Today's economy has many business owners wondering about what they should do for their business. They're seeing their daily, weekly, and monthly gross income going down because consumers are no longer spending like they used to. People today are afraid of the future. Today's news media has created a fear that people will be laid off and that they will be waiting in bread lines. While this is great, if you're selling advertising on a news network it creates a problem for business owners.
To eliminate this challenge, you should take a look at your gross income over the last 12 to 24 months and compare it to the last six marks. Are people still buying what you're selling? are they buying the same quantity they used to? in today's economy people are no longer buying the things that they used to buy just six months ago. People have cut back in many areas of their personal finances. Things that people used to buy on a weekly or monthly basis have now become luxury items that are no longer buying.
As you look over your business, take a look to see what other things you could be selling and is there an opportunity for a monthly continuity program. A continuity program would allow you to fill a customer each month for products or services that they want to purchase on a monthly basis. This subscription service, or continuity program would consistently bring your customers back to you And allowing you to have a more consistent cash flow.
Take a look at your own personal monthly spending. Where have you consistently spent your money? Is it possible for you to turn those monthly expenses into cash flow for your business? according to the National Retail Federation, we are committed to using today's technology. More than 80% of us wouldn't give up Internet access. Almost 2/3 wouldn't cancel a cell phone, and more than 60% would never drop cable or satellite television.
This says a lot about how people spend their money and how we have raised our expectations over the last few years. Can you remember a time when you didn't have a cell phone? what about cable or satellite? what else do you consistently spend your money on that would allow you to build your business during the recession, and continue to profit?
As people cut back on their spending because of the fear of losing their job, it's important to realize that you must be Smart about how you market your business and be selling the products and services that people will consistently by. A limousine service for example, would be considered a luxury item that many may have been using consistently, however in today's economy they are instead renting a car or getting a friend to pick them up.
With the stock market being down, people who have consistently spend their money at high end restaurants are choosing to eat at other establishments. someone who would typically spend $200 on a night out, is now spending $75-$100. People who would typically spend $50-$100 are now spending less and then there are those who simply are no longer going out to eat.
In the end, no matter how long this recession shall last you're still going to get to two years from today. The question is Will you be where you are today?, will you be selling the same things? Will you be working harder? Take the extra time you have now and invest that in education, so two years from today you'll be a better business owner.
To eliminate this challenge, you should take a look at your gross income over the last 12 to 24 months and compare it to the last six marks. Are people still buying what you're selling? are they buying the same quantity they used to? in today's economy people are no longer buying the things that they used to buy just six months ago. People have cut back in many areas of their personal finances. Things that people used to buy on a weekly or monthly basis have now become luxury items that are no longer buying.
As you look over your business, take a look to see what other things you could be selling and is there an opportunity for a monthly continuity program. A continuity program would allow you to fill a customer each month for products or services that they want to purchase on a monthly basis. This subscription service, or continuity program would consistently bring your customers back to you And allowing you to have a more consistent cash flow.
Take a look at your own personal monthly spending. Where have you consistently spent your money? Is it possible for you to turn those monthly expenses into cash flow for your business? according to the National Retail Federation, we are committed to using today's technology. More than 80% of us wouldn't give up Internet access. Almost 2/3 wouldn't cancel a cell phone, and more than 60% would never drop cable or satellite television.
This says a lot about how people spend their money and how we have raised our expectations over the last few years. Can you remember a time when you didn't have a cell phone? what about cable or satellite? what else do you consistently spend your money on that would allow you to build your business during the recession, and continue to profit?
As people cut back on their spending because of the fear of losing their job, it's important to realize that you must be Smart about how you market your business and be selling the products and services that people will consistently by. A limousine service for example, would be considered a luxury item that many may have been using consistently, however in today's economy they are instead renting a car or getting a friend to pick them up.
With the stock market being down, people who have consistently spend their money at high end restaurants are choosing to eat at other establishments. someone who would typically spend $200 on a night out, is now spending $75-$100. People who would typically spend $50-$100 are now spending less and then there are those who simply are no longer going out to eat.
In the end, no matter how long this recession shall last you're still going to get to two years from today. The question is Will you be where you are today?, will you be selling the same things? Will you be working harder? Take the extra time you have now and invest that in education, so two years from today you'll be a better business owner.
About the Author:
Posts
No comments:
Post a Comment