No one knows what will happen next. It is important to preserve cash, exercise prudent expense management, not to indulge yourself with unnecessary spending. Yes, we are living in tough and uncertain times, and the media is not helping; if anything, the media makes it look worse than it is. My grandfather said once, in a similar economic situation: “If you do not read the newspaper or watch TV, life doesn’t look that bad”.
The reality is that you cannot “save” your business into success. Your business is like your car- it needs gas. The “gas” for your business is money and resources, otherwise, it will not move. Moreover, if you are not moving forward in business, you are moving backward. Clients, friends, and family often ask especially now, what should we do? Well instead of giving you advice or coaching, here are some power tips on what we are doing with our own business, given the current market conditions:
- Plan your work and work your plan — focus on your core business and your value proposition, create your reality; it sure beats the alternatives.
- Upgrade and top-grade your infrastructure — It is a buyer’s market. It is time to invest in any upgrade or top-grade that your business may need. Your dollars will stretch a long way in today’s market condition.
- Take care of your clients — they are dealing with the same circumstances. Remember the reciprocity law, and give them as much as you can, for less. In the long run, it will pay off tenfold.
- Spend your marketing dollars — it is the fuel of your business. Although the conventional wisdom is to cut the marketing budget, I say, do not. Your marketing dollars will get you farther, especially now.
- Get your next year plan ready, and the sooner, the better — It is the perfect time to focus your time and resources on innovations, improvements, and conditioning.
Looking forward to seeing you in 2020!