Five Potentially Profitable Ways A Severe Recession Makes Successful Entrepreneurs Even Stronger!
Entrepreneur, (did you) know or do you really care, that technically speaking, whenever the GDP (Gross Domestic Products) of an economy suffers two consecutive quarters of decline, that is the official definition of a clinical recession?
Hey, I just thought I’d put that tid bit out there.
This way, knowing and understanding, the clinical definition of a recession, helps extremely savvy entrepreneurs (such as yourself), better plan and implement, their specific strategies and or tactics, for maximum results.
Because you never really truly know who or how knowing that little piece of factoid, might be helpful to.
But truth told, anytime our businesses, and or services suffers from any type of temporary, and or prolonged downturn, whether you call it a nagging recession or not, it’s definitely cause for some type of concern!Am I right?
But oddly enough, while it’s obvious, in both the short and long term, any type of recession, can and does create some form of financial and emotional hardships.
Believe it or not, the flip side is, it can also provide the entrepreneurial springboard to much greater long term profit potential, and overall business growth!Here’s five common ways, a nagging, prolonged recession has been known to do so!
So What Are The Five Potentially Profitable Ways Nagging Recession Makes Successfully Entrepreneurs Even Stronger?
First of all, can we (please) agree right out of the gate, like it or not, periodic recessions, whether they’re clinically classified as mild, and or severe, they do cause serious economic and emotional hardship, in the lives that it negatively affects!
And sadly, as a direct result,some extremely dedicated and hard working entrepreneurs, and or small business owners/service providers, for any number of reasons beyond their immediate control, never ever fully recover! Right?
And as bad and devastating as their worst financial set backs may be, the emotional turmoil they usually suffer, can and often is typically much worse and long lasting!
And as a net result, not only are their entrepreneurial dreams completely shattered, but tragically, sometimes so to are their marriages and business relationships as well!
But all is certainly not lost, because (just as) every economic rain cloud certainly has it’s silver lining, so to, there are at least five potentially profitable ways, a severe recession makes successful entrepreneurs even stronger!(If they manage to survive them!)
Ever Notice How More Times Than Not Successful Entrepreneurs Takes Life’s Lemons And Make Lemonade!
While no one (in their) right mind, is actually hoping for a periodic recession, and since they can’t be totally avoided either.
Once they appear,(to whatever particular degree), it’s nice to know, there are at least five potentially profitable ways, a mild to severe recession, makes extremely savvy entrepreneurs even stronger.
1.) Potentially profitable way # one: First of all, (entrepreneur) like it or not!But whenever there is a severe, prolonged recession of any kind, your previously under performing assets, (no matter) which form they may happen to come in.
Like under performing, (inside) or outside sales reps, practically non existent customer service procedures, and or strategies etc.
Under performing, paid advertising/promotional strategies, all of sudden, they are being more closely scrutinized, as they should be.
And the assets that aren’t pulling their weight and therefore earning their keep! Guess what? They get replaced asap!As they should be!And far more viable alternatives, both conventional and unconventional, get seriously considered!
Small Business Owners And Or Service Providers Are Used To Having To Cut And Or eliminate Altogether Under Performing And Or Non Performing Assets And Or Strategies!
2.) Potentially profitable way # two: Next, ladies & gentlemen, if you don’t already know, ask anyone whose back (financially) speaking, has been up against the wall, whose not only survived their emotional and financial roller coaster,but gone on to some spectacular results!
Ask them,if going through and surviving that entire -temporary-negative situation, did and has not only made them stronger and more confident in their abilities.
But it’s also, definitely made them far more resilient, than they previously would have thought possible.
And even though they certainly wouldn’t have wished that exact same situation on anyone,(including their worst enemy),they are definitely better off because of it!
Successful Entrepreneurs Don’t Just Survive They Typically Find Several Ways To Thrive!
3.) Potentially profitable way # three: When all is said and done, they find better far more efficient ways of optimizing, (both) their personal performances, and the various assets of the business/service.
They begin to develop and carefully hone some real and proven systems for maximizing, previous inefficiencies throughout their entire business.
And no longer will they settle for vastly under performing, new customer/client/patient acquisition methods, that in the past were mediocre at best.(And neither should you.)
Because previously (in the past), they would not have even bothered to look at any of the relevant metrics of their business/service.
Nor would they have even bothered to look outside their company, and or industry, for some real solutions to properly address these and other pertinent issues.
Or no longer will they settle for, or be complacent with previous referral generating processes, that barely yielded five percent returns! Or Less!
Because their future (long term) survival depends on them (quickly) discovering some much better answers, to these nagging recurring, maximum efficiency performance issues.
Real Entrepreneurship Has Got To Be An Extremely Flexible And Fluid Not Stiff And Rigid Ongoing Process!
4.) Potentially profitable way # four: A severe recession will (most definitely) reveal to (both) them and any potential joint venture partners, which specific areas of their current arrangements, have got to be (quickly) shored up.
With some mutually beneficial benefits, or they’re both just threading water and being counter productive, because a profitable JV arrangement definitely makes both participants companies more, not less efficient!
5.) Potentially profitable way # five: And finally, after a severe recession is finally over, and a re-setting of the entrepreneurs business priorities officially takes place,this typically causes the entrepreneur to heavily re-focus on “what” they truly do best!
And they either learn to delegate the other necessary,(daily and or weekly) tasks to others within their organization, or they quickly find credible/reliable alternatives, or individual/companies to outsource these various tasks to!
Because there’s nothing worse, (and far more detrimental) to an entrepreneurs long term chances for some real success,than for them to be consistently investing large amounts of irreplaceable time, on projects or issues, that others, who far more suited for successfully dealing with them, should be handling!
Savvy Entrepreneurs Laser Focus On The Most Important Their Particular Skills Sets Are Most Suited For!
Because it prevents the entire business from moving ahead, at it’s real overall capacity, when the primary leader is conveniently distracted and attempting to multi task!
When what’s really needed, both now and in the immediate future, for their long term future success, is laser focus, on the immediate, most pressing tasks at hand!
(Important note: To put it bluntly, a laser surgeon, or an attorney, shouldn’t bother investing hours on in, searching the Internet, watching “how to” youtube videos, trying to figure out, “how to” repair the plumbing in their office!
Don’t Bury And Or Misuse Or Diminish The Real Long Term Value Of Your Bankable Entrepreneurial Skills!
Instead, contact a reputable plumber asap! And quickly get back to “what’s” really keeping the lights on and the payroll on time!And often during the height of a severe recession, the obvious becomes obvious again!
Because their future survival literally depends on realizing it! Those are the five, potentially profitable benefits, savvy entrepreneurs often experience, during a severe recession!Any questions?Now as is customary during this part of our show.
Please share your extremely valuable comments (in the comments section below) that you can apply to your business, product or service in the next 30 days or less!
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