How to Look at the Economy as a Business Owner

How to look at the economy as a business owner and incorporate the Exit Mindset in your business.

Key Links

Sign-up for your FREE COPY of Exit Mindset (Releasing early 2021!) http://exitmindset.com/ FREE WORKSHEET: http://bit.ly/EM-EconomyWorksheet3dcPmkU

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How to Look at the Economy During COVID-19

How is the U.S. economy doing in 2020? We are still in the midst of COVID-19, so it’s not at it’s best, but hopefully we will be out of it soon. Every day you’re faced with gloom and doom. How do you maintain a positive outlook during this time?

The Blind Man’s Story

The Blind man says that he is selling his stuff. The Son says that the economy is bad. The Blind Man stops selling.

The Illusion of Negativity

The blind man was doing just fine when he didn’t know that the economy was bad. As soon as he knew, he assumed that he couldn’t sell anything in a bad economy and he gave up. This tells you that it’s all about your perspective. The reality is that there is always something you can do; you can always navigate through tough times.

How to Look at the Economy and Weather the Storm

Companies looked at a bad situation and, rather than giving in to the negativity, actually did something to enhance their business. Don’t allow the current state of the U.S. economy to destroy your business.

Evaluate Your Product

Your product is the most important element of your business and a huge part of what potential buyers want to see. The company has more potential than a company that just continues to sell its product and doesn’t have the ability to pivot when necessary.

 

Evaluate Your Infrastructure

In tough times, many companies assume that they need to reduce their expenses by shrinking their infrastructure. If you evaluate your business’ infrastructure, you’ll almost certainly find areas for improvement. You can also improve your infrastructure by streamlining processes and finding ways to “trim the fat.” If you look at your own costs, you could find ways to streamline processes, reduce non-essential expenditures, and develop better cash flow.

Evaluate Your Conversation

The conversation refers to any verbal or non-verbal communication you have with the consumer. If you adapt the conversation to fit the times and your consumers’ needs, consumers will be more likely to engage with your business.

Applying the Exit Mindset During COVID-19

The Exit Mindset is all about looking at your company from the perspective of a potential buyer. You have to believe that the bad times will pass, because they will. Economies rise and fall like the tides. You just have to evaluate the situation, make a plan, and set it in motion.

Developing a Plan for Your Business

You may need to make multiple plans during COVID-19. Plan A (six months) and Plan B (12 months). You’ll find ways that you can change or pivot your product, infrastructure, and conversation.

The Bottom Line

In business, the end goal is often surviving the storm. Remember: action is everything. Use it or lose it.

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The Exit Mindset is brought to you by Rem Oculee, founder of Confidence Wealth. All rights reserved. For more information, please visit ExitMindset.com. Follow Exit Mindset

How to look at the economy as a business owner and incorporate the Exit Mindset in your business.

Key Links

Sign-up for your FREE COPY of Exit Mindset (Releasing early 2021!) http://exitmindset.com/ FREE WORKSHEET: http://bit.ly/EM-EconomyWorksheet3dcPmkU

-----

How to Look at the Economy During COVID-19

How is the U.S. economy doing in 2020? We are still in the midst of COVID-19, so it’s not at it’s best, but hopefully we will be out of it soon. Every day you’re faced with gloom and doom. How do you maintain a positive outlook during this time?

The Blind Man’s Story

The Blind man says that he is selling his stuff. The Son says that the economy is bad. The Blind Man stops selling.

The Illusion of Negativity

The blind man was doing just fine when he didn’t know that the economy was bad. As soon as he knew, he assumed that he couldn’t sell anything in a bad economy and he gave up. This tells you that it’s all about your perspective. The reality is that there is always something you can do; you can always navigate through tough times.

How to Look at the Economy and Weather the Storm

Companies looked at a bad situation and, rather than giving in to the negativity, actually did something to enhance their business. Don’t allow the current state of the U.S. economy to destroy your business.

Evaluate Your Product

Your product is the most important element of your business and a huge part of what potential buyers want to see. The company has more potential than a company that just continues to sell its product and doesn’t have the ability to pivot when necessary.

 

Evaluate Your Infrastructure

In tough times, many companies assume that they need to reduce their expenses by shrinking their infrastructure. If you evaluate your business’ infrastructure, you’ll almost certainly find areas for improvement. You can also improve your infrastructure by streamlining processes and finding ways to “trim the fat.” If you look at your own costs, you could find ways to streamline processes, reduce non-essential expenditures, and develop better cash flow.

Evaluate Your Conversation

The conversation refers to any verbal or non-verbal communication you have with the consumer. If you adapt the conversation to fit the times and your consumers’ needs, consumers will be more likely to engage with your business.

Applying the Exit Mindset During COVID-19

The Exit Mindset is all about looking at your company from the perspective of a potential buyer. You have to believe that the bad times will pass, because they will. Economies rise and fall like the tides. You just have to evaluate the situation, make a plan, and set it in motion.

Developing a Plan for Your Business

You may need to make multiple plans during COVID-19. Plan A (six months) and Plan B (12 months). You’ll find ways that you can change or pivot your product, infrastructure, and conversation.

The Bottom Line

In business, the end goal is often surviving the storm. Remember: action is everything. Use it or lose it.

-----

The Exit Mindset is brought to you by Rem Oculee, founder of Confidence Wealth. All rights reserved. For more information, please visit ExitMindset.com. Follow Exit Mindset for more ways to “Think Like a Buyer” on Facebook, LinkedIn, Twitter, and Instagram.

 

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