Now that we’re really “into” 2023, I’ve had a few clients mention how the business environment is not really conducive to growing as much as I’m suggesting their businesses could. I’m very bullish on where we are, and while there are a boatload of challenges, the reality is the growth is there if you’re willing to be creative about it.
Yes, inflation is high. Housing is cooling. There are challenges in the world markets, especially in Europe and Asia, along with here at home.
…But we’re both old enough to recognize that fortunes and household names get made in bad economies. Remember the meltdown in ’07-08?
Uber came out of that, and in that same downturn, it could be argued a paradigm shift occurred in the restaurant business (not necessarily because of it, of course). How about the dotcom bust from the late nineties?
Best Buy and Amazon come immediately to mind.
As a business owner, I get the worry that comes with bad economies, and while naysayers will point out I’m in the tax industry, and that is always “busy,” the truth is I’m a business owner, and even in my chosen field, there is wide range of blue-ocean AND red ocean strategies. I could try to compete with Intuit, and we’d likely get stomped. But Intuit can’t compete with me when it comes to the personal touch we can give out clients.
What’s different in your business? Is your business model more like McDonalds, where you take care of thousands of people on a daily basis, or are you more focused on one high-paying client at a time?
No matter where you are on that spectrum, this economy can work in your favor … if you’ll be creative about the solutions you can offer.
For example, remember how the housing market is cooling off? Well, the reality is, everyone has to live somewhere, right? So while it might not be ideal to be an agent right now, it’s a great time to be an investor, especially one with liquidity.
“But I’m not in real estate!” Yes, that’s true. But think creatively! A personal trainer might not find the market (or have the time) for 20 new clients, but what if he or she could get a contract with a forward-thinking company to offer group training at a discount to their employees every Monday, Wednesday, and Friday from 7-8?
How about a restaurant that offered a monthly delivery package to local businesses as an incentive?
Would these work? Maybe, maybe not. Almost certainly, they’d work at the local level, and that’s where most of us work, right?
What have you got to lose? In reality, each of these ideas begins with merely a conversation with your prospective client. What do they need? What is the budget? What is the benefit? How can your company help provide them value?
It’s just a conversation, but it could become a whole new income stream for you … if you’ll take the time to start it.
All the best,