2023 is going to be tough. I know it.
Maybe you're already feeling squeezed. And many businesses will indeed be culled. And thanks to Google, Facebook, and all the other information platforms, the culling will happen faster than ever. It will be a "swift sword" the likes of which has never been seen before.
I've been through these horrific "resets" before. I guess that's just one of the advantages of starting your "work-life" in 1975...
I also know I'll get through it and when it's over, my business will be stronger and I’ll be wealthier than when I started.
That's NOT bravado.
It's the confidence that comes from knowing you have a plan broken down into the daily tasks I need to do EVERY DAY to guarantee success.
There's a proverb that says "with many counsellors battles succeed" and right now I’m bulking up and getting the very best advice I possibly can. You should be doing this too.
Here's my list of things to do right now:
1. Protect yourself. When the crap hits the fan, people grasp for whatever resources they can. Many times that means taking YOUR resources. I ended 2022 by creating and moving our assets into an offshore trust. Why offshore? Because the cost is similar (actually, it was LESS) and domestic trusts CAN be penetrated by litigation. [SPOILER ALERT] Judges do not always follow the law. Don't believe me? Check this out. By going offshore and forcing someone to litigate in another country, you make the process so expensive, difficult, and onerous that potential foes will be highly unlikely to choose you over some easier "opportunity".
2. Create your plan. A plan is not something you write on a Post-It Note® and stick on your computer monitor. Your plan must include 3-year revenue and profit targets broken down into the activities that MUST occur every day to get us to those targets. Your activities and results must be monitored DAILY and corrective action must be implemented weekly. Is this easy? Hell no. But doing it EVERY DANG DAY guarantees that you are virtually assured of meeting your targets (which BTW, mine are extremely aggressive).
3. Be prepared to act on unplanned serendipity. Hard times create opportunities. A competitor you thought was solid, suddenly folds. A vendor needs cash and offers you a ridiculous price on a product if "you can take them all and pay on delivery". A prospect you've been courting for years suddenly needs to change vendors" because the company they've been using has gotten itself into a pickle and can't support the prospect's needs. A divorce turns a person's life upside down and they need to make immediate changes.
Fortunately for you, lots and lots of your competitors will say: “I just have to hunker down and keep doing what I already know. I don't need any new ideas.”
Then they will go hire a subcontractor or an employee that ends up being a $100,000 sinkhole… Most won’t realize what has happened until it’s FAR too late to stop the bleeding and that is your opportunity...
Next year, thousands (likely millions) of people are going to be squeezed by inflation and the looming economic shifts. They'll be scared and nervous because they KNOW the culling process targets the people that weren't serious when the economy was great, everything was surging and when there was lots of money sloshing around.
Had they taken educational opportunities it was only because they were fun and interesting. Not because they were getting ready for the storm.
Smart entrepreneurs know that when the economy is going sideways, it's not a matter of “hunkering down and never spending money.” It's a matter of making sure that the money that you invest makes a solid return.
You have to commit to accessing educational opportunities because they are going to pay off and this becomes a matter of how seriously you take the training that you purchase.
Now you might be thinking “I can get all the information I need on YouTube”… And that might even be true. But do you act on every YouTube video? Jump on every instruction? And stay committed?
It’s because things you get for free – even GREAT advice – rarely get acted upon.
I have had lunches with people where I gave somebody a million-dollar idea PLUS I paid for the lunch. And guess what happened? NOTHING. They didn't implement the idea. Why? Simply put - because it was free.
Over my life, I've noticed something incredibly powerful once you grasp the significance of it: The greater the amount a person pays to get educated, the more serious the students are.
I've been in Mastermind groups where I've paid $25,000 (about $34k CAD plus travel costs) for a year's membership. Everyone that attends pays and it's serious enough money that everybody who shows up is attentive and motivated to come back to the next meeting and report what "GOT DONE". It was a fantastic community and learning environment.
When I write the check and show up, I'm the client and they're the consultant. They give me advice. I listen. And I KNOW I listened better because I was paying for it.