2008 was the last major economic crisis we faced, and many of us struggled first hand during that time.
While we certainly hope the COVID-19 business closures won’t land us in economic recession, it’s always best to be prepared.
Here’s what you can do to protect your business and even thrive during these trying times.
Is 2020 the New 2008?
Many of you have already been affected by the business closures and subsequent layoff. Unemployment is predicted to reach up to 30%, which are Great Depression levels. This all may be very temporary, but we still face rough times.
Similar to what happened in 2008, there are still opportunities. The key is to see the needs in the marketplace and position yourself in front of those needs.
What you need more than anything right now is to be viewed as the expert you are. A book is the best way to build the credibility you need. Creating and leveraging your book is more important than ever. These are the four things you need to do right now:
Believe in What You Are Doing
More than ever, you need to firmly and securely believe in what you are doing. When you are speaking to your employees, your family, and your clients, you must believe in what you do. People are concerned about spending money right now, so you must believe in yourself before potential clients will. People need assurance and to know that your solution will work for them.
Make a Special Offer
Do something special for people during this time. Reduce prices, extend payment terms, or offer something special to give people incentive to move right now. Be creative and come up with offers that will really appeal to people during these times.
You Need Cash
To survive any down time, you need to have cash to keep afloat. Protect your cash and have projections to ensure you can maintain your business.
Thoroughly analyze your spending and determine which expenses you truly need. Take a hard look at your recurring expenses and be realistic about cutting frivolous spending.
Invest in the Right Things Now
Protecting your cash and reducing spending does not mean you should stop investing! In fact, it is just the opposite, now is the time to invest carefully. So many people are pulling back from advertising, which is driving the costs down. Now is the time to stand out and invest smartly in advertising.
Now is the time to invest in the things that will work long-term for your business, and to invest in visibility. If your book isn’t done, finish it now. If it is done, now is the time to find new ways to put it in front of your audience. Best Seller Publishing wants to help you. For more information on writing and leveraging your book, contact us today at (626) 765-9750 or firstname.lastname@example.org.
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