Now is the time.
I know I’m sticking my neck out, but I believe now is the time to prepare for an upswing in our economy.
The players that are proactive now, will win later.
Does this mean all the bad news is over? NO. Are we at the absolute bottom? I have no idea.
But, I do know when the fear is greatest the bottom occurs. Last week offered the greatest amount of fear our country and economy has seen in a long time.
Over the next three, six, eight months we will be hearing about the results of such fear. Such as rising unemployment rates.
But, the unknown will have been lifted and growth will occur. Fast growth? Slow growth? We can only speculate. But, the time to prepare is still now.
How do you prepare?
First be smart. Nothing will happen overnight, so, plan for the long term. If you need to downsize your space to use or preserve capital, do it.
Advertise now. Test and explore different advertising avenues. Both traditional and new media are offering discounts. If you do a little less than break even or better (you decide your threshold) than increase those areas of promotion and let go of what is not working. Even if it has worked in the past.
Your competition is going to be conservative for a while. This is the opportunity to build your personal brand and gain market share or recognition. This will pay dividends when the economy starts to grow again.
Increase your networking and build alliances that will strengthen your business for the short and long term. Don’t hide. Become even more involved in your community to help build greater name recognition.
Traditionally business people, including artists, become very conservative during downturns. But, this is the time to be proactive. Not foolish. Smartly proactive. You will not be disappointed a year from now.