Shift Your Perspective During Uncertain Times
Turn on the news, scroll through your social media feed, or even pick up a newspaper and you will see that we are living in some uncertain times. There’s a new war in Europe, inflation is at an all-time high, gas prices are at an all-time high, and there is an awful lot of political finger pointing going on. It’s important to prepare for uncertain times and economic declines to not only survive, but thrive.
Average people go on the defensive and buckle down, but you are not average. You can prepare for what’s around the corner by focusing on the things that have gotten you this far, your habits, work ethic, passion and your drive to succeed. Take advantage of those traits and build up your business and your finances to create an even bigger differential between you, your competition and everyone else.
Here are 5 things you can do now to grow your business and your cash savings to prepare for uncertain times and possible economic downturns and recessions….
Commit to changes that will grow your business now
Leave the emotions out of it and have no fear! If you want to win, do the things now that will grow your business and increase your income. Make the commitment and make it happen. Make the decision to play offense now and during an future economic recession. If you don’t, the alternatives will be to play defense and just survive, to pack it all in and call it quits.
Market your brand and services
If your marketing is not working like it should, now is the time to make a change. Find ways to market your services through education so they become a need instead of a want. Shift your audience to those that are less effected by downturns in the economy. And finally, create and market lower-cost, but highly profitable service and options that will appeal to people when when they aren’t able to spend like they used to.
Get your finances in order
I’ve said it before and I’ll say it again, know your numbers! Now is the time to build up your savings and reserves. Not just for a rainy day, but to set aside money that you can use to take advantage of lower cost opportunities as they become available. These may include simple product and tool purchases, low cost advertising solutions, or even the opportunity to buy your own building. To capitalize on opportunities to grow your business, you have to know your numbers.
It’s good practice to always run lean and mean. That means only keep the staff that you really need and only keep the ones that truly perform. Your employees need to be a real asset to you. Not only should they make you money, but they shouldn’t cost you time. They should free up your time so you can focus on the big picture.
This one is simple. Go full-throttle. Play harder and smarter than ever before. Sell and perform as many of your services now as you can to build up your reserves.
By putting a plan like this in place, you can do much more than just survive during uncertain times, you can thrive and put yourself in a position for long-term success down the road.