Financial Plan for 2009

Individual households and businesses have a majority of their attention on how to cut expenses, but that will not improve your financial situation during a recession it will only ensure that you get further behind. You must find ways to increase revenue for your household and your business as this is the only way to improve your financial situation. The economy is not going to help you and the Government will not bail be able to bail out the common man.

It is critical that your money, energy, resources and time be invested in projects that have the potential to add to the revenue to your household or your company. If there is no potential to add revenue DO NOT do it. If it has the potential to drive revenue, sales, or income do it and do it over and over again.

Also do NOT pass on any opportunity to drive revenue even if you have to make allowances that you would not have considered in other years. We are in a "new world" and it may require for you to do some things you would not have done in the "old world." This may include the price you are willing to accept for your product or service or even a job you may have to take to keep moving your finances in the right direction. Don't let your pride or earlier fixated ideas get in your way of keeping the flow of income moving in the right direction!

Also, you have many resources other than money and they need to be leveraged; time, focus, attitude, willingness, work ethic, creativity, your family, your name, reputation, connections, and more. The recession has not affected your most valuable assets but you must use them.

In 2009 be willing to do the following:

1) Do those things that other households or businesses are UNWILLING to do. Go where others will not go and do what others refuse to do. Those that do, will survive and those that do not, will find themselves in a worsening state of financial affairs. Maybe the kids need to contribute by washing cars or your employees are following people home in order to make "the sale". Be willing to do what others are unwilling to do so that your financial situation doesn't go backwards.

2) Seek out problems to solve. Most people retreat in the face of problems when the reality is that problems are opportunities. Those that solve problems for others in the upcoming year will be rewarded. There is no shortage of problems which means there is no shortage of opportunities. Let's say you have a vacant foreclosure in your neighborhood. Bring together the other neighbors and create a TIC, (tenant in common), and purchase the house and rent it out. This will protect your neighbor, the pricing of your real estate, provide all of you with income and position you and your neighbors the potential for future profits.

3) Keep your attention on what you can do to move yourself, your family and your business forward regardless of what the economy or the government does. You can only cut your budgets so much before you will realize that you have to produce in order to protect yourself. What you focus on is what you get. So stay focused on what you can do!

Grant Cardone, Author of Sell to Survive

Follow Grant Cardone on Twitter: www.twitter.com/grantcardone

Comments

[GaiaTerra7]

Excellent, excellent advice!

After being laid off twice and being unemployed for 6 months, I was going out of my mind everyday when I would hear about how many more tens of thousands of jobs were being terminated.

Finally, I realized that I couldn't give in to that fear and I saw an ad in the local paper of all places that turned out to be a perfect fit of what I and they were looking for.

It even turned out to be a fairly secure employer, if any such thing exists these days as it is for my county. Take heart all, as the man says, there is opportunity!!!

[victorlund]

Here is an idea - attack and build your network and reputation online.

Become a thoughtful conversation leader on the topics most relevant to your industry.

Stay connected to your friends everyday.

[gnomic]

Well, thanks for the generic advice. I appriciate the non-specifics, the wishy-washy adverbs, the lack of ... well, everything. I will endeavor to persevere.

[sonoffestus]

As one who started and continues to run a small business, I thought Grant was pretty much right on and very specific. We have been at it for 20 years and have seen our share of ups and downs.
Grant cannot write you a business plan. It is not his job. Specifically, he's saying look and think about EVERY aspect of your business and life. Look at your clients, customers and suppliers. What are their problems, how can you help? Work with them on costs savings. We always have said; 2% is better than no%. The clients, customers and suppliers you work with today may become your best clients in the future. Mostly, keep your lines of communication open and clear. We just landed a great contract because I called a long time client we hadn't heard from in quite a while. I asked them point blank if we screwed up. Lots of laughs, small talk about the "new world" and then good contract. I thought about a different way to open a dialoque, it worked. Now I'm thinking about filling the space when this contract ends.

[appleknocker]

And if you have an opportunity to scab, take it?

[sonoffestus]

A good and fair question. As a business owner and union supporter, I believe each individual would have to answer that question. Union or Family, very tough. I would opt for Family over Union without hesitation. Fourtunately, I do not have to make that choice. Unions have been good for America. They have their problems, but on the whole they have always been a positive force for working Americans.

I think the time has come to shift the thinking from Union vs Non-Union. It is too devisive. In the "new world" our debate must become "sustainability". How do we sustain our world and our economic well being. How do we maintain and sustain a decent standard of living? What ARE "living wages" ? Both "sides" will have to re-invent themselves, if we are to find a solution for our new world.

[Trebor1]

I'd rob and steal first. Since my granfatehrs stepped of the boat from Europe, we have had to do many thing to make ends meet. But NO ONE in the family has EVER resorted to THAT!