In these times, many of my clients and friends are concerned with how they will be able to find a way out and continue doing business as the economy has slowed down. Many have described their business as reaching a standstill. I would not recommend losing hope or halting that burning passion to win—the coronavirus (COVID-19) is an impactful reminder of what entrepreneurs should be—flexible.
The development of a sound strategy is the number one (1) thing that should now be on every entrepreneur and business owner agenda. On this, a prime focus should be: understanding your real customer profile, their fears, current consumption rate and the needs of your clients. You should also be establishing a powerful customer retention programme.
In doing these tasks, any new, or veteran entrepreneur, would first need to establish the positioning of his/her business(es), economic status, political positioning and, also, most importantly, the positioning of cash in the economy (flow of cash)—this is, the location of where consumers are presently spending and storing their cash. To better understand this I will recall a conversation I had with an investment banker about two years ago. He mentioned this concept to me as one of his secrets in approaching potential clients.
He stated: “You need to know where money is in the economy, at any time, because, when I am seeking potential clients I must know where to go. When it’s September I would approach a Lloyds, because, I know, the back-to-school rush would have ended, and he would be looking somewhere to invest all that money.”
And that is the approach many entrepreneurs should adopt, because, as you know, many persons are now hoarding their cash to purchase food and to pay for utilities and other expenses; but, there is also fear circulating in the economy. Otherwise, from the potential of catching the virus, many persons are seeking security; whether it is in migrating from one parish or isolating themselves from the physical shopping process. Therefore, with the growing desire of security, a niche is opening up in the real-estate and e-commerce industries.
Now, we know why the economy has shifted and the transfer of wealth is vastly moving; it is now the entrepreneur’s duty to identify the: where of the cash in the economy, who has the cash, what formula of copywriting and sales technique is best to seduce those persons into being clients; and, the when to approach… which is now.
Due to the COVID-19 pandemic, many stock prices are currently falling, however, it has presented a great opportunity to invest in them now (in time for the future economic recovery.) Many wealthy persons are taking advantage of this predicted recession. The 5 best industries we recommend to look into are: tourism, banking, energy, oil and e-commerce.
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