Victor’s Insider Scoop on Surviving The Recession …
July 1st, 2009 | top of page
We are in a recession and the government is doing crazy things. Is Obama’s bailout working? Each side of The Aisle will have a different opinion on this question. My answer is Maybe but Maybe Not. Would we be better off today if the government had done nothing? Maybe, but maybe not. Neither I nor any expert can say with any certainty. It’s like trying to prove a negative.
The one thing you should not be doing is panicking because it’s very possible for you to not just survive the recession but thrive during it.
So what can you do? Here are 3 things to get you started:
1. Don’t get paralyzed by what’s going on. Investors keep telling me they are keeping their money on the sidelines waiting for a sign that real estate values have hit bottom. But, no one can tell me what that sign is or, if they have an opinion, it is sure to be different from every other investor’s opinion. And clearly not every investor’s opinion can be right. So fear (fear being a very strong motivator) has investors convinced that the smart thing to do is hunker down and wait things out. But, like trying to time the stock market, by the time investors realize the bottom is here it will have passed them by and substantial profits will be left on the table. This may be especially true right now as many pundits are predicting a long, flat bottom to this recession so its end will not be demarcated by a sharp uptick. So if you’re sitting on the sidelines and waiting, your business is frozen. And if your business is frozen, your business is dying.
Now is not the time to do nothing. Now is the time to do something like marketing and lots of it. This is, in fact, an excellent time to be marketing because your competition is likely frozen with fear so you have a great opportunity to solidify your position and take deals away from your competitors.
2. Work harder. If your business isn’t where you want it to be, rather than shutting down or doing less, do more. Maybe that means hiring someone to create a marketing campaign, or getting some systems in place to give you more time to focus on other things, or you get your hands dirty doing things you wouldn’t normally do, or looking at more deals. You should be doing more right now rather than doing less.
3. Fix fundamental flaws. The recession is exposing flaws in business models that were always there. It’s just that during the boom years businesses were making money despite their flaws. So don’t panic, don’t shut down, and look at the recession as a once in a lifetime opportunity. If you’re able to fix problems in your business your business will be that much stronger when the recession ends.
Again, the most important thing to remember is don’t panic. With your wits about you, you not only will survive this recession, but thrive during it.
Dedicated To Multiplying Your Income
PS – If you are ready to begin to thrive again by getting off the sidelines and putting your money to work give me a call at 602-320-6200. I see lots of deals and may have just what you are looking for.