The global economy has seen almost two decades of solid growth, with a few minor setbacks on the way. Many people who are in sales now have never seen a recession up close and personal. They only know the good times, and their sales habits and philosophy were formed during the boom. Now that the world has changed, they are unsure how to adapt. We are in the trenches, and we would like to share our thoughts and Action strategies…
The Sky is Falling?
There are many industries that are severely affected by the present economy, and many salespeople and business owners are seeing turbulence in their markets. Doom and gloom is the mood of the moment in the news media and the frenzy is also being stoked by the 24/7 news cycle on TV and the Internet.
We are regularly hearing comparisons to “The Great Depression” and fifty-year lows in various statistics. The average consumer is scared, somewhat angry and they are considering lifestyle cutbacks. At the same time, the government is making unprecedented intrusions into the banking system and other parts of the free-enterprise markets, with unknown results.
We should not bury our head in the sand, but we should put this in some perspective before we jump totally onto the Chicken Little bandwagon. Business is normally cyclical, and we are overdue for a slowdown by most past measures. We had somewhat of a perfect storm of events with the bursting of the real estate bubble, the insolvency of many banks due to ridiculous lending practices, and the incredible spike in oil prices which acted like a huge tax on the entire economy. These events are now unwinding and causing pain, but there is a limit to the amount of damage that they can still cause.
For the millions of people whose livelihood depends on selling goods and services to pay the bills, there is no choice but to get up in the morning, put on the work attire, and get out there and sell.
Build Your Defenses
In turbulent times, it is very important to make an honest evaluation of your situation. Napoleon Hill called this “Accurate Thinking” and it is more important in changing times than in more stable ones. If you work for a company as a salesperson, you should consider how safe your position is, as well as how safe your company is. You should take a hard cold look at the industry you are in…be brutally honest….
Assess whether your industry was already facing challenges from technological advances (obsolescence), globalization, or other causes BEFORE the economic slowdown occurred. If your industry looks like a dinosaur, this is the time to make a change to a better industry.
Sales skills are highly transferable…
Sales people are always in demand even during a downturn, and you can use this time while you still have another job to learn the vocabulary and gain expertise in another industry or market.
If you decide that your industry is a good candidate for recovery, then make it your top priority to keep your job. Make yourself valuable and indispensable to your company and the owners. Work harder, do things on time, and without complaint. Watch your expense reports, and be extra careful to only spend money on justifiable business expenses. Be a positive influence on your company and your customers, and don’t make waves.
You should get your personal financial house in order… you want to avoid surprises and control your own destiny. Take a hard look at your income. This could be a great time to find other sources of income, like starting a side business…
You should also look at your expenses carefully. Many people allow expenses to “creep” and you should know exactly what your family is spending. Maybe there are non-essential things that can be eliminated, or maybe you can get a competitive quote on larger cost items like insurance. Consider re-financing your home at todays low rates while they are still available and while your finances are strong.
Try to keep saving some money for a rainy day. Do not look at right now as the “rainy day” and tap into your emergency savings if at all possible. Once you have gotten your expenses in line with your income, it is time to make changes to improve yourself.
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