072: How To Make A Profit During A Financial Black Hole

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How to make a profit during a financial black hole. Would you even know if you're in a financial black hole? Many small business owners don't even recognise the symptoms of an economic crisis whether it's national crisis or a global economic crisis.

And when I mention terms like global debt, quantitative easing, zero economic growth or consumer spending, which could be down at any given point like at the moment, they don't see how it's directly affecting their business.

Now these signals... it's like a weather beacon out there. It's giving you a signal of what you can do to avoid the rough shores and how to get around it, and what you can be doing next.

But, unfortunately, most people don't look at it that way and they keep doing exactly the same as what they've always done. So, over the last few years, I have deliberately modified my business, streamlined what I was doing, developed my business as much as I possibly could online. I've also got backup support people that work in South-East Asia to do a lot of the repetitive tasks for me.

So that I am in control. I have minimal cost where I operate. In fact I can run my business anywhere in the world. I don't have to be physically in one place. Now the point of this, and for you to think about your business, is it comes to identifying these signals if you need to. You've got a get literate. You've got to be understanding what it is that's happening in the world.

Because, the effect is your overheads. It's not how many sales that you're making. It is how much it's costing you for every sale that you make. So, as I said, I've reduced my costs, my staffing costs, my rental costs of premises. I've reduced that so I need to make less income now to make more profit. Getting the picture of what I'm talking about? Thinking about things differently.

Now, the customers that you've got you need to be able to hold onto them. So service is paramount. You really have to be able to deliver a service and make it personal wherever possible. Because if you can engage the person, get feedback from that person, be assured that you know that that person is thinking highly about you. People are very surprised that somebody does follow-up out of the blue. They don't expect it and they appreciate it.

Whatever you can be doing think about your business, not in terms of sales or numbers. It's people that are out there and you are impacting. What can you do that is cost effective that goes above what most other people do that just is like a reminder? It's like a thank you, a Christmas gift that's unexpected that comes out of the blue.

And finally, it comes also to your marketing. You need to be able to reach as many people, and technology will allow you to do this and minimise your cost. So if you look all over everything that I do in my website, my trainings, whether it's online, the video series that's there, I'm keeping in contact with people. I do things the once and then I can repeat it time and time again.

So I'm giving value from the effort that I put in the first time. But I don't have to do it every time. And their getting that the same information. They can get it on replay, hear it over again, hear my voice, and then they can get in contact with me. It is a funnel that I've created to automate the process.

These are things that you can do if you are aware that there is a financial black hole out there. How to make your business operate at even higher efficiency than ever before. If you need to contact me... get to my video series, and then email me. My name is David Lee. Thank you for your time.