Just like we experience climatic seasons,we also experience economic seasons. Many authors from Robert Kiyosaki of Richdad.com to Brad Sugars of Actioncoach.com have spoken of these seasons.
By understand the current economic season and knowing the indicators of the next season, your business can stay ahead each season.
Winter. Winter is a time to prepare:
- Buy new equipment. It is cheaper during winter.
- Hire new staff and train them. With higher unemployment, new employees are plentiful and you have the time to train them. Consider finding the best employees, even if they work for the competition and encouraging them to work for you. Prepare your business with the best team for the spring and summer to come.
- Evaluate your business. Are you on the right track? Are you offering the right products, services? Move to a new location or even open a new location. This is a time to re-adjust before spring and summer come.
- Continue marketing. While others are going leaner – take advantage of less competition and position yourself as the market leader.
Spring. Spring is the time to plant your seeds.
- Ramp up the marketing. Over winter you positioned yourself, now it is time to increase the marketing to get start growing your business. Market to “wants” and “bigger and better ideas”.
- New starts. Open new stores, begin growing your business.
- Plan for growth. Have a plan for your growth strategy, summer is coming.
Summer. Summer is the time to work.
- Raise prices. This is the time to increase profitability.
- The good life. Market to consumer’s desires for quality of life and lifestyle products.
- Enjoy profits. If considering selling, now is the time.
- Plan for winter. Create a saving for when winter comes.
- Boom times. Business (and Real Estate and Stocks) are booming.
- Sign of the times: It seems like everyone is getting involved in business, real estate and investing.
Autumn. This is the time to start downsizing.
- Lighten your load. The winter is coming. Evaluate your business for effectiveness. Release ineffective employees, stop ineffective marketing, remove unprofitable products.
- Prepare for winter. Consider price adjustments, product adjustments (go to smaller ticket items).
In short, think like the ant. During winter be dreaming of summer and the good times to come. During summer, be preparing for winter by gathering food and resources necessary to make it through the next winter.
Since each season lasts 2-5 years, it’s not to late to adjust your path.
If you have made the adjustment, share your comments.
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