Control Your Own Economy
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Whether it’s inflation, rising interest rates or even a recession, entrepreneurs will always face obstacles and difficulties in the marketplace. Despite the challenges, the majority of small business owners still remain optimistic about their future because, instead of letting outside forces control their destiny, they focus on controlling their own economy so they can achieve more than they ever dreamed of. Here’s how you can take charge of your own personal economy and experience phenomenal success, no matter what’s going on in the world:
Grow your revenue
According to McKinsey Consultants, there are three main rules for creating revenue growth. The first principle is to always strive to outgrow your peers. You can’t just go with the flow – you need to focus on growing and moving forward, no matter what happens. The second key principle is to turbocharge your core by focusing on growth in your core business. What is the primary source of your customers? Who refers you and how? Go to the pond where your fish are biting and fish there! The third principle is to grow where you know. Identify the advantages that you offer to the marketplace, to your customer base and to your community and then hone in on these.
Maintain your expenses
When the market experiences upheaval, news cycles get even more negative and people become fearful and decide to cut their expenses. The problem is, instead of eliminating stuff that contributes nothing to their growth – such as expensive subscriptions or takeout – they cut off oxygen to the very things that help them to succeed, such as coaching. It has been proven time and time again that in difficult times those folks who lean into coaching are the ones who will ultimately grow and achieve much more success – so make sure you invest in yourself and get a good rate of return for every dollar you spend.
Invest in the future
John F. Kennedy once said, “Change is the law of life. And those who look only to the past or present are certain to miss the future.” No matter which outside forces are impacting the market, you can still predict your own future if you work to create it. Instead of focusing on anxiety and fear, invest in and add value to yourself. Then you will prosper and grow, no matter what happens.
Regardless of what is happening in the world, you can always control your own economy when you control your outlook, your attitude and your effort. To learn more, listen to the latest episode of “It’s a Good Life” today.