SIC Codes and the Economic Downturn

SIC codes, if you’ve ever wondered, stand for Standard Industry Classification. They allow businesses to register with the tax authorities and Company’s House to easily recognise what they do.

SIC codes are going to become even more important to you in the forthcoming economic downturn, which is forecast to happen very soon, on your watch. Follow the SIC code, and you’ll get through the recession fairly unscathed.

  • S – Self-development
  • I – Inner Game
  • C – Continuous client contact

Self-development is key to be able to evolve and change, adapt to the modern world and improve your skills and offerings. Turn up the volume when it comes to your CPD. Find out your learning style – the best way is to visit and allocated learning to suit you. Podcasts, audiobooks, videos, Ted talks, brochures, magazines, LinkedIn learning, online courses. The list goes on. Fill your spare time with this.

Inner game. This is your headspace – how you are feeling. Confident, positive, low or depressed. Moping or fighting inside. The way you feel can affect your actions dramatically. Invest in some CBT training – cognitive behavioural coaching – this is one of the best ways to self coach your inner game without resorting to hypnotherapy or acupuncture.

Finally, continuous client contact. Most of your customers will be affected by the recession. If they’re businesses, they’ll be hunkering down and battening down the hatches. Budgets will be wiped, and business expenditure kept to the minimum, only what is required. Discretionary spending is out of the window. So if you’re in lifestyle coaching or Feng Sui consulting, expect zero business. If your customers are consumers, they’ll be cutting down to only essential expenditure. Out go expensive a la carte meals and in are table menus during discount hours, takeaways and McDonalds. Or shopping at Lidl or Aldi, shops I love.

The point is that you must keep in contact. Help them, advise them, keep them posted in a non-direct way. When things turn, which they always do, your name will be in the frame for the business. After all, you helped and advised during the downturn; they may be loyal to you. So expect little return initially, this one is for the long haul.

SIC codes will help you survive the recession – I know I’ve been through four of them in my working life – they all pan out in the same way.