Connect with us
Cloak And Track Your Affiliate Links With Our User-Friendly Link Cloaking Tool, Try It Free

AFFILIATE MARKETING

7 Strategies to Recession Proof Your Business in 2024 and Beyond

Published

on

7 Strategies to Recession Proof Your Business in 2024 and Beyond

Opinions expressed by Entrepreneur contributors are their own.

According to Fitch Ratings’ Global Economic Outlook report for 2024, a steep 2.1% dip in world growth is expected this year. CEOs and other executives must find firm footing atop shaky terrain. Bold leadership and robust fundamentals to sustain scaling are a must in these times.

As best-selling author Marshall Goldsmith says, “What got you here won’t get you there.” The challenges of the current landscape call for new approaches and solutions to protect your company and even spearhead growth in 2024. I’ve advised the strategies for CEOs of publicly traded companies, family offices and everything in between. My finger is firmly on the pulse of what top leaders do to remain effective in uncertain times.

Maintain a continually growing, recession-proof enterprise by following the seven strategies I’ve detailed below:

1. Budget for the worst-case scenario

Global growth declining means potential ceilings will lower, and basements will steepen. Weighing these realities is crucial when you’re budgeting and spending. Increase your optionality and runway by keeping your business flush with cash. Dave Ramsey says to set aside at least six to twelve months’ worth in emergency savings — do this for your business.

This approach provides wiggle room during slow-moving seasons, offering freedom to work toward solutions, innovate or pivot as needed and ensure your company remains intact and healthy. For example, one CEO explained that revenue slowed down this year, and they faced the prospect of letting three of their best staff go. But with a one-year savings fund set aside, for example, you may have the runway to keep on your best staff and weather the slowdown.

Related: You Won’t Have a Strong Budget Until You Follow These 5 Tips

2. Establish your expertise and differentiate your high-value offerings

Has quality lead flow evaded your business? Are you frequently lowering prices to attract clients? If so, consider the points below. These days, in a world in flux, your target market consists of B2B and B2C clients seeking trustworthy industry leaders and problem solvers. Brand equity is, therefore, vital. Infuse your business with it through the following methods:

  • Position your brand as an authority and influential force in your sector.
  • Invest in improved positioning to enhance and harness your brand’s marketplace perception. Align with other reputable, well-positioned companies that can help bolster your standing.
  • Procure client testimonials and accumulate positive reviews. Place those front and center in the primate real estate across your website and social media profiles.

Do everything possible to establish your expertise and differentiate your high-value offerings. An influx of clients will follow.

3. Cultivate thriving relationships

Build foundational pillars by cultivating relationships and opening yourself and your business to collaboration, mentorship referrals and resource sharing. Doing so establishes goodwill and healthy alliances, providing a layer of security for your company.

Professional and personal partnerships come in two forms:

  1. Partners who share your values.
  2. Partners with complementary skill sets.

Making these connections can mean entering new spaces, stepping out of your comfort zone or even building communities from scratch. Offering value is a foolproof catalyst in these instances.

Analyze what you could do to solve a problem for a desirable partnership candidate. Execute your solution and make an offer. Present this individual with a game-changing partnership opportunity or an exciting idea. For example, if I notice a high-level CEO has written a book and speaks widely but may like to speak on the TEDx stage, I can introduce myself and present the opportunity at the outset, offering value by having done research in advance.

When you’ve created a connection, always have this partner’s back when needed. Be intentional about communicating the parameters you expect in a reciprocal partnership so everyone is on the same page.

4. Keep your reputation intact

A sterling reputation is a leg up over almost any competitor in your industry. Don’t allow a measly misstep or sloppy shortcut to derail all you’ve worked for. Thanks to social media, when brands mess up, they’re more visible than ever, shrinking bottom lines at a time when companies can’t afford the hit. Get ahead of potential snafus. Vet your sources, vendors and clients rigorously, establishing processes and sequences to ensure you work with high-integrity peers, partners, and colleagues.

Moreover, be conscious and intentional about your image on social media. Scrutinize every post and ask if it will help or hinder your reputation. If they don’t pass the gut check, trust your intuition and move on.

