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Reinforcing Proactive Business Strategies for Resilience

14:24
16:20
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At 14:24 in

How I survived the LAST economic collapse

What happens here

The speaker concludes by summarizing the three critical actions for business owners during tough times: 1. Maintain or increase marketing efforts as it's a lifeline for getting new jobs and allowing 'cherry-picking'. 2. Avoid extending lines of credit to customers, as some may take advantage during financial stress, leaving you without payment. 3. Proactively establish emergency backup financial resources (like Revenued) to cover expenses when expected payments don't materialize. He stresses that being proactive and planning ahead is key to surviving and even thriving when economic times get tough, unlike those who react only after problems arise.

Goal: Internalize and consistently apply key strategies for resilience during economic challenges to ensure business survival and growth.

What they say

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into our regularly scheduled video so when times get tough don't cut your marketing your marketing is your lifeline you actually need to keep your marketing at status quo or increase your marketing you need your phone to ring you want to be able to also cherry-pick those jobs so if you may want to even consider increasing your marketing during difficult times don't extend lines and credit out to your customers don't automatically assume that they'll pay you that they're that they will honor their debt because when times get tough sometimes customers some customers have absolutely no problem making their problem your problem problem meaning that if they aren't getting paid they're not going to even try to pay you they're going to leave you holding the bag and number three in case something like that happens have an emergency backup plan in Cas in place for money this is critical because you don't want to be one of those guys making your problem somebody else's problem put that plan in place beforehand you are a business owner that means you have to be proactive not reactive and proactive means you're planning ahead reactive means Something's Happened to you and you're just responding oh gez now what do I do oh okay those are the guys that don't last very long the guys that have a plan that can go hey if things get bad I'm going to do this this and this are the ones that survive and even sometimes Thrive when times get tough but I hope this video has helped you guys out that's it for this one God bless and go get him you guys and I hope no matter what happens your business thrives catch you at another one

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