By Matt Hall
Merritt Hall Insurance
Three months ago were you sitting around predicting the worst financial meltdown since the Great Depresssion? Not likely. But on November 19th, the DOW slipped below 8,000 delivering the message that “anything is possible,”
So if you’re sitting on a stockpile of cash, you may be wondering, is NOW the time to invest it in the market? Is it at bottom? Tough call, since many experts thought it hit bottom at 12,000…11,000…9,000…and so forth.
The problem, of course, is that you have NO control over the market. You can study it, analyze it, attempt to predict it. But you can’t control it. Mutual funds? No control. Individual stocks? No control.
You may be wondering if there are any investments that still give you some control? And what are – historically – both the SAFEST and most LUCRATIVE investments? That’s easy.
1. Your own business. Now, especially in rough waters, is the time to pay attention to it, make it stronger, improve your systems and invest in the talents and skills of your team. Meanwhile, other businesses, reeling from economic forces like market plunges and profit erosion will be slipping behind. They do NOT have the skills or the tools you have. Yes, some “lazy enterprenuers” will and SHOULD get back to work and communicate, communicate, communicate to their teams: exploit every opportunity.
2. Your SELF. Now, more than ever, you must be investing your time and skills into making the complete shift from “technician” to “entrepreneur” and “marketer.” Nothing is worth more in the marketplace than the ability to market: to aquire, optimize and retain clients. Study. Practice. Obsess. Test. Read. Listen. Learn. Leave no stone unturned.
3. Your clients. Especially in difficult times, they seek leadership and relationship. While the rest of the economy is going crazy, be there for them. Help them. Let them know you understand their pain. Be their advocate, because while industries continue to “commoditize” and slash prices, now more than ever, your clients are dying for someone to rise up and show them what to do… someone they like and trust.
Invest more heavily in building stronger relationships with your customers and clients. Do more to show them you appreciate them and care about them. Send them information, gifts and communicate with them in ways that say “I care about YOU.” Sure, you’re going to ask them to buy more and buy more often, but occasionally send them something just for them, without asking them to buy anything. Strengthen the relationship, because the stronger the relationship, the more opportunities the client will permit you to ask for larger and more frequent transactions… and the longer you’ll retain their business. Be sure to have this talk with your team too.
If someone reached into your sock drawer and stole a hundred bucks, you’d probably be a little upset. Now let’s imagine that “sock drawer” is a 401(k), IRA or any other kind of savings plan, and then multiply that hundred bucks many times over and watch the reaction of millions of hard working households across America for whom these losses are anything but imaginary. If your clients, employees, friends…family members…are a little on the tense side, don’t be surprised. Rather, be prepared.
4. Your team. Invest in training and tools that will make your team support all your business objectives, and right now might be the perfect time to be on the look-out for new talent to add to your team. The first paragraph of a recent New York Times lead article: “With the economy deteriorating rapidly, the nation’s employers shed 533,000 jobs in November, the 11th consecutive monthly decline, the government reported Friday morning, and the unemployment rate rose to 6.7 percent.”
That’s the biggest job loss in 35 years. Add that to the strong prediction that this will be the longest recession since The Great Depression – and whaddya got? A recipe for a VERY turbulent economy. Clients losing jobs. Clients with jobs getting SUPREMELY price sensitive. Commercial clients cutting back. Cancelled orders on commissions you’ve already spent.
You MUST observe the news, plan, strategize and prepare WITHOUT letting it affect YOU or your team emotionally. In truth, good leaders will USE this “crisis” to bring their team into focus, get them rowing in the same direction – and make them grateful to be in your ship. It’s time to sit down with your team and discuss what you’re doing in your business to navigate your way through the turbulence. If you don’t do this, you have lost a tremendous opportunity as an entrepreneur and CEO. Do this immediately. People thrive with and under leadership. (Do you think they’re not reading and watching the news? They’re constantly getting bombarded with negative information. YOU must counter-balance their worry and fear and convert that energy into positive action.)
Expect resistance from your team. Who among us hasn’t had “blowback” from Team Members when we make changes? But, we supply the jerseys, fill the stadiums, pay for the hotdogs. It is your game. If they’re going to suit up on your team, they better play by your rules.
It’s unfortunate the unemployment rates are so high, but for the business owner, there’s an up side. There are floods of quality people looking for new jobs. Now is the time to start building your world-class team, get your team on track with your goals and demand higher levels of performance. Raise your expectation and minimum performance criteria. Some won’t make the cut.
But – and this is important – great leaders inspire. They don’t bully. However, not everyone tingles at your vision or rises up when you sing your anthem. And those are the ones who just don’t belong on your team.
So invest with confidence in your business, your team, your clients… and yourself. Stay strong. There’s tremendous opportunity on the horizon, and now is THE time to set the stage to dominate your market.
Matt Hall
Merritt Hall Insurance
2421 Production Drive, Suite 203
Indianapolis, IN 46242
317-247-7737
317.259.9201
