An Economic Crisis is a Terrible Thing to Waste

In this time of economic crisis, it’s important to remember that this is also the time of greatest opportunity. Wasting this opportunity would be the worst thing one can do. Falling into the doom and gloom mindset and succumbing to the irrational fear that has run rampant will only hurt you.

There are always economic ups and downs, and they always work in cycles, or seasons. So now we are in a heavy snow & ice storm in our economic winter. The smart ones will take advantage of this and sell snow plowing. They will also make plans for the eventual economic spring, summer and ensuing fall and winter. Those who were not so smart have not stored anything up in order to take advantage of these opportune times. They foolishly spent all of their money that they made in expansion times on houses and boats, without thinking beyond the economic summer.

With regards to investing, you’ve undoubtedly heard the saying, “Buy low and sell high”. Well, guess what: It’s LOW! Now is the time to invest. This is the time to buy up businesses (either in total or in shares) and similarities. Besides this, you need to invest in your marketing, invest in your business, and invest in the opportunities that are abundant in the marketplace.

This is the time to be smart with your cashflow, both in reducing your outlay in increasing your income.

The first part, reducing outlay involves trimming the fat. What are you doing now that you should stop? What advertising is not bringing any response? Do you have excessive payroll? Are you spending more than you should on rent, or office supplies? You need to tighten up your product line, reduce debt to reduce interest payments, keep a tight line on accounts receivable and be careful with the terms you extend.

At the same time, now is the time to grow your business. The best way to do this is to entice your existing customers to come back. Work the client database that you’ve built over the years and market to those that already know you. Ask for referrals from those that have had great experiences with you. Then find new prospects in your finely focused target markets. Look for new and creative ways to tell your story using your well-tested marketing machine.

Now is also the time to find the best new employees. How many excellent candidates are out there looking for your business? So, fire up your tried and true recruiting system to draw the right people into your company.

Whether you have the method to act on this time of greatest opportunity or not, remember to learn the lessons from this economic “winter” so you can prepare for the next one. It will come, so don’t waste it.

Copyright © 2008 Kahuna Enterprises, Inc. All rights reserved.

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