How to Survive, Even Keep Growing, in ANY Economic Climate… Including a Recession!
In Harry S Dent Jnr’s most recent book, “The Next Great Bubble Boom: How to Profit from the Greatest Boom in History 2005-2009? he warns of a depression that he terms the 80 year cycle, stretching from 2010 to 2022. Mr Dent particularly warns of a shakeout in developed countries like Australia.
If you haven’t got this book, I highly recommend you do so. Or of course you could choose to bury your head in the sand and ignore Mr Dent’s predictions which are based strongly on age generations such as the baby boomers (born 1945-1965). So as an entrepreneur I would prefer to prepare rather than ignore, or try and polish my crystal ball and look into the future.
So how does one prepare for, if we are to accept Mr Dent’s prediction, a recession? Something that few of us will have seen, less of us will remember. Something so potentially scary that you don’t even want to contemplate it. Well, you prepare for recession in the same way you SHOULD prepare for business today, by relying upon and IMPLEMENTING GOOD MARKETING AND SALES PRACTICES.
You see, getting good results irrespective of the economic climate should be a universal law not just designed for difficult times. In fact, the laws are largely unaffected by outside influences. HOWEVER, in difficult times, it’s even more important that you become a master of marketing and sales.
Historically of course, difficult times present the greatest opportunities for the few people who recognise it for what it is (an opportunity). In fact, as the saying goes, what doesn’t kill you will make you stronger.
Here’s a few tips, let’s call them secrets, for cashing in in a recession.
1. If you haven’t already, start gathering a herd. A list of customers, clients and prospects who are receptive to your message. And as the word herd implies, look after and nurture them.
2. Make sure you’re known for something. In other words, if I wake up this morning with a headache, who or what am I going to think of? Panadol? Nurofen? My local chiro? My local physio? Massage specialist? Naturopath? Make sure that when they have a problem that needs solving that you own the TOP OF THEIR CONSCIOUSNESS.
3. Redefine your business from your clients perspective. Only do things that are in the best interest of your customer or client or prospect. And strive to build trust and long term loyalty.
4. More than ever, focus on what you do best $$$ and what serves you best $$$, paying particular attention to what adds the highest possible value for your customer, client or prospect.
5. Pre-empt your customers wants, needs, desires and frustrations before they and your competitors do!
Clearly I’m not trying to pre-empt or bring on a recession or any other economic environment. The list above in reality is applicable at ANY TIME! But more so when times are tough. Frankly, it’s not a question of whether it will happen, it’s more a question of when. So be prepared!
Best regards
Mal
