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Aired on May 12, 2020
Episode 40
The Critical Business Skills You Need In A Bear Market To Build Longevity Into Your Business
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In a bear market, businesses need adaptability, financial savvy, marketing skills, strong leadership, and strategic risk management to survive and thrive long-term.

The Critical Business Skills You Need In A Bear Market To Build Longevity Into Your Business

Navigating a bear market as a business owner is tough. This period is marked by falling stock prices, high unemployment, and economic pessimism. In these times, it's vital to adapt and develop skills to not just survive, but thrive in the long run.

Here are key business skills that can help you build longevity into your business during a bear market. These skills will position your business to withstand tough times and emerge stronger when the market rebounds.

Adaptability and Flexibility

Adaptability is crucial in a bear market. Businesses that can pivot and adjust to changing conditions are more likely to succeed. Be ready to reassess your business model, explore new opportunities, and make necessary changes to stay relevant.

Financial Management

Good financial management is essential in a bear market. Monitor cash flow, cut unnecessary expenses, and make strategic investments for long-term success. Understanding your financials and having a solid budgeting process is key.

Marketing and Sales Skills

Effective marketing and sales skills are vital in a bear market. Identify new customer segments, communicate your product's value, and adapt your sales strategies. A strong online presence and digital marketing are also important.

Leadership and Team Management

Strong leadership and team management are critical during economic downturns. Inspire and motivate your team, foster resilience and innovation, and empower your employees. Open communication helps build trust among team members.

Strategic Planning and Risk Management

Strategic planning and risk management are important in a bear market. Anticipate challenges, identify risks, and develop contingency plans. Thinking ahead and having a clear roadmap can help you adapt to market changes and seize new opportunities.

Conclusion

Adaptability, financial management, marketing and sales expertise, leadership, and strategic planning are crucial skills in a bear market. These skills help not only survive but also build long-term success and resilience.

Successful businesses adapt and evolve with market conditions. By developing these critical skills, you can thrive in any economic environment, bear market or growth periods. Stay resilient, innovative, and focused on your business's long-term success.

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Biggest Takeaways:

  • Your entire sales process from what you say, how you say it, how you make them feel, the questions you’re asking and your complete end to end client experience, could be the difference between people saying yes and no.
  • When you are able to communicate your needs, your wants, your desires, all facets of your life, everything improves.
  • Working for an organization with over 80,000 corporate global employees, when things got slow, we doubled down on education. We doubled down on investing in ourselves. We doubled down on skill build. Because when you get complacent and comfortable, you get into a groove of doing things one way without ever questioning if there’s a better way to get better results with less effort and less time over the long term.

Highlights:

  • Why you need to learn to sell (especially if you’re a business owner!) even if you are the reluctant salesperson [03:42]
  • Sales and business is all about communication and why we focus on the quality of questions that you ask [11:38]
  • How to make decisions faster and better as a business owner [14:29]
  • Why building relationships is the most critical skill no matter where the economy swings [18:19]
  • Why it’s so important to know your numbers, your expenses, conversions, everything and how it helps you make better decisions [21:49]

Bonus Resource:

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Join Sell With More Ease:

If you’re done with wasting time on tire kickers and desire to increase the closing rate on your sales calls and get your dream clients to work with you so that you can grow and scale your business faster than you ever have, click here to join the waitlist for Sell With More Ease and be the first to know when doors open!

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