5. Align with top talent

You and your company can only afford to align and work with the highest-performing staff, talent and partners. Many people overpromise and under-deliver. They’ll sap you of resources while you lose precious time. Establish parameters before entering business partnerships to ensure a value match and optimal time usage. Doing so prevents you from damaging your reputation because you tried squeezing juice from a spoiled turnip.

For example, I take extra time on a call to ask specific questions about the parameters of the project and what a successful outcome looks like for everyone. At the end of the call, I ask what the deadline is to receive informational materials and schedule a call to discuss the next steps. If they cancel the next call or miss their deadline on the small items, I make a mental note and prioritize them less in the future. Protect your sphere of influence — people must prove themselves before working their way in.

6. Remain calm, cool and collected

Soft skills like emotional intelligence (EQ) and empathy grow in importance as AI and automation run rampant in workplaces. Still, emotions can’t be allowed to impede your professional survival. For instance, external factors aren’t about emotions. Therefore, your reaction to them can’t be emotional. Shaky geopolitics and unforgiving economic factors can derail your progress, but they shouldn’t ruin you. It’s up to you to assess, analyze, pivot and improve your skills accordingly.

Fulfill promises. Remain resilient. Prove yourself an unflappable anchor. People flock to leaders in precarious times, and if you can prove yourself as such, you’ll establish a foothold in your ecosystem when things stabilize.

Related: How to Advance Your Career Through Upskilling and Reskilling in Your Current Role

7. Evolve your skillset

AI has sent technological advances on a rapidly moving path, altering the landscape of many industries as the global economy threatens to recede.

Stay ahead of the curve by upskilling and familiarizing yourself with the tools of today and tomorrow by taking these paths:

  • Earn new certifications in complementary business verticals.
  • Gain a working knowledge of AI or coding.
  • Learn the nuances of deal structuring and negotiation.
  • Invest in cutting-edge technique training for your team.

With these seven strategies, you’re positioned for sustained success in 2024 and beyond.

Source link

Keep an eye on what we are doing
Be the first to get latest updates and exclusive content straight to your email inbox.
We promise not to spam you. You can unsubscribe at any time.
Invalid email address

AFFILIATE MARKETING

Why Taylor Swift Believes in Her Lucky Number

Published

on

Why Taylor Swift Believes in Her Lucky Number

People reports that Chiefs star Travis Kelce just attended his 13th performance of Taylor Swift‘s The Eras Tour, and the significance of that number is lost on no one.

Swift is a big fan of the number 13 — so much so that before every show she paints a 13 on her hand for good luck. Why are those digits so near and dear to her heart?

Swift was born on December 13, 1989, and explained in an interview with MTV News: “I turned 13 on Friday the 13th. My first album went gold in 13 weeks. My first No. 1 song had a 13-second intro. Every time I’ve won an award I’ve been seated in either the 13th seat, the 13th row, the 13th section or row M, which is the 13th letter. Basically, whenever a 13 comes up in my life, it’s a good thing.”

Swift isn’t the only one who leans into superstitions to give herself an extra boost of confidence. In the book Recipes for Good Luck, author Ellen Weinstein researched the superstitions and rituals of some of the most famous and successful people in modern history. And while some might seem odd or silly to others, Weinstein writes that beliefs, rituals and routines can “help you face the world with ambition and confidence and inspire you to go on making good luck of your own.”

Here are some other superstars who used pre-performance rituals to get ready to go.

  • During his playing days, NBA superstar Michael Jordan wore UNC shorts underneath his Chicago Bulls uniform. They were the same shorts he wore in 1982 when he scored the winning jump shot that brought his college team, the University of North Carolina Tar Heels, their first NCAA championship since 1957.
  • Tennis great Serena Williams has several distinctive pre-performance and on-court rituals: before a match, she’d tie her shoelaces in the exact same way and always bounced the ball five times before her first serve and twice before her second.
  • Before beginning the opening monologue of her former talk show, Ellen DeGeneres would be sure to throw a mint in the air and catch it in her mouth.
  • Rihanna has said that she doesn’t allow anything yellow in her dressing room before a show, believing it is bad luck.
  • Soccer legend David Beckham has a thing against odd numbers. His wife Victoria told The Chicago Sun-Times that their house had several refrigerators, each devoted to different types of food. “In the drinks one, everything is symmetrical,” she explained. “If there’s three cans, he’ll throw one away because it has to be an even number.”

