After 25 years in business, experiencing many successes, along with some failures, Sean O’Neill knows how to navigate his way through any business challenge. With a recession on the horizon, Sean shares his secrets of how to not only survive it, but come out stronger than before.
“We all fear what we don’t know or have never experienced yet, from riding a bike to our first day in school to our first exams. This is natural. But it’s the most successful and the strongest who do not let fear or uncertainty derail them; they use periods like this to help them focus and become more determined than ever.
In 2008 I experienced total collapse of my company. In my mid-twenties, thinking that I knew it all, this was my first time experiencing such a downturn in business and being faced with such uncertainty. I soon realised that I had two choices – give up or find a way out. It quickly became clear to me it that there was only one real option so I stayed close to the people who I knew were on my side and had a winning mentality, I supported my team and I never ever thought failure was an option because I would never give up.
With a lot of hard work and perseverance, as well as the support from those I had stuck by, I came out of the other end stronger and more focused than I was before. That period has left me with loyal and supportive contacts and teams who remember how they were treated by me when times were tough and that’s something that you can’t buy.”
Here are Sean’s top 5 tips on getting your business through a recession:
- Eliminate unnecessary expense
- Understand your assets and liabilities
- Surround yourself with proactive and positive people
- Don’t let negativity or news be the main focus for your decisions
- Act positively and plan for the future opportunities that will appear
Sean O’Neill is the Director of the Adore Group where he runs multiple successful businesses across the North West. Now making a move into mentoring and public speaking, Sean loves nothing more than sharing his expertise with budding entrepreneurs to ensure they know how to avoid the mistakes that many make early on in their careers.