Friday, December 19, 2008

Building Wealth in an Economic Downturn I

Building wealth may be a hard thing to think about during a time when most people are having a hard time paying their bills - for everyone else. For sales people and entrepreneurs, there's not much else to think about when it comes to financial pursuits. The question isn't whether or not we will be successful, it is how we will be successful.

Protect your base. Make sure you keep in touch with customers already doing business with you. Treat every one of them like they are worth the full amount of your base. Your base is also the best source of new business. Sometimes your extra revenue comes from selling the existing customer and sometimes people are so happy with your product, they can't wait to tell others about it. Why not ask, just in case?

Finally, learn something from the Mortgage boom:

Don't spend like you're a rockstar because you had one good month. Or even 6 good months in a row. The problem with overnight success has always been lack of long term planning. It will take time to realize the ups and downs of your pursuit and to gauge when the big money comes and when you will have to "tighten your belt." Within those extremes, you can find some consistency.

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