How to Look at the Economy as a Business Owner

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How to Look at the Economy During COVID-19

• How is the U.S. economy doing in 2020? We are still in the midst of COVID-19, so it’s not at it’s best, but hopefully we will be out of it soon.
• Every day you’re faced with gloom and doom. How do you maintain a positive outlook during this time?

The Blind Man’s Story

• The Blind man says that he is selling his stuff.
• The Son says that the economy is bad.
• The Blind Man stops selling.

The Illusion of Negativity

• The blind man was doing just fine when he didn’t know that the economy was bad. As soon as he knew, he assumed that he couldn’t sell anything in a bad economy and he gave up.
• This tells you that it’s all about your perspective.
• The reality is that there is always something you can do; you can always navigate through tough times.

How to Look at the Economy and Weather the Storm

• Companies looked at a bad situation and, rather than giving in to the negativity, actually did something to enhance their business.
• Don’t allow the current state of the U.S. economy to destroy your business.

Evaluate Your Product

• Your product is the most important element of your business and a huge part of what potential buyers want to see.
• The company has more potential than a company that just continues to sell its product and doesn’t have the ability to pivot when necessary.

Evaluate Your Infrastructure

• In tough times, many companies assume that they need to reduce their expenses by shrinking their infrastructure.
• If you evaluate your business’ infrastructure, you’ll almost certainly find areas for improvement.
• You can also improve your infrastructure by streamlining processes and finding ways to “trim the fat.”
• If you look at your own costs, you could find ways to streamline processes, reduce non-essential expenditures, and develop better cash flow.

Evaluate Your Conversation

• The conversation refers to any verbal or non-verbal communication you have with the consumer.
• If you adapt the conversation to fit the times and your consumers’ needs, consumers will be more likely to engage with your business.

Applying the Exit Mindset During COVID-19

• The Exit Mindset is all about looking at your company from the perspective of a potential buyer.
• You have to believe that the bad times will pass, because they will. Economies rise and fall like the tides.
• You just have to evaluate the situation, make a plan, and set it in motion.

Developing a Plan for Your Business

• You may need to make multiple plans during COVID-19. Plan A (six months) and Plan B (12 months).
• You’ll find ways that you can change or pivot your product, infrastructure, and conversation.

The Bottom Line

• In business, the end goal is often surviving the storm.
• Remember: action is everything. Use it or lose it.

The Exit Mindset is brought to you by Rem Oculee, founder of Confidence Wealth. All rights reserved.

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