The Recession is Over!
Are you ready to have an excellent 4th quarter? The recession is over. Yes, you read that correctly. The economy in the United States and abroad is now back on track as we make our way through the recovery process.
Are you taking full advantage of our economy’s recovery? The time right after a recession ends is historically the best time ever for your business.The recession affected us more deeply than any hit on the economy since most of us have been alive, and now we have the opportunity to grow at a steady pace to build a business that will thrive. If you have used the recession as an excuse to not grow your business over the past few years, it is my opinion that that excuse is now null and void.
The 4th quarter of 2014 officially began on October 1. This time of the year is very important for many types of businesses. Retail, Fortune 500 and even my own online marketing business all make a big push in the 4th quarter. People are once again in the buying mood. We have some of the most profitable times – Black Friday, Cyber Monday and Christmas shopping – all occurring during the 4th quarter.
So, what will this mean for you? No matter what type of business you are in, hold your head up high and know that you are making a difference to many people’s lives. Whether you have employees or hire independent contractors, as I do, the fact that you run a business allows them to earn a living. Gather your workers together and share your thoughts and ideas for what the 4th quarter can mean to your company. This will be the first year in many that sales will be on the upswing across the board, and that always feels good to be a part of.
Make sure to have enough inventory on hand. All of my physical products are sourced here in the United States, but that may not be the case for your business. Contact your suppliers now to be sure they can meet the need for the next few months. If you import from China, Taiwan, or anywhere else make sure to have all of your paperwork in order to ensure shipments get to you as quickly as possible.
If necessary, ask your bank to extend or increase your credit line so that you will have enough available to purchase what you need. I have experienced the banks loosening up in this area as our economy continues to improve. It is much better to have more than you anticipate at this time of the year, especially this year.
Also, make sure that you have an Internet presence, no matter what field you are in. We are all super busy, so the web is usually our first stop when it comes to searching for what we need.
Here is what I am recommending when it comes to having an online presence:
- Use a domain name that readily identifies your company
- Make sure your site is simple to navigate
- Start collecting the names and email address of visitors
- Follow up with people who visit to see what they need
- Make customer service an even greater priority
This coming year is your opportunity to begin anew with a clean slate. If you are still in business after what we all went through over these past six years or so, celebrate. Know that you have achieved something worth noting and that there are many good years ahead of you. Have the vision to start planning now for the future.
Be sure to connect with a local networking group or a service organization to stay abreast of what’s happening locally. I have been a member of Rotary since 2006 and the relationships I continue to build through that group have been a true blessing for my business. Go online to see which groups and meetings will be convenient for you each week.
Know that being an entrepreneur or small business owner is a powerful position to be in these days. With the right information and perspective you have the ability to change your life and the world with your ideas, innovations, and more. I’d love to hear from you on how you made this 4th quarter of 2014 the most lucrative and successful quarter you have ever experienced.
