I hope you all enjoyed Memorial Day and, in some way, paid tribute to the men and women who died while in military service. It's typical for folks to visit the gravestones of relatives that have died while in the military. Memorials are objects that serve as a focus for the memory of something.
Speaking of memorials. What object can we use that helps us remember the recessions of the economy. And how can we use that object to remind ourselves that we should be aware that another recession will come. How do we make it a positive thing as opposed to some sort of doomsday message?
Here are a few things to consider:
What happens to your business in a down economy and how can you take advantage?
Think about your client base and how the down economy will affect them. How will this impact what you do for them today? Is there a way to offer other solutions to these clients?
Think beyond your client base. Are there other industries you could serve that may be less susceptible to the economy?
Cash is King - Strengthen your Balance Sheet
A good rule of thumb is to have cash on hand of about a quarter's worth of expenses. When this money is needed, it helps prevent hasty decisions and buys you time.
Pay attention to the outside world - Timely reaction is critical
It's important to stay on top of the current economic condition so you have as much warning as possible to adapt properly.
PS. I use my 3-year plan as my memory object. I review it quarterly. As part of the review, I look at outside influences on my business.
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