Navigating Market Changes

While it is absolutely true that the market has changed, not all businesses are struggling right now. Those of us who understand business and have done the work to build brand equity, solve real problems and offer SPICE solutions aren’t concerned about the market changes. Yes, there are tried and true strategies and insights that can position you to build a business that is absolutely market agnostic, meaning it doesn’t matter what the market is doing, you will continue to grow and thrive. .  When you understand how to operate your business accordingly, you will continue to see growth when others see constriction. When sales cycle slow because buyers become more discerning, it’s important to understand how to navigate your business so that you don’t find yourself questioning if you’ll be part of the 10% that go out of business each year. To that end, it is always important to be fiscally responsible as a CEO of your own business and that’s why you’re going to love this episode.

In this episode, I am responding to another question that landed in my DM’s – When the market shifts and sales tend to slow, what should I make sure that I do NOT cut in an effort to reduce expenses and maximize profitability?

I love this question for so many reasons and it’s the sign of being a mature business owner who understands that no matter what the market is doing, the cost of doing business is the cost of doing business. If you’re ready to determine which expenses avoid the chopping block when sales slow down,  grab your Move to Millions Podcast notebook and listen in to discover:

• The importance of expense management
• 5 keys to navigating the current market in your business
• 3 keys for optimizing your team during these market shifts
• How to create a market agnostic business
• And so much more

Powerful Quotes During the Episode:

1. "One of the most important things you can do right now as an entrepreneur is to focus on maintaining profitability and cash flow by cutting unnecessary costs." – Darnyelle Jervey Harmon
2. "While a recession is not yet confirmed, it's crucial to prepare for potential market constriction and a slowdown in sales within the next year to a year and a half." – Darnyelle Jervey Harmon
3. "You should have at least three months, ideally twelve months, of operating expenses in reserve to weather any economic downturns." – Darnyelle Jervey Harmon
4. "Do not slash your marketing budget, even if the return seems low. Marketing is essential for long-term growth and brand visibility." – Darnyelle Jervey Harmon
5. "Customer service is key. Retaining your customers and ensuring positive experiences will support business stability and reduce client acquisition costs." – Darnyelle Jervey Harmon
6. "Automations and critical software should be retained to maintain efficiency. Only cut unused or unnecessary systems to save costs." – Darnyelle Jervey Harmon
7. "Be cautious with team cuts; each team member should contribute to profit-generating activities. Focus on eliminating non-essential tasks rather than cutting staff." – Darnyelle Jervey Harmon
8. "Being part of a community during market downturns can lead to valuable strategy exchanges and support." – Darnyelle Jervey Harmon
9. "Make wise choices with investments—don't over-invest. Ensure every investment adds value and negotiate where possible." – Darnyelle Jervey Harmon
10. "Eliminate non-essential expenses, negotiate better rates with service providers, and optimize existing investments for better value." – Darnyelle Jervey Harmon
11. "Reevaluate your tools and ensure they are essential and cost-effective. Optimize credit card processing fees and cut unnecessary fees." – Darnyelle Jervey Harmon
12. "Don't cut your marketing, customer service, essential software, automation, or team. These areas are crucial for maintaining business health during tough times." – Darnyelle Jervey Harmon

These quotes capture the essence of the advice and insights shared during the episode, providing valuable takeaways for listeners.Resources Mentioned:

• Move to Millions by Dr. Darnyelle Jervey Harmon – Get Your Copy
• Companion Guide for Move to Millions – Download for a detailed overview of the seven systems to seven figures.
• Join the Move to Millions Facebook Group for ongoing support and community engagement – Join Now
• Move to Millions 90-Day Business Growth Planner – Get Your Planner

Want more of Darnyelle?

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• http://www.twitter.com/darnyellejervey
• http://www.linkedin.com/in/darnyellejerveyharmon

 Links Mentioned in the Episode:

• com
• com
• com
• Move to Millions Continuum Episode
• God Girls Making Millions

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