By Kenneth Jepson
In the fall, they say, even a blind squirrel can find an acorn to eat. During the amazing harvest we’ve enjoyed these past years, even those turning a blind eye to sound business practices were able to get along just fine – perhaps even prosper.
But we’re moving into a whole different phase of the cycle, and blind success just isn’t going to hold up anymore – not for quite some time to come.
In truth, we’ve not yet hit a recession, nor will we before the year is over – but I’m confident it’s a coming, and it’s going to be a doosy.
Are you ready? Do you have a plan? Will you ride the wave, or wipe out?
Over the next ten years, many leading thinkers believe we’ll experience a Tsunami of turbulent change and economic upheaval unparalleled in modern history. There’s lots to explore on this topic, but for our purposes, let’s consider the most expedient unknowns—how long before the major impact hits, and who will be left standing at the end of the cycle?
Simply put, there’s not a lot of time left to make the needed course corrections, if you want to survive the coming economic shifts.
Have you been enjoying the long & abundant harvest so much you forgot winter would come? Or worse — have you been struggling through the tail end of the recent economic boom, and now you’ve got to somehow weather the coming storm?
Know this: the pains we’re feeling today are likely a precursor to more intense struggles to come. In my opinion, we probably have at best a 1 to 2 years reprieve before moving headlong into a major recession. Perhaps another 10 years before we see the next economic boom.
Remember the Jimmy Carter era recession?
>>> Double-digit interest rates…
>>> Double-digit inflation…
>>> Double-digit unemployment…
>>> High gas prices …
>>> Gas shortages…
>>> Credit crunch …
>>> Real estate crash …
According to Alan Greenspan – double-digit interest rates are unavoidable in the near future. Have you been relying on debt to finance your business? If so, consider the impact of double digit interest, and no additional credit to cover your subsequent growing shortfall. Are you in position to handle this eventuality?
Most experts agree, regardless of who takes office, taxes are going to skyrocket. It’s mathematically impossible to sustain the current and growing budget deficit on yesterday’s tax cuts. The coming hikes may vary by degree based on who wins the White House, but the choices are high increases or even higher increases. How will you manage this eventuality?
As the Boomers look to retirement, I believe many will find the recent scandalous & shameful financial travesty will have wiped out their nest eggs, leaving them scrambling for any low end job they can get — just to try and keep a roof over their heads. Unemployment rates and social needs will hit their all time highs, and social services will plumb new depths.
Those who plan carefully now and take aggressive action stand a fighting chance of surviving – maybe even thriving – and when the next boom hits, they’ll run laps around their competition (before most people will have even realized things have turned around)…
…For the rest – expect to see countless businesses fail, many others just dragging by.
But it’s not all doom & gloom; you can survive and even thrive with the right attitude, a solid plan, and by continually adjusting course.
Here are some basic rules to live by (inspired by my friend Dan Kennedy):
- Keep your wits about you, and your will & passion to win, even while many around you will be losing theirs…
- Have the intellectual agility to quickly modify, re-package, re-invent, and re-articulate your offerings to harmonize with the dominant desires, fears, and beliefs of the times…
- Concentrate your efforts on better & more likely buyers (especially those least and last to be effected by the recession).
- Knuckle down and work harder & more diligently to optimize the value of every customer and every lead you can get your hands on…
- Leave no stone unturned in your quest to develop and fortify your selling abilities, your business skills, and your planning & execution ability. Continuous training and study is more important now than ever…
- Call on an expert or experts to guide you in analyzing your current business situation and making course corrections. Positive cash flow will be imperative- Don’t wait until the major squeeze is on to look for assistance, or you might have waited too long…
- Don’t stop investing in Marketing! But make certain you have a defined strategy & plan that’s geared to the times – and know the ROI (Return on Investment) for every initiative you undertake.
Friends, now is not the time to stand around wondering what the economy is going to do, or for debating whether or not a recession is eminent. It’s a time for careful consideration & planning, aggressive, dogged, determined action, and the irrepressible will to succeed. You can do it!
About the Author:
Ken Jepson is a Brian Tracy Certified business growth specialist and coach, helping owners and professionals thrive through any economy. For a limited time, he’s giving blog readers their choice of a free business health assessment or marketing performance review. Call him today at 253.666.0030 x 801 or visit http://myfocalpointcoach.com for more details.
