During times of crisis, most people are going to freeze up, retract, and actually do more harm than good. They follow the crowd, turn off their advertisements, and try to conserve. The companies and businesses that do the most in this period, are going to come out on top way stronger than before..
So here’s a little guide on what I think we should do as business people to prosper during the next 6 months..
Load up on Cheap Lines of Credit / Loans
The government has put a ton of money into the market to save small businesses. In the USA there are loans like the SBA Economic Disaster Loan that is charging 3.75% in interest for up to 30 years, up to $2 Million in funding. Something like this is definitely going to be introduced by Cyril Ramaphosa and team to help South African business. Lets look out for it. If you can easily use $250,000 to expand your business quickly, use it.
A lot of people are afraid of debt, but if you’re getting even a 30% return on every dollar you put into your business, then why wouldn’t you accelerate that return?
Even if you have over 2 years worth of operating expenses in the bank, cheap money like this doesn’t come around all of the time. Take advantage of it.
Open lines of credit with your current bank, up your current credit lines, make sure you are prepared to weather the storm.
Want our help to get funding for your business and to learn how to systematically bring in more high-paying clients?
Take care of your current clients
Make sure you are in constant contact with you current clients. One of the things I’ve always stressed to my team is make sure you’re constantly updating the clients on what we’re working on. What’s going well, what we need from them, progress on projects, etc.. You really need to go above and beyond for your clients right now.. Whatever they are struggling with, make sure you are handling it for them.
Take this time to read more, study more courses, etc..
I’m taking this time to go through books I have on my shelf, that I have been working on implementing. I am going to start by reading “Traction” which shows you how to get your company moving forward in the right direction. It shows you how to actually plan out your year, your quarters, all of your issues, and have people own each one of them. I used to be absolutely terrible at planning, but this book actually shows you how to do it systematically, then how to review your progress and keep knocking off goals.
It gets everyone moving in the right direction.
Another thing to do is get some sales & marketing training.