New Economy:
7 Do’s [or Die]

New Economy: 7 Do’s [or Die]

Iwas speaking with my accountant when he was telling me that although people are talking about the economy bouncing back, the truth is that no one really knows when [and if] the economy will finally bounce back.

This made me realize that actually there is never one economy. There are always two economies: one is the outside economy, which everyone is talking about [and no-one actually knows anything about it] and the other one is your own private economy.

Which of the two you think is more important? Obviously, the answer is your own private economy. It’s what YOU do in your economy, in your own business that will make a difference in your bank account.

 
The fact that the outside economy is at halt does not mean you should wait and hope for things to improve. Instead, it might be the best time for YOU to take action and use what is taking place today to your advantage in order to bring business to you tomorrow.

Here are seven things to get you started:

 
#1
Recreate your business model

In a difficult economy as this, standing still is death. So take a hard look at your business and get rid of anything that doesn’t work anymore. Focus on the best strategy that will get you new business. Then set clear goals and measure your results often.

 
#2
Do more of what works

Whatever was successful in the last 6-9 months is worth investing more time, money and resources in the coming months. Ask yourself:
What was my top-selling product or service, and how can I get my clients to buy more?
What money-saving strategies improved my bottom line?
What incentives or promotions got my clients’ attention?

 
#3
Experiment

When it the best time to try something new? When the old isn’t working. It may feel safer to stay in your comfort zone, but sticking with the same old product, service or marketing strategy might actually be riskier. The best new ideas often come from conversations with your clients, suppliers and, if you have them, employees. So, talk less, listen more and really tune in to ideas that could lead to breakthrough products and services.

 
#4
Fire your Flop clients

Get rid of high-maintenance, low-margin clients. They take away your energy, time and focus from more profitable clients. Once you’ve separated the winners from the losers, survey your ideal clients so you know everything about them. Then set up a plan how to get more like them.

 
#5
Get a better deal

When prices are low, as they are now, it’s a good time to negotiate [and even re-negotiate] long-term contracts with your regular vendors, contractors and suppliers.

 
#6
Grow your network

Facebook and LinkedIn have their uses, but they’ll never replace face-to-face meetings, especially to win new business and get referrals. Many solo-entrepreneurs don’t like to go out there and mingle, but in today’s economy, it is vital. A coffee, meeting or lunch with a lawyer, financial planner or supplier could bring you dozens of new clients in the coming months.

 
#7
Get your brand visible

In this economy, it’s more important than ever to avoid becoming a ‘me, too’ brand. Low prices and quality service are no longer enough. Whether it’s a YouTube video, an iPhone app or a free seminar, offer something to make clients take notice.

 
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Let’s hear from you what can you do today to adapt to the new economy?
Share with us your tips, ideas and suggestions in the comment box below!
Thank you!

Vered Neta

Trainer, coach and author of ‘Financial Independence for Women’. Helping to create personal, business and financial success. I am the co-founder of Open Circles Academy, and founder of Balanced Business Women. My long term goal is to support women on their path to become conscious millionaires and leaders in their field of expertise. Let’s connect on Facebook or follow me onTwitter.

 

 
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