Successful Staffing Entrepreneur Shares Knowledge On Succeeding in a Recession
Our client "G.G." is the owner of a thriving staffing firm located in Texas. She was generous enough to share her hard won wisdom with us about how to survive and thrive during a recession.
Background
The day G.G. started at a staffing firm, she knew by lunchtime that staffing was the industry for her. After transitioning from a previous successful career to staffing, she saw massive success in her field and eventually outgrew the “Big Box” firms to start her own business. Her staffing business, which focuses on general commercial and technical staffing, is still seeing a lot of success even during the COVID-19 pandemic and resulting economic downturn.
What’s the secret to a thriving business?
What is her secret? It’s no secret, she says. It’s all about using the hard-earned knowledge she has gained to her benefit, and making sure people know you’re still out there and ready to go.
“Get the word out that you are still here alive and well! Don’t be embarrassed that you’re doing well. Be proud of it and spread the word.”
G.G. also has business line expansion plans in place involving new industries she has not explored in the past.
How did the last recession impact you and help you form your strategy for handling this one?
“During the 2008/2009 recession, I nearly lost everything. I hadn’t planned for the hardships I experienced. But I did learn, in retrospect, what to do and what not to do to prepare for a major economic downturn. That time taught me quite a bit, so this time I was prepared.”
G.G.’s strategy to mitigate the effects of a recession involves the following 4 principles: 1. Diversify your client roster. “I made sure all my clients were diverse. Large, small, science, contact center… all different. I knew that if I had all the same industry type as before, they could be gone in one swipe. Instead, by diversifying, the chances are greater of one or two industries prevailing.” 2. Only work with solid companies. “The smaller clients tend to be more fragile during a downturn.” 3. Know what resources are available to you. “If it’s open lines of credit, or resources for grants, know what you have to work with before you need them. I have a PPP loan now and it helps my employees. I was able to retain employees who could not migrate to a work at home platform.” 4. Choose employees with a wealth of knowledge. “They might – and will! - need to pull double duty while we navigate through tough times.”
How can you be a leader during COVID-19?
When it comes to leading a virtual team, G.G. says to trust your crew. “It’s all about leading when needed, and getting out of their way. Since 2008, her leadership style has evolved.
“Now I am less hands on, and rely more capable employees.” In fact, when asked about her go-to resource for advice and/or inspiration on how to thrive in today’s COVID economy, she had a simple answer:
“My team! They inspire and motivate me on the daily.”
