Financial Wellness: Ways to Thrive Financially No Matter What’s Happening in the Economy

by Luanna Rodham

 

Are you worried about the economy? Who isn’t, especially if you are a small business owner. The media is tossing around the term “recession.” New leadership is expected in the United States in January, which is also a concern to small businesses and entrepreneurs. So, the question that comes to mind–is now a good time or a bad time for a small business?

The overall feeling about a solo or small business is they can still thrive in a market that is concerned with a recession. Not all small businesses are experiencing a financial crisis. Below are two tips to help businesses be successful in an unsure economy.

Good Times or Bad Times? Who to Trust in YOUR Small Business.
No matter who you listen to about the economy one thing is certain, small business stands the biggest chance of not only surviving but also thriving. To recession proof your business you MUST know what the complaints, problems, difficulties and inconveniences are for your clients. Not sure what they are? Then it’s time to dig in and ask. Your clients WILL spend money to solve a problem that’s important enough to them (that’s the exciting part of being an entrepreneur — knowing you are helping people solve something they care deeply about). Listening to your clients and trusting your instincts are the hallmarks of a great, thriving business at all times. Pay attention to what your clients want and then give it to them in new and exciting ways and news of the economy will be music to your ears.
- Kendall Summerhawk how to charge expert

Know What’s Truly Important
The first step is to take the time to know what’s most important to you. This is more difficult when you’re feeling financial stress. Ask yourself the question, “What makes my life richer?” For example, spending time with your children or your spouse, and staying healthy might be most important to you. Once you have clarity on what’s most important, it’s easier to make financial decisions that keep you in alignment with your life values.
-Tracia Graham financial wellness expert

Now is the Time to Get Creative with Your Products and Services
Have you been thinking about creating an alternative source of income from an information product? Many seasoned business owners are ready to put their experience and expertise into a product or a packaged service to better leverage their time and make more money. Now is a great time to consider adding a product to your offerings. Some of your clients might want to buy a CD and a workshop package instead of investing in individual services with you at this time, or maybe they want a teleclass series instead of an in person workshop. This is also a great time to add a variety of installment plan options for your online products. Try a 4-pay or 5-pay option for your more expensive products or programs. It’s more of a low risk investment for your fans and keeps the cash flowing and your work getting out into the world. And, don’t hold back on offering high priced premium options. Now more than ever people are ready to pursue passion, make more money and live a life they love - if you can help in those areas you’ll find business is going no where but up!
- Laura West attraction marketing expert

Small business is still alive and well. Thinking outside the box can help achieve success in times of financial uncertainty. Keeping a positive outlook and listening to tips from other experts can ensure a thriving business.

 

More Details about Financial Wellness here. Luanna is a Virtual Assistant and Staff Editor for IdeaMarketers. She helps small business owners save their precious time by taking care of the basic needs they have to keep their businesses up and running.