To Survive an Economic Crisis – Shift Your Mindset
China throws curve balls at you. The key to survival can often be as simple as shifting your mindset from selling to buying…
For example, a struggling retailer may want to think about buying distressed properties (or taking over dead leases) from others who can no longer support them. Post crisis, you can become a retailer with a bigger and better footprint at bargain prices or you can even become a successful landlord.
I’m not advocating for taking advantage of others’ pain, but I think a lot of situational opportunities like this only happen in crisis.
When economic conditions are bad, you have to get on the other side of a trade. Instead of trying to sell to China…what should you be buying right now?
If you’ve ever bought property, even if it was just a home, you make all your money when you BUY, not when you sell. That’s because the timing and terms you get usually stink EXCEPT during a crisis.
Bottom line…if you want to survive, you’ve got to be creative. Change your mindset.
Instead of trying to start a whole new business in a short period of time, look at what businesses and opportunities are already there and start shopping.
#China #EconomicCrisis #InternationalBusiness #CrisisManagement #Adapt