“You only find out who is swimming naked when the tide goes out.”
A recession or even another great depression is coming soon.
Interest rates have dropped around the world because central banks know there is a problem. Some countries like Germany are even paying negative interest rates. You pay them to store your money.
That’s not business as usual.
But even if we didn’t have this huge red flag staring us in the face, we’d still know trouble was coming.
Booms and busts have occurred at regular intervals throughout history.
Whether it’s next week, next month, next year, or further into the future…we’re going to see a bust.
I can’t predict the timing, but we can prepare for the coming days.
You might not realize the risks you’re taking until the bottom drops out. This applies to the overall economy, but it also can apply to individual shocks you experience in your business.
What happens if Facebook bans your ad account?
Or you lose your Paypal account?
Or you lose a key member of your team?
Those are all possibilities that could hit anyone.
Perhaps you have a funnel that is profitable, but you’re resting on your laurels. Over the past year, you’ve likely seen your cost per click and your cost per lead rise. It’s getting more competitive in your market. Costs are increasing and it’s even tougher to convert those leads into sales.
What are you doing today to improve those numbers? Have you put more follow-up in place? Are you experimenting with contacting customers in other ways other than just email? Are you testing a bigger backend? Are you developing relationships with affiliates for additional traffic sources?
What happens when the economy goes to crap and your audience has less disposable income?
One quick tip is to start focusing on the more affluent customers in your market now.
When things go poorly, they’re still better off than the average customer and more likely to buy.
In a booming economy, even the me-too competitors are able to profit.
When the economy shifts, you’ll differentiate or die.
Are you refining your message now when things are going well? Are you communicating with your customers and helping them forge that new identity they desire today? Are you testing different approaches while the going is good…or will you wait till times are desperate?
This is not a message of doom and gloom.
Life goes through cycles and so does business.
It’s simply a call-to-action to implement today. Increase your knowledge. Expand your skills. Overcome the fear and move forward. Expect obstacles. Have the confidence that with the support of others you can knock every barrier down.
Master the skills that allow you to not only survive but thrive in any market environment.
Jobs in today’s world are NOT safe. Even an individual business is not safe.
It’s the skills, the experience, and the attitude you cultivate that can enable you to win no matter what you face in the future.
And it’s in the Monthly Mentor Club you’ll find the tools that can make it happen.