Another war, another crisis, US politics and economy in chaos, and a society divided. So much of what we see today in the news sounds apocalyptic. Sure, there are enough reasons to be alarmed and concerned, but in business and in life you have to face challenges with calm, focus, and strategy. Analyze, plan and act accordingly with the challenges and focus on what you can control. Crisis come and go, but the resolve to grow is what sets those who succeed from those that don’t.
As noted in past posts, the economy is volatile, consumer debt has reached an all time high figure, $1Trillion and counting. Delinquencies on credit card bills have increased past pre pandemic levels, and consumer spending are shows signs of a slow down. As a business owner, you can A) Think the world is ending or B) Look for opportunities and ways to entice customers to spend their money with you. If the insight is that customers are looking for choices in payments and the best deals possible to stretch their budgets, how can you adapt your business to offer solutions to your customers? How can you show that you understand their pain. Look for ways to lower your operational costs, offer payment choices, discounts, and promotions. The key to handling any crisis is reminding yourself that everything ends eventually. This too shall pass should be your mindset.
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