How to Prosper During Bad Times
Many people often associate economic downturn with lack or absence of opportunities. “It's simply impossible to make money much less to prosper during an economic recession or depression.”
This is absolutely not true.
Because the truth is, economic recessions or it's uglier cousin, economic depressions, are just the perfect opportunities that anyone with vision can take advantage of to become not just rich – but filthy rich!
For the record no less than America's second richest person alive, Warren Buffet whose personal fortune reached a dizzying $48 billion before he decided to give back to the society $31 billion can attest to this.
Warren Buffet built his massive fortune buying businesses and properties that most people had given up as lost. To many businessmen, he is the great rescuer who bailed them out of their economic miseries.
But of course Warren Buffet saw more than rescuing them out of their economic woes. If he sees no value or potential in their businesses, he sees no reason to buy them.
But what exactly does he know that ordinary mortals don't usually know about economic downturns?
First and foremost, economic downturns don't last. During bad times, Prophets of Doom would say the worst things about the economy.
Of course things are bad. But they only remain bad to a certain point. This is because of the thing called Economic Cycle.
Economic Cycles are periods in history of booms and busts. Economic cycles are the hallmarks of laissez faire system. Economic cycles behave just like the seasons.
And just like the seasons, the climate always changes. And just like the seasons you can predict a downturn or an upturn.
What happened just after just the turn of 20th century was a classic example of an economic boom suddenly gone bust.
In the roaring 20's people thought that there was no stopping to the prosperous times. Until one day, people started dumping stocks at such a frenzy that it sent the whole world in probably the worst economic depression in history.
By all means the signs of a coming collapse were present. Stocks were at all time high. In fact unreasonably high. And people were living beyond their means.
The same thing happened again with the housing market in 2007. Just a couple of years ago, the sense of affluence was everywhere with home values skyrocketing.
Because of the high cost of home ownership many Americans were forced to borrow beyond their means. The result was a credit crisis that sent the world reeling again in another round of recession.
Here are best practices that will help you to successfully navigate your business through an economic downturn:
Goals: The primary goal of any business owner is to survive the current economic downturn and to develop a leaner, more cost-effective and more efficient operation.
The secondary goal is to grow the business even during this current economic downturn.
• Conserve cash.
• Protect assets.
• Reduce costs
• Improve efficiencies.
• Grow customer base. Required Action:
• Do not panic…
History shows that economic downturns do not last forever. Remain calm and act in a rational manner as you refocus your attention on resizing your company to the current economic conditions. • Focus on what YOU can control… Don’t let the media's rhetoric concerning recessions and economic slowdown deter you from achieving business success. It´s a trap! Why? Because the condition of the economy is beyond your control.
Surviving economic downturns requires a focus on what you can control, i.e. your relevant business activities.
• Communicate, communicate, and communicate!
Beware of the pitfall of trying to do too much on your own. It is a difficult task indeed to survive and to grow your business solely with your own efforts. Solicit ideas and seek the help of other people (your employees, suppliers, lenders, customers, and advisors). Communicate honestly and consistently. Effective two-way communication is the key.
And so much more!
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