“Surviving A Downturn And Thriving In The Process”- Sir Richard Branson, Virgin Group Founder
Economic Downturns shouldn’t be taken lightly, and as counterproductive it sounds, this is a season to invest wisely when everything is 50% to 90% cheaper than in upside economic cycles.
This can be challenging, however possible to do. Here are the two biggest challenges and how to overcome them.
- The economic cycle is slow, from boom to bust can take a decade in some cases, so patience is key.
- The most challenging key, organizations and entrepreneurs must respond to ideas as well as the market. Sometimes the idea is ripe, but the market is wrong. So the way to overcome this is to think big, but build small.
Create something you proud of, but don’t let it swallow you financially. Work hard in a lean structure, and let it grow organically. If it is a good idea, it will grow by itself with the customer experience you build and share.
The miseries that the current economic downturn creates, you can be guaranteed that big fortunes are being made too, with big opportunities. Homes that were R4million, are now going for half. Homes in key areas are also marked down, so flipping into student homes are also options now.
If you have secure job now, don’t risk it for an experiment, do those experiments over weekends and offtimes.
If you have unfortunately lost a fixed position at a company, now is the time to assist with cost savings, to see where efficient light bulbs can be used, unnecessary printing can be reduced, you know the business well so offer a reduction in cost, and you will take a percentage of the cost savings, that way businesses only have upside with your offer.
Not every challenge has opportunity but it takes a certain rainmaker (positive) attitude to determine which are opportunities and which are not.
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Facilitator Course, Bloemfontein. Be Effective in Communication, Training and Development! Be the Leader, not the Follower.
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The future belong to those who claim it.
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All the best,