Learn 7 essential moves to thrive in the looming tough economy, including recognizing the season, checking business basics, gathering assets, offering premium services, being essential to clients, seeing opportunities in adversity, and guarding your mind from negativity. Get valuable tips on business survival and growth post-pandemic, focusing on metrics, assets, premium clients, and maintaining a positive mindset.
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Quick takeaways
Recognize the season - Understand the economic climate for personal and business decision-making.
Go Premium - Emphasize premium offers for select clientele to ensure business sustainability and growth.
Deep dives
Recognizing Economic Challenges
The podcast emphasizes the need for individuals to prepare and protect their businesses during challenging economic times. It highlights the impending economic uncertainties, including factors like the upcoming presidential election in the US and global instabilities impacting financial stability. The speaker draws on personal experiences from past economic crises, such as the 70s, 80s, and the 2008 bank crash, to stress the importance of readiness and resilience in the face of economic adversities.
Key Business Protection Strategies
The podcast provides actionable strategies for safeguarding businesses during economic downturns. It advises entrepreneurs to assess and understand their business fundamentals, including metrics like email list quality, website traffic, conversion rates, and customer retention. Additionally, the importance of identifying and leveraging existing assets, such as intellectual property and expertise, is highlighted as a crucial protective measure. The necessity of offering premium services to high-value clients for sustainable business growth is underscored.
Maintaining Positivity and Resilience
The podcast stresses the significance of maintaining a positive mindset and psychological resilience during challenging economic climates. It encourages individuals to view economic adversity as an opportunity for growth and transformation, rather than succumbing to negativity. By focusing on providing valuable assistance to those in need and filtering out negative influences, entrepreneurs can position themselves for success and positive impact amidst economic uncertainties.
Economic "Tough Times" are here, but not yet fully here. What can you do to protect yourself and your business? I've got some wisdom to share from someone who's been through tough economic times before...Me. This week, I'll give you the 7 moves you should make right now to not just survive, but thrive in this economy. I make no claims to be a financial expert, and I'm not handing out any investment advice or the like. What I'm sharing today are 7 things that I'm doing to prepare for a tougher economy which seems to be looming ahead.
Some of these are so simple that you may be tempted to skip them...don't. I'm doing everything I can to make sure that my business continues to thrive while weathering any storms that lie ahead, including each and every one of these steps:
Recognize the season - For the world, for you, and for your business
Check the Basics of your business - Know the state of your List, Traffic, Conversion, and Retention
Gather Your Assets - Get an accurate read of what your assets really are
Go Premium - Shift to premium offers for premium clients
Be Essential - Put yourself in your client's shoes...could you live without you, or would you get cut?
See the Opportunity in Adversity - Sounds bad, but it's not. People struggling need help. Provide them the help that you are able to render.
Guard Your Mind - Disconnect from the news, the social sewers, and as much negativity as possible. Be conscious of what you're feeding your brain. Worry solves nothing.
The One Person, $1-Millon Virtual Workshop: Registration closes soon for this unique, three-day virtual workshop meticulously designed for coaches and consultants, online educators, membership owners, or budding entrepreneurs like you. We're here to guide you in scaling your business to a One-Person $1-Million per year operation, without the need for additional employees or stress.
How You Can Help
Subscribe to the show in Apple Podcasts or on Spotify, and give us a rating and review. Make sure you put your real name and website in the text of the review itself. We will definitely mention you on this show. Questions or comments? Connect with Ray on Facebook, Twitter, and Instagram Visit Ray's community on Facebook – This is a friendly group of writers, entrepreneurs, and coaches who share ideas and helpful advice.
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