How To Recession-Proof Your Business In The Chaotic New Economy
Imagine yourself in the middle of a deep recession. Perhaps you don’t have to imagine. Maybe you experienced it back in 2008.
Fear and uncertainty are everywhere. The Dow Jones looks like a horror movie. Prospects have seemingly slammed their wallets shut.
Unlike everyone around you, you feel at ease. Your sales pipeline is full. Revenue continues to grow, and your margins are healthy. It feels like one of those disasters unfolding in a faraway land. You’re aware of it, you feel sorry for those who are affected by it, but your daily life is too far removed to feel the effects of it.
You’re part of the small but growing band of rebellious entrepreneurs who have created a recession-proof business. And no, it’s not by selling the typical counter-cyclical goods.
These entrepreneurs are selling the same stuff as everyone else — software, consulting, furniture, cars and so on. But for some reason, they seem entirely insulated against the economic environment, almost oblivious. Their competitors are running around in circles, trying to figure out their secret.
Products Make You Money. Systems Make You A Fortune.
However, it’s no secret. It’s there in plain sight on the front page of their website — at least partly. They’ve stopped doing random acts of marketing and built a marketing system.
Their competitors continue to chase the latest hype-filled, bright, shiny objects — the new CRM, the most recent social network and SEO hacks. Conversely, these entrepreneurs know one fundamental truth: Products make you money, but systems make you a fortune.
The most critical system of all is one that reliably and consistently generates new prospects, new leads and new clients — your marketing system.
External factors like the state of the economy are “the wind that blows.” While it’s awesome to have a favorable wind, it’s the setting of the sail that makes the real difference. If you’re always reliant on a favorable wind, it won’t be long until you’re swept out to sea.
Recession or not, one thing’s certain: We’re living in a chaotic new economy. Prospects are more skeptical than ever before. You’re starting in negative territory instead of at zero, and the government will only come to the rescue if you’re too big to fail.
Perhaps I’m nostalgic, but I remember a time when I paid a truckload of money to the yellow pages and my marketing for the year was done. That was my marketing system.
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