As a recession survivor, I have an advice for you: don’t position your business just to survive today’s lacklustre economy. Instead, position yours to thrive and be at the top of your game.
Thrive? Today? How?
With real estate market freefalling and the credit crunch, well, crunching, you need to stay positive in economy turmoil today. Better yet, you must stay positive.
Although being positive might be the hardest thing to achieve, especially today, achieving it will be a great help to put you in a position to boom your business.
Use any funding you’ve got to fuel your business through the roof
Today’s credit crunch is not for the customer to suffer alone – the credit issuers are strained to their limit just to survive the soaring interest rate and dropping demand. The logical result – more interesting credit offer for customers, including business customers.
To put you in thriving mode, you have to fuel your engine. Contrary to most recommend, taking credits today might be a wise choice if, and only if, you know your situation and you understand your vision well.
How to benefit from today’s recession
You have witnessed these things today – business dying, real estates suffering, and many others are trying hard to survive. Those are your opportunities.
One of my businesses, unfortunately, is part of the opportunity for others to rake. It’s ailing, and interested parties might have just need to pay a partial amount of the business’ value. Lucky them, unlucky me.
What would I do? I try really, really hard to find ways to revert that. The key is to let go what’s should be let go, and move on.
Put yourself in a position to take over opportunities and, like it or not, be the saviour for others, if you buy their businesses, properties, etc.
Buy businesses below their intrinsic values; Buy real estates and rent them back to the initial owners; Buy stocks that have dropped below their intrinsic values; and many more.
You might not agree with me – the timing is not right, the value will still be declining, etc. – But let me insist you on one thing:
If you think it’s a wise move to acquire an asset or two, do your homework, and go for it. Otherwise, the window of opportunity might has just passed, and left you in the dust, wondering why you didn’t take that chances.
Are you recession survivor and running a thriving business despite the global economy turmoil? Please share your story by commenting on this article.
Ivan Widjaya
Working hard to thrive today
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There were 3.6 million jobs posted on employment sites in september. I know the media is screaming recession but there are hundreds of thousands of 100K jobs posted on employment sites -
http://www.linkedin.com (networking)
http://www.indeed.com (aggregated job listings)
http://www.realmatch.com (matches you to the perfect job)
Good luck to all those searching for jobs.
A good article, it doesn’t have to be all doom and gloom and it is possible to benefit in the current financial climate.
@ Matthew – Indeed! There are lots of opportunities out there. Although recession today is one of the historical moments of our life, it’s only one of the many facets in our life that need worrying about. There’s more to life!
@ Register Australian Business – Yes, it is very much possible… if you know how to ‘game’ the gloom and doom :)
Noobpreneur, you are totally right. There is nothing worse that understanding you did not take the advantage or use opportunity when you were able to. There is nothing worse that understanding it is too late to return back in order to succeed.
Gabriel,
That’s the whole idea, I guess – When the opportunity has passed, what’s all left is regret :)
will be interesting to look back on these posts in a few years time and see who was right and who was wrong. im stock piling assets, but, who am i anyway?
James,
There’s no right or wrong issue here, IMO. The point is, we need to find the slightest opportunity available, and take action on it :)