DUBAI 24 October 2017: It is known that every recession creates unique opportunities for creative, innovative entrepreneurs, those that are not perturbed about the negative chatter and inevitable grapevine, including saturated headlines from media that will continue to breed depression and emotional fear into the hearts of those who are the most vulnerable and throw in the towel at the tip of a hat!
My personal experience during a downturn economy, was creating a unique service that was absolutely significant for investors when the global market crashed at the end of 2008, because I watched the market crash and wondered what kind of service I could render that was a gain for investors and I found it, because I applied my existing knowledge and experience within that specific sector I was active in during the boom days, so I knew what opportunities could be available. I tested it and it worked, whilst everyone else were brooding over the situation.
When a market crashes or the economy is in a downturn, you need to allow your creative and innovative juices to flow to ascertain the type of value that is needed in that market at the time and some of the key questions could be:
- How can I help support the business communities/investors/clients to salvage their losses?
- How can I create such a unique offering where I could deliver sterling service, where the service deliverable outcome would be trusted referrals for a continuity of business, which in turn means you don’t really have to allocate a sizeable budget to secure new clients, as they would be referred by your existing clients.
- How can I leverage on all my skills, even the unique ones to minimize my expenditure, but still enable me to present an invaluable offering?
- How can I over-deliver and be able to cope with a growing no of new clients?
- Would I need assistance and if so, what kind of resources would be required?
- How can I get my existing and new clients to ‘buy-into’ my unique offering?
- Am I a trusted authority on this offering or must I quickly emerge myself and invest in the time and effort to up my game?
- Will my ‘Promise’ be delivered?
- What will be my Mission Statement?
- What will be my Vision Statement?
- How will I brand myself and can I do this task myself?
- Who will be my target audience? Get this one totally accurate as you will waste your time if you don’t!
I found the key is to formulate a strategic plan within the minimum time-frame and seek out the experts in this space, ask questions, join webinars on the subject and mostly they will be hosted from overseas as those markets are already saturated with techniques and methodologies on similar service deliverables you wish to present to your current market or target audience.
Other key factors:
- Review your existing business and ascertain if you can simply add this offering and not spend money to register a new business, where it could be possible;
- Ensure you can brand yourself with this offering and it may be easy to assume, but try to align your offering with a specific product or service, so you become the authority in this space;
- This may also be the perfect time to expand your business capacity at a reduced capital investment;
- Startups with inherent agility can take advantage of a weaker economy and achieve huge success, where the secret is you must operate on a lean business model, whilst maximizing value for clients.
- In all recessions, problems are created, so seek out the key problems, because clients facing problems are seeking solutions, where this represents opportunities for startup companies to resolve.
- I never perturb myself with competitors, because I always focus on delivering sterling service, However, where they do exist, minimize your expenses as clients do not wish to spend much money during a downturn. So, if you are able to secure those clients, guess what? You will continue retaining them when the economy recovers.
- It doesn’t matter who your competitors are, some will not be able to sustain the storm, others will go into hibernation if they are large enough, so your only job is to ensure you are able to sustain yourself by minimizing costs, continue to deliver the sterling service, so it will be a tough job for the economy to eliminate your existence.
- You will always find that in a downturn, you can secure very experienced talented staff at a reduced cost to your company, however, the key is for you to also be loyal to them with this knowledge in hand. So, create excellent performance incentives, means both parties win, you seal their loyalty and you have them forever at your side, because if they are people oriented, they will understand just how fortunate they are to be employed by you, so team work is key and crucial during this process.
- Very key during a downturn economy is that everything is cheaper, so you must learn to make the best of the situation, stay focused on the big picture, allow your creativity and innovation, gifts and talents to exceed your expectations, don’t be extravagant and apply patience to this process, whilst being subtle about your aggression, drive, determination and will to emerge a winner!
The key is ‘Opportunity, Opportunity, Opportunity’ exists, when you know where to look!
Note: Theda Muller is a UAE-based visionary entrepreneur, CEO & Founder of various UAE companies, business advisor and legacy mentor, US trained and globally experienced. She is also an author of two books: Embrace Financial Freedom Volume One: 10 Proven Ways To Release Debt And Emotional Fears In Today’s Economy, and Volume Two: Releasing Fear And Bouncing Back From A Debt Crisis. She also conducts webinars and workshops on debt recovery.