In this final blog of this series, I'll share with you the fourth secrets I learned while building my second company.
Alan, one of my mentors, is a living testament to the power of Persistence. His journey, though a personal one, holds valuable lessons for us in the business world. Just as he was the first person to cycle around the globe, a feat that required physical endurance and unwavering determination, we too can conquer any challenge with vision and Persistence.
Without Persistence, all his skills would have been in vain. These qualities and characteristics are the same ones that can guide you to the summit of your mountain. You face mountains every day. You can either scale the mountains or stay at the base. Any successful person will affirm that Persistence is the key to conquering the mountains and transforming your outcomes.
The crucial factor that separates successful entrepreneurs from the rest is their unwavering Persistence. It's this ability to persist through fear, failure, disappointments, and challenges that truly sets them apart. Rather than seeing these obstacles as roadblocks, persistent individuals view them as opportunities for growth, learning, and innovation.
Four years into my second digital business, we faced the worst recession in recent history, a period documented globally. With the UK nearly bankrupt, organisations shifted their focus to essential spending, and digital innovation was often overlooked.
During the recession, the business landscape changed dramatically, and our digital business was not immune. Overnight, many non-essential projects were halted, including digital transformation initiatives, which comprised a significant portion of our business and revenue. The UK, in particular, was hit hard, with an estimated 1 in 5 businesses going under. It was a challenging time for all of us.
Determined not to be one of the casualties after six years of hard work, I sought new strategies and services to meet our clients' evolving needs. I realised that compliance with digital regulations and cybersecurity was now critical for organisational survival, including ours.
Undeterred by the challenges, I took proactive steps to adapt to the changing business landscape. I expanded our services to include compliance with digital regulations and cybersecurity, areas that were now critical for organisational survival. I also networked with key decision-makers in technology and compliance and built a team of expert consultants under my company's brand. These efforts, along with thorough compliance reviews, helped us secure and retain business even in the midst of the recession.
I offered additional incentives for clients committing to long-term contracts and retainers to strengthen our relationships.
With another recession potentially on the horizon, I advise all my clients to act now. Adapt to the challenges ahead, make necessary changes early, and build resilience to make your digital business more recession-proof.
Go get'em.
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