The Cost of Waiting
Why NOW is the time to act
In tough economic times, when businesses are struggling to make ends meet and survive, there is a lot of pressure on them. They need an answer as soon as possible because the longer they wait before deciding what their next move should be – whether it’s expanding or cutting back-the harder this will become for everyone involved!
So, you are in a tough spot right now. There’s no way out unless you do something about it! Are these the thoughts going through your head?
Do Nothing and See What Happens
This might seem like the safest option, but I wouldn’t recommend going down this road because things can change quickly without warning and there could be collateral damage from not acting now.
And you’re probably thinking: “I need to make some quick decisions or something bad will happen.”
This means you may do things without really considering whether they are good choices for your business right now.
It would be a mistake to go down this road because when you’re in panic mode, your decisions aren’t going to make any sense.
Think big – don’t stay small
When you expand your horizons, the opportunities are limitless.
Seriously, there is a positive effect of last 24 months and that’s any business can be global or online!
So, take risks by expanding, how far out from you can go? You might consider multiplying goals by 3 5 10 even 100- what about going beyond imagination to create thrilling goals for your business and your lifetime?
And yes, it might take longer than the next 12 months, that is perfectly ok! What if you had a plan with goals that span the next 20 years?
You can do it! If you have a plan with long-term goals, don’t be scared of taking longer than next year. In fact – go for the ride and reverse engineer your plan, start in the future at the achievement of your goal and work backward down the years so that they progress down to this year. That’s how you get to tick off those big goals!
Ramp up your ad spend. Yep, I mean it!
The data seems to suggest that in all sorts of different recessions, the winners are those businesses that increase their ad spend. They will be able to survive this downturn and prosper when it’s over.
But what you may not have known is how important it really can be for your business’s success during these times!
A recent study found when the recession hit, and consumer spending dried up – as was happening right around 2008-2009 – many businesses were failing while others thrived because they maintained or even increased their ad spend. Why is this so?
Not understanding the long-term effects of ads can be costly. Those who are short-sighted and reduce their ad spend will find it difficult to re-gain that traction because they’ve missed so many opportunities in front on them.
The same amount of money spent now will have a much greater impact on your business in 2022. The reason? Your competitors will have reduced their advertising budget, so you’re at an advantage!
Optimise your business
We all know how difficult it is to keep up with the changing landscape of today’s technology-driven market, but now may be a better time than ever for you take stock in your spending habits and make sure they align with what matters most.
Reducing costs can have significant impacts on future opportunities; don’t miss out!
Start sensible business rhythms. How often do you review your financials – when was the last time you walked through them with your accountant.
When was the last time you spoke to your business mentor – do you even have one? Your mentor will be critical in this time of change. They’ll support, guide, and hold you accountable.
The world is changing and so are you. Your mentor will be there to guide, support you in your journey of self-discovery.
So, take the time and make sure you speak with your mentor. He or she will be there when things are tough, but also help guide you so you are clear what steps take next!
To summarise here are your key Takeaway points
- 🔎 Expand your horizons, the opportunities are limitless
- 👍 The winners are those who increase their ad spend
- 😨 When you’re in panic mode, your decisions don’t make any sense
Search For the Answer you need
Join us at Biz Bootcamp
Biz Bootcamp Series is an 8-week immersion in life-changing, live hand-held coaching, and workshops. An 8-week online workshop series designed to take your business from flop to fabulous, and take browsers to buyers. The Business Bootcamp is an 8-week workshop series designed to take your business from flop to fabulous, and take browsers to buyers. Businesses will learn about planning for growth, branding, how to make a profit, and marketing plans. Business Bootcamp will take the guesswork out of running a business and give you all the tools to succeed. Participation is EASY. You just need to register with your business email, and you’re good to go.