Good Times and Bad Times Will Become Frequent. Are You Ready For Both?
Up until 8 years ago, the economy was roaring. Stock prices were going up, interest rates were remaining steady, unemployment was down. In one day, those indicators all came crashing down, and started going in opposite direction.
Now… it’s hard to tell from day to day where we all stand.
Wish You had a Crystal Ball?
I’m sure I’m not the only one, who wished they had a crystal ball… and could see when the business environment would return to normal. The world thought that it wouldn’t have lasted as long as it has. But alias here we are fully 8 years later.
The long-term prospects, in my mind and it’s only my opinion, for growth and good times are uncertain.
Will there be good periods, good times ahead? Yeah I’m sure there will be. But that doesn’t mean that there won’t be dips, sometimes very deep ones, along the way. The question is: Are you and your enterprise, positioned to take advantage of those returning good times and be in a good place to navigate the bad?
You’ll have to expect one as well as the other.
In today’s post these are my 5 thoughts as to what I think we as entrepreneurs will have to do, to make the shifts that will serve you and I well during both. First one being…
Get out of debt. (If you’re in it)
I like to evaluate, I like to ponder and think through strategies. But when it comes to this, the quicker we act the better. Think about this for a second, and tell me if this isn’t true… you can’t take advantage of great opportunities that drop in your lap, when you’re mired in debt.
These opportunities will present themselves in both good times and bad. Regardless, in both, debt draws away your focus and prevents you from profiting from opportunities. Wouldn’t you agree?
Not sure about you, but for me in bad times, debt has magnified the negatives, as the cost of money increases and with the many debt services popping up, it’s beginning to become an ever-increasing portion of a business’s expense.
We’ve, in a way, been forced to do this. Think globally. No longer can any of us afford to purely think and act locally. We must have the widest possible view. We must think about how our customers, our business and our industry will operate in a global economy – because it already does. Do you think?
I remember this from when I went to see the late, great Jim Rhon back in 2001 Dallas. He said, “Either you run the day, or the day runs you.” This is the time of the free agent.
Business owners, who are bucking the trend, run their days. Regardless of what industry they’re in, they all think like an entrepreneur. You need to be an “in-trepreneur.”
It’s a shame, but when I read through some content online, it may only be me and I’m not sure whether you’ve seen this but, seniority and experience doesn’t seem to have the value that it once did. It’s now all about producing results and profits. Shareholder profit is all that matters. What do you think? What have you seen to support what I’ve just said or blow it out of the water?
Become a Capitalist.
It’s only until you take a breath, sit back and look around you. That you see that the wealthy own the assets, and everyone else own liabilities. Those things that cost money to own and maintain. Capitalism isn’t really a dirty word in my book. It’s how you operate in it that counts. Not sharing, supporting and helping others less fortunate, makes the word dirty.
A capitalist, by definition, is someone who owns assets, which pump out income like a well-oiled machine. Stock, equipment and businesses are assets. In the UK around 821,000 households are millionaires as of June 2017. If you’re not one already, why can’t your household be one? If that’s what you desire.
Never have things been moving at such a rapid pace. Everything we do as business owners tend to demand adaptability. One of the many facts in life is change. Very little will ever remain the same, nor will they go back to the way they used to be. Here’s the thing I’ve noticed about the very successful business owners today… they are willing to change directions quickly. Willing to try and test new things. It’s dodge and weave time. It is time to embrace changes we’re in now and the changes to come, and they will be a tonne of them. I’m afraid “Shift” happens!
For us all to survive and thrive today and the coming tomorrow’s, we need to try new things, see how well they work, embrace the help of authorities in their field if we are to do well, in good times and in bad times.
Like what you’ve read? Leave a comment and let me know why, even if you disagree I’d love to hear your thoughts. Curious as to how different low or no cost marketing changes can help your business thrive in good times or in bad?
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