognised as a VUCA world.
And what we mean by VUCA is V for Volatility, U for Uncertainty, C for Complexity and A for Ambiguity.
So VUCA and really that means that we're living in a world that is constantly changing, but there's all sorts of different things going on and it's not a simple, straightforward kind of way of doing things anymore.
And we only need to look at the last maybe two years and recognise what's been happening and see that of course it's going to have an impact on us, on our business, on what you're doing, to just name a few.
Here in the UK, obviously, we've had Brexit, we're just coming out of a two year global pandemic with the coronavirus, there's a war in Ukraine. There's a heat wave going on, which can be really positive. We love the blue sky and sunshine, but actually that has repercussions on the wider environment as well.
And also we're heading into what looks like a recession.
In that context, of course, it's going to have an impact on you as a business owner, on your small business and your brand, and the way that you're going to manage what you do, the way you're going to think about your strategy and how you go about things.
And so I thought it would be really good today just to encourage you to take some time to think about that and to maybe get your head out of the day to day, because that's what we do, isn't it?
When we're running a small business, we're spinning all those plates and we're juggling all those balls and firefighting and it's hard sometimes to find that time to lift our heads up and sort of look around, but I really want you to encourage you to do that and to think about what's going on and how that can impact your business.
And interestingly, the way that people behave in these kinds of times of uncertainty or volatility is different as well.
And we can see that there's been a massive shift in behaviour of the population over the last sort of one of the things is a movement called the Great Resignation.
Which we've seen over the last two years come into play, particularly following the Pandemic. Where people have been asking themselves what's important. What do they want to be spending their time doing? Where do they want to be working? And really thinking about what's meaningful to them and are they living their life in the right way for them in a way that makes them content or feel fulfilled? It's also making them question who they're working for and why they're working for that business.
So, in other words, they're starting to look at what a business stands for, what a business does, what the purpose of a business is, and there's been a real shift in the sense of actually, now it's about employees choosing employers or organisations or businesses to work for rather than the other way around.
So almost kind of, why should we come and work for you instead of actually, why should we employ you?
And that's really interesting. We're going to touch more and more on this, but I think for us as small business owners, for you and your brand, this is a real opportunity because you're creating something that's going to be interesting and exciting for those people to come and work for you.
And the same way people are starting to look at how they engage with brands and who they're buying from and who they are working with in the same way. Okay, so that's a really good area to think about.
The second thing is the next generation.Generation Z that's coming up, which is the younger generation. They are also starting to really look at the way that they engage and interact with different brands and businesses.
And again, they're thinking about what's important, what does that brand stand for, what do they value and how are they doing business?
So it's much more about ethics, it's much more about the way we do things and it's much more about what's important to each business. This is really having a massive influence on the way that people are choosing to interact with brands.
So, without even thinking about the recession that's coming, there's already a shift in behaviour in the way that people are looking towards brands.
And as we enter into a recession, one of the things that I really want to talk to you about today is the way that people's behaviour changes as people start to be a bit more careful with their spending, when they start to think about actually where their money is going and starting to be a bit more careful about things.
With that in mind, there are actually four categories of purchase behaviour that I want to talk to you about.
Four main reasons why people actually still want to engage and buy from business or brands.
Four reasons why people will still want to spend money and still be happy to spend their money and ultimately spend their money with you as a small business owner.
So the first one is about wealth.
If you can help that person to save money, to make money, to get a really good return on investment in terms of what they're spending with you as a brand, then they're still going to continue and might even increase their engagement with you as a brand.
The second one is about health and wellbeing.
So people are still really willing to invest in things that are going to help them feel better, that are going to make them well, that are going to look after their health and that are going to make them feel good.
So think about the feel good factor, so that might be sport, it might be the medication, it might be all different things that people are going to invest in that is going to help them with their health and their wellbeing.
The third category is home.
And this is a funny one. But actually it makes sense when you think about it. Because people are going to cut down on their spending so they're not going to be going out as much and they're not going to be doing things outside of the home. They're actually going to be more intentional about creating a safe space, a cosy space, the feel good factor in their home.
So anything that you can do as a brand, as a small business to help them to create that space or to feel good in the home, whether that might be pictures on the wall, it might be the new technologies, it might be helping them to create that feel good factor within the home, it is definitely going to be a good thing.
And then finally, the last category where people are still going to be purchasing or still going to be making those decisions to buy or work with you is when they think that they've got a good deal or a bargain.
And this comes down to adding value, doesn't it? And making them see that they're getting more or they're getting what they're paying for, they're getting real good value from their investment.
So taking those four things into consideration, it would be really good to have a think about where your brand sits within those four and how can you really bring that to light in your messaging, in your storytelling and in the way that you promote and market your brand so that people can really resonate with that and pick up on it and we can really take advantage of that shopping and that consumer behaviour and moving on from that.
What that means as well is because people are thinking differently about the way that they are buying and the way that they're interacting with brands. They're also starting to think much more about brand loyalty and working or buying from businesses that they really trust.
They want to be loyal, they want to stay with that sense of familiarity. So yes, it's about them being intentional, about helping you and supporting small businesses and the brands that they love, but it also comes from within.
And for them, it's that sense of safety, of familiarity, of knowing what they're going to get, knowing that if they're investing in this or they're buying this, they know exactly what they're going to get for their money.
