"It is impossible for ideas to
compete in the marketplace if no forum for
their presentation is provided or available."
Thomas Mann, 1896
The Business Forum
INCOME DURING A RECESSION
By Sherice L.
The current economic
crisis has created an atmosphere of doubt and fear throughout the
economy. High unemployment, home foreclosures, financial bailouts and
inflated prices are just a few of the external factors that cause people
to feel helpless and distressed. To ease the burden of fear, redirect
your focus from the external factors that are beyond your control and
develop strategies to regain control of your finances and increase your
Update your capabilities statement.
Re-evaluate your current products and services and adapt them to the
changing needs and demands of the marketplace.
Identify transferable skills.
Conduct a SWOT (strengths, weaknesses, opportunities and threats) analysis
and determine where your strengths fit into the global marketplace.
Determine if there are any growing industries or new opportunities where
your strengths can be utilized and transformed into an additional source of
income, i.e. environmental, alternative energy, etc.
Expand your markets.
Explore new market potentials. Realize any missed opportunities on the
internet, in a different region, or within diverse market segments? Tailor
your marketing strategies accordingly to target each different segment.
Upgrade and increase your use of technology. Utilize technology to
communicate across borders efficiently and cost effectively to reach new
Sharpen your skills.
Take time to increase your knowledge base. Review changes in your
industry. Educate yourself on the necessary skills and knowledge in new
technology and best practices to remain competitive.
Network with purpose.
Make a wish list of the key success factors needed to succeed. Network
with the intention of building purposeful relationships with professional
colleagues and prospective clients.
Secure new business opportunities.
Devise a plan to secure new business. Seek opportunities to diversify
your income and increase the number of products and services offered that
customers purchase out of necessity.
Prospect within your current client list.
Review client profiles and seek opportunities to up-sale existing clients on
products and services they are not currently purchasing.
Reduce stress and seek balance.
Take time to enjoy life. Build a support system by sharing your new
vision with family and friends. Meditate on your blessings and express
appreciation and gratitude.
The long-term effects of an
unstable economic environment can be devastating. Making and following a
plan will boost your confidence and empower you to reduce the risks of
uncertainty and regain control of your finances. Set measurable goals and
objectives and manage your progress. Revise your plan as required to adjust
to the changes in the marketplace.
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