Will You Thrive, Survive or Nose-Dive in This Tough Economy?

I've heard a number of people recently say that they're already noticing the effects of the stock market plunge - whether those effects are real impacts or projected fears.

If you're a speaker, trainer, coach, consultant or other infopreneur, you might find that your clients are battening down the hatches and cutting spending on non-essentials. You might discover overnight that you've become a luxury rather than a necessity!

Don't assume your clients - even your most loyal clients - will keep doing business with you, just because they have done so in the past.

To survive and thrive in this economy, focus on value. If you deliver real, tangible, concrete value to your clients, they'll keep coming back to you for more. On the other hand, if you're all puff and no substance, you'll struggle.

So what's an infopreneur to do?

Yesterday I facilitated a panel discussion with four of Australia's leading experts on leadership in business. I asked them for three pieces of advice they would give business leaders in this tough economy:

  1. What should they keep doing?
  2. What should they stop doing?
  3. What should they start doing?

Do the same thing for YOUR business.

These questions don't just apply to leadership; they apply to any area of expertise. Including yours.

So take your area of expertise and ask yourself what you'll advise your clients in those three areas: What should they KEEP doing, STOP doing and START doing?

For example, if you teach customer service, perhaps you'd say ...

  1. Keep delivering service at a high level, because customer loyalty will be more important than ever before.
  2. Stop the obsession with getting new customers, because they will become more expensive to acquire.
  3. Start a proactive customer referral system, because referred customers will be the easiest to convert into clients.

Or if you teach personal fitness, you might say ...

  1. Keep making time for your current exercise program, because reduced fitness leads to increased stress.
  2. Stop smoking - it saves you money and will do wonders for your health.
  3. Start eating healthy breakfasts, to give you energy for busy days.

Is this good advice? I don't know - I'm not an expert in customer service or personal fitness ! But I'm sure you get the point.

Tailor your topic to the current economic environment, and back up your advice with reasons and benefits.

Don't ignore it!

In the mid-1990s economic downturn, I remember some people saying, "I refuse to participate in this recession". That's putting on a brave face. But I don't think that's realistic.

Don't ignore the bad news - use it to show clients just how much value you can deliver.

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Gihan Perera is an Internet coach who helps business professionals with e-marketing and e-learning. He's the author of "Web Sites for Speakers, Trainers, Coaches and Consultants" and "Fast, Flat and Free: How the Internet Has Changed Your Business". Visit http://GihanPerera.com and get your complimentary special reports.

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