It’s really important to take into consideration as we move forward and we think about how we're going to work and talk about our brand over the next twelve months.
With this in mind, what this all means for you, is people are starting to really make a shift towards working with brands that really stand for something and they're really going to be lifting up the covers and they're really going to want to know and start to be really curious about who is behind the brand.
Okay? They're going to be really curious and want to know more about what your brand stands for and ultimately start questioning what it is, why should they come to you, why should they shop with you and not with the other brands or your competition on the market?
This is the bit that gets really exciting for me. This is the bit that I believe we can make a massive impact on.
And if we can get it right. If we can really build on this.Then I believe that it's not all doom and gloom.
But actually there's loads of opportunities ahead and it can be quite exciting for us as small business owners because I believe that we can really take advantage of this and really make an impact on our business and the way that we engage with our customers and our wider audience.
So at this time, what I'd really like you to do is to just take some time out to lift your head up and to think about your brand, about where you are and about what that looks like today. And I want you to start to think about what that means.
So thinking about how well you are expressing who you are and why you do what you do. Think about how you tell your story and how you can really tell your story in a way that resonates with your ideal clients, with your customers. That really engages with them and that lets them know that there's a real human being behind the brand. That lets them know who you are and lets them in a bit in terms of your story.
Why you do what you do and help them to understand ultimately that you really care and that you want to do the best that you can do. This is what we're going to be looking at over the next few weeks, a month, so really getting clear on why you do what you do and how we can bring that into your storytelling. We're going to look at who your ideal customers are and really get under the skin of them and understand them and their challenges and what's keeping them up at night so that we can really help them more and more as we go through these next twelve months in this uncertain time.
And ultimately we're going to really hone in on how we can make sure that we're communicating in such a way that we're managing expectations and that we're delighting them each and every time. So just to kind of come to the end of today, I think really my message is, as a small business owner, I believe that there is a lot of opportunity here, that, yes, there's a lot of uncertainty and yes, we need to be careful.
We need to anticipate what's coming up, we need to sense check, what's going on, and we need to prepare for the different scenarios that might be coming.
But ultimately, if we can do that, if we can really hone in on what we do best and make sure that you're delivering every time great products and services, then I believe that you're going to future proof your business and that there's no reason why you can't build a bank of loyal customers, of clients and superfans who are going to come back time after time.
So my challenge for you at the end of today's first episode is to take some time out to lift your head up, even if it's just half an hour with a blank piece of paper, switch off all your notifications and just really think about what's ahead.
What do you think? Think about what we just talked about and all the different things that are happening and think about the impact that that might have on your business.
And once you've identified what that might be, I want you to really think about what you can do to anticipate that and to make sure that you can deal with it in the right way.
And then take your strategy, your plan, that you've got your roadmap for the next few months and sense check it, does that still fit? Does that still make sense with everything that's going on?
Am I still offering the right products and services at this time to my customers, to my clients? Is it what they need right now? If it is, then great.
Let's reinforce that, let's strengthen that and let's really make sure that everybody knows what you're doing and that you can help them. And if it's not, then let's take some time out to really think about, well, actually, what is it that they're looking for and what do I need to do? What can I tweak, what can I put in place to make sure that I am evolving and making sure that I am working in the right way for my customers and clients?
Anyway, just to conclude, so for this first episode, what I really wanted to get across to you today is to know that, yes, we're going to hear a lot of doom and gloom. Yes, we're going to hear about uncertainty, yes, we're going to hear about recession. Yes, there's lots going on in the world, but if you're here today, you've already got a superpower, which is that you are a small business owner. And I know that you've got that grit and determination and you've got what it takes to be able to future proof your business and to make something amazing happen.
And so for this first episode, it's just about recognising what's going on, what's shifting, what's changing, what behaviour, what are our customers doing and how are they thinking? And I really want to encourage you to just lift your head up and notice what's happening. Have you seen any changes?
And think about what's coming ahead and what you need to do to make sure that you're in the best possible position and place for your small business. To make sure that this time next year. You've not only survived. But you've actually thrived and you've taken advantage of all the opportunities and the exciting times that are coming ahead.
Next week. We'll be looking at getting really clear on who you are as a brand. Why you do what you do and what you stand for. So that we can really hone in on those stories and really start to communicate in a way that's managing expectations and delighting people at each step of the way. But also that's resonating and engaging with and attracting the right kind of people for your business and your brand.
So, thanks for listening. If you've enjoyed the show, then please do subscribe.
Please get in touch and let me know what you think.
And yeah, I'll see you next week for episode two.
Thanks for listening to the Future Proof Your Business podcast.I've been your host, Lucy Rennie, and I hope you've enjoyed this episode. If you have, then I'd love you to head over to Apple Podcasts, Google Play, Spotify or wherever you listen to your podcast and hit the subscribe button.
And I'd really appreciate it if you'd leave a review and a rating and help me to reach even more small business owners like you who want to build a business they love.
And don't forget, you can head over to Imluceyrenny.com podcast and sign up to my email list, as well as finding more tips and tools to help you to future proof your business on my website and in the show notes.
Finally, I'd love to invite you to come and join me and lots of other small business owners like you in my free Facebook group, Communicate with Purpose.
You can find all the links on my website and in the show notes.
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