Source link

Keep an eye on what we are doing
Be the first to get latest updates and exclusive content straight to your email inbox.
We promise not to spam you. You can unsubscribe at any time.
Invalid email address
Continue Reading

AFFILIATE MARKETING

Barbara Corcoran Says All Good Leaders Have This 1 Quality

Published

on

Barbara Corcoran Says All Good Leaders Have This 1 Quality

Corcoran Group founder and “Shark Tank” star Barbara Corcoran knows how to run a tight ship — but she also knows when to relinquish control.

The 75-year-old real estate pioneer and entrepreneur took to Instagram on Wednesday to share advice on hiring and delegating.

Related: Barbara Corcoran: All ‘Really Successful Entrepreneurs’ Do This

First, she says, embrace your inner “control freak” — it’s part of the job.

“Anybody who’s a good boss, I’ve learned, is a control freak. It just comes with the territory, and control freaks have a heck of a hard time delegating,” Corcoran explained. “They’re the last people who want to give away what they do so perfectly.”

Corcoran says in order for your business to grow, though, it’s important to find someone who can do the job 80% as well as you can. If you find a candidate who can do that, invest in them to “build your business and move it ahead.”

Corcoran said she goes through a three-question litmus test before hiring someone to create a strong pool of employees.

Related: Barbara Corcoran Issues Statement, Warning on NAR Settlement

“I ask myself, ‘Are they happy? Do they work hard? Are they talented people in one regard or another?’ And if they are, I hire them, and I delegate something to them that’s above their pay grade, above their talent pool, so they have to reach and show me how good they are, and that’s how you develop talent,” she said.

“It’s not just a matter of delegating, it’s a matter of developing talent, and then delegating to the talent,” she added.

Corcoran’s net worth is an estimated $400 million.



Source link

Keep an eye on what we are doing
Be the first to get latest updates and exclusive content straight to your email inbox.
We promise not to spam you. You can unsubscribe at any time.
Invalid email address
Continue Reading

AFFILIATE MARKETING

Beware of These Risky Sales Tactics That Are Doomed to Fail or Backfire

Published

on

Beware of These Risky Sales Tactics That Are Doomed to Fail or Backfire

Opinions expressed by Entrepreneur contributors are their own.

True story: Recently, my daughter was at a major brand car dealership with her boyfriend, intending to purchase a pre-owned car. Note I made up the numbers for the sake of my daughter’s financial privacy, but the takeaways are still the same.

The dealership asked for, let’s say, $26,000 “all in” for the car, but my daughter had already decided that $20,000 was the most she would pay. There was a lot of ground to cover to actually make a deal happen. After some discussion, the salesperson did his best, dropping the price to $25,000. But that still left a big gap, so he told her, “Let me go check with my manager and see if he has any ideas.”

After five minutes, the salesperson and his manager entered the room together. The manager explained that at $25,000, this was a great price; it was already well below their MSRP, and the deal was “very thin” as it was for him. He then used the famous line, “Okay, here’s what I’m going to do to get you into this car today.” The manager pulled out a piece of paper with revised numbers that showed his price now at $23,995. He explained to my daughter that this was the absolute best possible price. He was “all in;” this was his “best offer,” and he told her to take it or leave it. For the grand finale — keeping in mind that this is a 100% true story — the manager took out a big red ink stamp and smacked it down on the paper. The stamp read “FINAL” in bold red ink. $23,995. FINAL.

My daughter responded, “Thanks, but I’m sorry; it looks like it’s not going to work out.” Without hesitation, he immediately blurted out, “How about $22,500?”

When my daughter told me the story, I had a wonderful laugh. After the big show, the manager held his price for a full six seconds. And the idea of the red final stamp just made the story even better. But the more I thought about it, the more I realized there’s actually quite a lot to unpack here regarding sales tactics, psychology and effectiveness.

