How to Turn a Recession Into a Golden Opportunity
By: Yasmin Abu Laban
By: Yasmin AL- Grant Cardone Licensee
10X Certified sales Coach, Mentor, & Speaker
Recession is a hot topic today. Everyone is talking about a recession around the corner. People are starting to panic. There is a lot of fear and uncertainty in the marketplace. Some industries are already starting to experience the pre effects of the recession, such as the real estate industry.
While I cannot deny that living through a recession is not the best feeling or experience, I have to say that it is for sure an opportunity for growth. It is an opportunity to stand out and dominate in your marketplace. Seeing the opportunity in economic collapses is something that successful people had already figured out and lived by.
As a Certified 10X Sales Coach, Mentor, and Speaker, I have seen business owners reacting differently to the situation through my coaching business.
I came across business owners, who had already started playing the victim game, blaming the inflation, the market shift, and even blaming their clients for not closing deals with them instead of taking responsibility and increasing their activity levels.
On the other hand, I have met many successful business owners who have a growth mindset and are seeing the opportunity in the recession.
Which of these groups do you belong to? And which group do you think will be able to survive and thrive through the recession?
If you know that you are spending energy anyway, where would you choose to direct your energy, the problem or the solution?
Imagine yourself riding a bicycle, what would you do if you come across a hill and there is no way for you to get to your destination without crossing that hill? You have two choices. Either you quit, or simply push harder, double up your efforts, and take more action. It is as simple as that. Does it feel as easy as it sounds? Absolutely not. But will this get you to your destination? Yes for sure!
While you might not be able to solve the global economic problems, you can do your part by solving your business problems and overcoming the barriers that are standing between you and the opportunity in your business, especially those barriers that result from an economic recession.
Here are simple tools that every business can follow to turn a recession into a golden opportunity:
- Be aware of the challenges that a recession brings into your business, write down all of those challenges.
- Have a plan. Determine what kind of action you need to take to overcome each of those challenges.
- Know your numbers. Taking action is not enough, taking the right amount of action is what matters.
The easiest way to determine the right amount of action is by doing the math. Have a financial goal that you want to hit or accomplish by a certain time in place and reverse engineer this number to know how much action you need to take on a daily basis in order to hit those goals and targets. This is a crucial step that you should not skip, especially in a recession where you need to be clear and supper focused on your goals.
- Work your plan and commit to taking action regardless of the obstacles that you may face. Remember, without taking action your goals are meaningless and your dreams will turn into a fantasy.
- Have goals big enough to pull you forward. Never lower your targets, instead increase your activities.
- Follow the footsteps of highly successful people. You don’t have to reinvent the wheel. Keep it simple! Duplicate business processes and strategies that highly successful people have implemented in their businesses and through previous recessions and had worked for them.
- Have a business coach to guide you and hold you accountable. You don’t have to go it alone, especially in difficult times. Having a business coach will help you unleash your potential, gain confidence, feel motivated, stay on top of your tasks, and will allow you to view things from a different scope.
As a Certified 10X Sales Coach, Mentor, and Speaker, my purpose is to help entrepreneurs to achieve unlimited amounts of success through their businesses that reflect on their well being, families, and their communities.
I want to help each one of you to prosper and grow through my business coaching and sales training programs.
For more information about my Coaching Packages & Pricing, please click Here to book a free strategy call with me with no obligation to buy.
