nent of your marketing and branding strategy. So, you should still budget funds for marketing (and the cost to create a strong presence online) so you can do your best to stay in front of customers. Here are a few ideas to get started: • Send regular, content-rich emails to current leads on your mailing list. • Follow up with prospects that you lost contact with. • Check in on past customers that haven’t been heard from in awhile and make them a compelling offer to win them back. • Place online retargeting ads to draw prospects back in. • Post consistently on social media so that they see you are still around. No matter what outlet you choose to reach your audience, be sensitive to the times. Make sure you focus on the real benefit you offer them. Keep your messaging relevant and keep your company’s brand identity front and center. Don’t push a hard sell. “Read the room” as the old saying goes. Remember you are here to help them, not steal their home. NO. 3 Protect Your Cashflow Recessions lead to slimmer profit margins, which can make maintain- ing a healthy cashflow tricky. Let’s get uncomfortably real for a min- ute. If the cashflow dries up, that’s likely the end of your business. So, to survive a recession, it is essential to

the ship when times get rough. You have to be prepared to put out fires, make tough decisions, and plan strategically for the future. It is impossible to complete those necessary higher-level tasks if your schedule is filled with time-sucking minimum wage tasks. Assess what tasks can be handed off to other people or companies. Prioritize delegating the tasks that take the most time with the least revenue return. You want to clear your plate of any task that is not within your zone of genius or that gives you little financial gain. Your time is one of your busi - ness’s most valuable resources. Make sure you reserve it for the tasks that will deliver the biggest impact. This is your #1 focus as a business leader. Don’t give up. Running a small business during trying times can be challenging, but a recession doesn’t have to spell the end. Your investing strategy will need to be flexible to adapt to its new reality. If you plan correctly, execute well, and keep your focus, you can recession-proof your business and come out stronger after the storm passes. •

analyze well and make sound invest- ment choices. Here are a few options: Cut back on any unnecessary spending. Audit your current spend- ing. Are there any services, mem- berships, or resources that your business can function without for a while? How about extras on your real estate investment projects? If so, then live without. Funnel that money back into necessary spending for your business. (Remember, market- ing is necessary!) Renegotiate vendor and contrac- tor agreements with more favorable terms if possible. Remember that your vendors and contractors may be struggling to get by, too. They’d probably be happy to renegotiate the terms of your contract rather than lose out on your business entirely. See if they’re willing to give you a more competitive price or more flexible payment terms while the economy is rough. You may also be able to negotiate a discount for cash or early payments. You will never know unless you ask. Arrange for financial assistance. Look into a small business line of credit. Apply to small business grants and small business loans to help keep you afloat. Timely finan - cial assistance from small business loans could mean the difference between survival and going under. Make sure you understand your cashflow situation. If you don’t have a firm grasp on the numbers, now is the time to get caught up in this area of your business.

Shawn Tiberio is a Marine Corps veteran, serving 10 years of honorable service in the United States Marine Corps. With multiple deployments over

the years and extensive training as an Ironman distance triathlete, entrepreneurship and mindset has become a must for Shawn. He is co-owner of Top Results Consulting, where he helps businesses and entrepreneurs grow and succeed. Check out his free master class and learn exactly how to target the correct prospects for your business at

NO. 4 Delegate and Automate Real estate investors must steer

thinkrealty . com | 93

Made with FlippingBook Online newsletter