Good Morning
I saw this report and thought I should share it with you:”The economy is growing at its slowest rate since 2016: Gross domestic product, which measures the value of goods and services produced inside the United States, grew at a 2.1 percent annual rate between October and December, the same as the previous three months, according to preliminary data released by the Commerce Department. As for 2019 as a whole, the report shows that the economy turned in a weaker annual showing than it did in 2017 and 2018. In previous decades, growth that consistently fell below three percent would have been seen as distressing. Now most economists-at least those outside the administration-see normal growth circling the two percent mark.”READ MORE
Yes, I know a bunch of you are saying that the economy is strong, that we are not headed toward a downturn. Events around the world can change that. Just look at China and the Coronavirus. They stop buying, and it could cause a chain reaction.
Years ago I lived in McAllen, Texas, about 60 miles from the coast. Every August, people in the area got out their hurricane tracking maps and made sure they had flashlights, batteries and other supplies, just in case. Now living in north Texas with bad spring storms and tornadoes, I still check to make sure the flashlights work, just in case. By being prepared I’m ready for when the power goes out. It might not go out this spring during a storm, but I know that the power will go out someday.
In business, I know a slowdown will happen one day; maybe not tomorrow or next month but one day. Whether it’s a seasonal slowdown or an economical adjustment, it will happen. I can be prepared for it and have a plan ready to go. If it doesn’t happen for a while, what am I out? Some time and maybe a bit of money for materials, which I could also use to build my business during good times as well!
The alternative is to wait until the storm hits and then look for the batteries or try to get batteries for the flashlights and other supplies you need (good luck with that). The same goes for your business. Do you really want to come up with a plan to get more business when the market has dried up?
Till next week,
Great Things Happen, But You Have To Take Action NOW!
Philip Freedman
Your Doctor of Customer Acquisition, Retention and Enhancement
P.S. Prevent your business from slowing down with my FREE checklist, “7 Proven, Powerful Ways To Increase Income.” Click Here or go to www.7proven.com
