Preparing your mind for success is the first step on the path to extreme profits in your business during this new economy. In fact, I’ll even go a step further and predict that unless you address your mindset first, you won’t even implement a single one of the proven strategies in this book.
Think it sounds a bit harsh? Well, would you rather me sugarcoat it and skim over the meat and potatoes or would you rather sit down and get a seven course meal that will have you bursting at the seams with ready-to-buy, customers and profits?
See, the truth is, no matter how great the strategies are that I reveal within the pages of this book, you will never see one extra penny of profit, unless you are willing, ready and able to make the changes required. And that, my friend, requires guts, boldness and the ability to move rapidly to follow the money in your local market.
Let me give you few examples of how powerful and profitable OR how broke and hungry a mindset can make you. There’s a successful furniture chain in New England which promises delivery in 3 days or less. Do you have an idea of the average amount of days or weeks a customer was accustomed to waiting to get their furniture delivered before this company decided to re-write the rules? Normal wait time was three to six weeks for in-stock merchandise. In fact, I would venture to say that 95% of the furniture industry still requires customers to wait two to six weeks for delivery. This furniture store has a huge competitive advantage over every other competitor in the marketplace.
Now, before this furniture chain came to the area, no other stores were delivering furniture to a customer’s home within a couple of days. Do you think these owners were scorned and warned by ALL the other furniture retailers who they asked for advice? Do you think manufacturers, vendor reps and delivery companies scoffed and swore that it couldn’t be done? Of course! See, every furniture store has the same problems and objections as any other furniture store, but the owners of this furniture chain believed that they could do it better and faster.
The owners of that company had the iron resolve of a bear. They had a powerful mindset that allowed them to grow beyond belief…during a recession! However, they first had to change their mindset BEFORE they could ever change their business. That’s what you will also have to do in order to grow your business to the next level.
Now, let’s look at how badly things turn out when business owners have a stubborn and poor mindset. Several years ago there were several super-high end furniture stores within miles of each other in New England. These retailers were priced so high, that only two percent of the population in the entire nation could afford their furniture. As the economy turned, those retailers simply refused to change their business model to reflect the change in the economy. Therefore, within six short months ALL but one of those retailers went out of business.
Unfortunately, the stubborn and poor mindset also affected many other businesses who could have easily weathered the storm of this economy with just a few simple changes to their businesses. However, they chose to ignore the changing marketplace and consequently went out of business.
So, now that you know how powerful a mind-set change is to your success, let’s look at four powerful keys and realities that you must embrace in this new economy:
1. Accept that there’s still money in your local marketplace. Don’t feed me that garbage that people in your area aren’t buying the type of products or services that you offer. Yes, they are. There are dozens of businesses who are making unbelievable profits during this recession. The real question is, “Will yours be one of the businesses that will make the necessary changes in order to cash in during this economic downturn?”
2. Take advantage of the opportunities that recessions create. Every recession creates an opportunity for someone to profit. In the example of the furniture store chain that I mentioned earlier, consumers want furniture that can be delivered quickly. The customers in that market don’t want to wait for months. They want good price, speed and convenience. Ultimately, the key to your success will be determined by your ability to listen to your market. Then, all you have to do is create a product or service to meet that need and you’ll instantly have increased profits.
3. Make decisions based on numbers, not ‘opinions’. If you’re listening to talk radio, news reports and any other media source that’s pumping fear, doom and gloom into your head, then turn it off right now! The majority of news media sources are in the business of selling fear, not hope. Your focus should be on finding what your target market wants and then giving it to them at a great value. That’s it. Don’t let the media drive you out of business, by slowly draining away your will to fight.
4. You’re either green and growing or ripe and rotting. Every day I meet so many business owners who simply refuse to do things differently, but yet, they expect different results. That’s the textbook definition of insanity. You must be willing to change your staff, advertising, marketing, product and/or management, and any and everything else, in order to survive during this new economy. That’s the truth, plain and simple.