“It’s a recession when your neighbor loses his job.
It’s a depression when you lose yours.”
Harry Truman
33rd President of the United States
We’ve never had a recession like this. In fact, here are a few things that we didn’t have when America, Australia, and the United Kingdom were last in a recession...
- • The Internet - it’s only been the “www” since 1993.
- • Email and YouTube - 3 things we couldn’t live without today.
- • About a billion people on the planet. Yes, we’ve grown that much!
- • DVD’s, Blu-ray, PS3’s and Wii’s! Some of the most popular retail selling items in the world. The majority of which are sold on eBay - another thing that wasn’t around during the last recession.
The world is not coming to an end. In fact, many things were born from the last recession that dramatically shaped the next generation and the retail world.
To survive this recession we need to be innovative. That is what distinguishes between those who lead and those who follow. If you’re waiting for things to get better, you won’t make it. And I don’t have many answers for you - I only have one answer.
Use a whiteboard.
Get together with your entire team and bounce around ideas on how you can gain greater market share. How can you sell to more people who are already walking in your business, rather than trying to get more people in? Believe me, it is far easier to increase your closing ratio than to increase your foot traffic! And we all know that a happy customer talking to their friends is more powerful than a full page ad in your local magazine.
How can you innovate? And what’s stopping you?
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