What If I Want to Opt-Out of the Recession?
June 2020 Newsletter | By: Ian Sachs, CFP®
View on LinkedIn
My Dad and founder of our company, Nate Sachs, was known for many things including his public contributions to local and national news publications. During the financial recession of 2009, he wrote an article for the Scottsdale Airpark News giving business owners and entrepreneurs some advice on how to survive the recession.
Even though today’s circumstances are different, there are still many commonalities that our current economy shares with the economy of 2009. Some characteristics are dire, but many still show hope and promise, even in the worst of times. I thought it would be timely to share his article titled, “What If I Want to Opt-out of the Recession?”
Written by: Nate Sachs
We can’t change the economy but we can change how we react to it. There are many things that we can do to weather this “financial Katrina” that we are experiencing. Business owners are at war with the economy, and there are ways to win.
Understand that people are bailing out of the corporate world, either voluntarily or involuntarily. Strategically begin to focus your business, if possible, on their needs. Sell yourself consistently and constantly, just do it softly. Make sure that your business is different than your competitors’, and make sure that difference causes people to want to do business with you. Things are difficult enough; don’t make them more difficult. Deal with profitable customers and clients that are nice, enjoyable to work with, and will appreciate your services.
Look at your business through the eyes of your competitor and constantly improve. Become more personal than ever. Talk to your customers again. Get away from the Internet, text messaging, and voice mail. In today’s dire times, people want to talk to people, not to technology.
We are in the mist of some great changes in business. Embrace change and make it work to your benefit. Systemize and streamline your business. It is easier in tough times to improve the bottom line by spending less than it is by generating more revenue.
Understand that your future is and will be greater than your past. Forget about the future and focus on today. Forget about whatever the commodity that your business offers and focus on relationships and the value that you bring to those relationships.
Be consistent and predictable. Treat everyone with grace and respect. Be proactive and quit being reactive. Now is the time to break out of your comfort zone. Quit waiting to do something, and do something. Don’t wait until things are perfect. Good is better than perfect today.
Your customers/clients deserve respect. Always respect them and their time.
Continue to dream. Things are tough right now. Don’t abandon your goals. People will only do business with you if they perceive that you can fix their problem and fix it better than anybody else. If you wait for things to get better before you move forward, you are doomed.
People don’t choose companies, they choose people. Make sure they are choosing you. Sell price last and value first.
Your business is special, make sure people understand why. Remember your next best customer, your next best client, your next best sale could be today. Make sure you’re prepared.