Related: 3 Unconventional Sales Tactics That Will Close More Deals

I’m not in the car business, and I’ve never sold cars, but I can see some familiar sales tactics (and mistakes) playing out here:

Playing the waiting game

All this went down after my daughter had spent hours on the lot. It was getting late in the day on a Saturday, and the manager knew she was hoping to get it done. At some level, the manager was wearing her down and playing out the clock, playing the “waiting game.” It didn’t work in this case, but often, this notion of using time as a weapon can be very effective. Utilizing time as a strategic element in the negotiation process can be effective, but it must be used carefully and respectfully. Pushing too hard on time constraints can backfire.

Closing the deal by changing the sales lineup

When the salesperson reached his personal negotiation line or felt he would lose her, he brought in his manager. In addition to adding some time to the clock, this step created a new opportunity for a new dynamic. The dealership never really wants a potential buyer to walk out the door, so if one person doesn’t get the job done, it’s always worth trying someone else. Involving a manager or company administrator in the negotiation process can create new dynamics and opportunities for closing a deal.

Proposing your best and final offer

Although I laughed hysterically when I heard about the red stamp, I soon realized it was actually a smart move. Once upon a time, I’m guessing some sales and marketing people sat in a room, and someone said, “I have an idea — let’s make a red stamp that says final and use that during negotiations.” Everyone probably laughed, and they would have said, “No, I’m serious!” And then everyone thought about it and agreed, as funny of an idea as it was, it actually made sense. It’s one thing to tell someone something verbally, but when it’s “official” and in red ink on paper, it’s human nature to believe it and take it as indisputable. Using psychological sales tactics to create a Fear Of Missing Out (FOMO) effect, such as a “Final Offer” stamp, can be effective in conveying seriousness and finality, but you have to honor your word, or you will likely lose credibility.

All the tactics I outlined above were smart, but here’s where I think the dealership dropped the ball:

Trying a shutdown move too soon

The manager came in cold, and rather than take some time (again, time is on their side) to talk about the value, create some alignment, and build some rapport, he went straight for the kill. That tactic may work, but I felt it was too aggressive. He would have been better off discussing the pain points and goals concerning the product, coming up with some extra incentives, etc. Understanding the customer’s needs, discussing the product’s value and building rapport and trust can be crucial in successful sales.

Related: How to Master Your Sales Success — Why Every Answer and Rejection Matters

Putting an out-of-reach offer on the table

The manager decided to go for the close in a fairly aggressive way. In some cases, that tactic makes sense. But he played it all wrong with the numbers. He knew they were a full $5,000 or 20% off, and he decided to put it all on the line at $23,995. Obviously, given how fast he dropped another thousand, he had plenty more room. If he was going for the hard close and “FINAL” offer, he should have made it more compelling. By putting on the big show and then immediately dropping his price, he completely lost credibility and lowered the odds of closing. In this case, he lost my daughter’s trust and the sale. In negotiation, it’s important to understand the other party’s budget and limits before making an offer. Being aware of their constraints will increase the likelihood of closing a deal.

Saying your offer is “final” when it’s not

If you offer something of value at a good price and tell them it’s “final” (which I personally don’t recommend as a sales tactic), then stand by it and mean it. Your word has to mean something. Once he realized his “final” price was not going to work, rather than lower it, he could have thrown in some additional valuable incentive, perhaps some amount of free service or some kind of special financing. If a “final offer” is presented, standing by it as your final word is essential. If adjustments are needed, they should include additional incentives or value to maintain trust and credibility.

Sales is an art, no doubt about that. A great salesperson builds a relationship, asks questions and listens, understands the client’s pain points, is honest and transparent, and operates with integrity. Of course, strategies, techniques, incentives, and a lot of human emotion and psychology are at play, but all of them can happen successfully without losing your credibility.

So, the overall moral of my story? Choose wisely before using the big red stamp!

Source link

Keep an eye on what we are doing
Be the first to get latest updates and exclusive content straight to your email inbox.
We promise not to spam you. You can unsubscribe at any time.
Invalid email address
Continue Reading

Trending