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Doom and Gloom or Opportunity?
More than several news agencies have talked about an economic slowdown. Some even talk about a recession. One news source says that even the high-income individuals are cutting back on their spending.
Of course, the current administration talks about current and past accomplishments.
What is the true state of the economy?
For sure, consumer demand has lost steam. With less demand for products, manufacturing slows down; as manufacturers slow down, so does the trucking industry.
What are we facing: gloom and doom or opportunity?
Here’s the way I see it …
Everything goes in cycles. If you’ve been in business for years, you may understand this. Things never go up forever; things never stay down forever.
My idea is taking action when you are face-to-face with opportunity.
It all depends on your situation, however, and this is where I’d like to help BEFORE you spend a nickel on anything.
With a simple phone call or email I can get a feel for where you are RIGHT NOW; I can lay out a step-by-step plan of action that will get you headed in the right direction.
And, trust me, there are times when I tell people to just hold tight. DON’T take any training until things clear up. What do I mean by “until things clear up?”
I know that our economy is at a turning point for better times. Yes, truck rates WILL get better. More freight WILL BE available. More trucks will be on the highways, etc. You’ll be getting more loads, etc.
But I fear that too many individuals and business owners have weak balance sheets. They can’t weather a storm when bad times pay a visit because: #1 they carry too much debt, and #2 they have not set aside a savings cushion.
These two problems will send you to the poor house quicker than anything else. These two problems – debt and no savings – are like thieves in the night: one day you feel things are going well; then, during the night something happens.
You wake up and don’t know what to do as mounting expenses need to be paid and your bank account starts drying up.
It doesn’t have to be this way, but the reality is that you can slip into a hole a whole lot faster than you can get out.
So, that’s why I tell some people to just wait until things clear up, but you had better be working on a recovery plan.
Now for those who have managed their debt and built a cushion THEY are the ones ready to pounce on opportunity. And THESE are the individuals that are easier to work with.
If you act now, you’re going to grab market share from those, unfortunately, who have lost theirs.
You know, on a side note after having help raise ten stepchildren, I became addicted to working on a personal balance sheet. I HAD to try and stay on top of things every month and my accounting background gave me the tools.
Don’t get me wrong – I’m not a fat cat. I’ve made some mistakes. I would like to be carrying less debt and have a greater cushion. But I keep a close watch on this pocketbook of mine.
If there were more hours in the day or more days in the week, I’d provide some type of wealth-building strategies to consumers. But things are busy as is … So much to do, so little time.
Anyway, let’s talk. Email or call me below. Let’s work on a plan and maybe you could be calling on shippers and carriers in 30 days or so and start building a database of customers and associates.
Finish the year STRONG! Or STRONGER!