Hi there and happy Friday. I am the author of the SMB Consulting Best Practices book and I like to hold virtual book readings. So today’s passage relates to counter-cyclical opportunities. Talk about great timing – I think this is something nearly everyone can relate to!
This is the old zig and zag routine. When everyone else is zigging one direction, you’re zagging the other way. This is especially prudent advice for the SMB consultant during bad economic times. During a downturn, many SMB consultants provide services to their tried-and-true client base. Thus, these SMB consultants likely experience a downturn in business as well. However, by being an SMB consultant who invokes a countercyclical economic strategy, and decides to provide services to entities that do well in bad times, you will likely survive and thrive. Consider the following industries to target during difficult economic times, including the following:
· Pawn shops — There is lots of activity to be found here as the financially challenged hock prized possessions. You might also consider casinos as part of this misery strategy too!
· Moving companies — Rather than fight, many people stricken with bad economic times flee to better business environments. Perhaps your local moving company needs to improve its infrastructure to handle increased business.
· Bankruptcy courts — More bankruptcies mean more activity at the courthouse. Target law firms that specialize in bankruptcies.
· Educational institutions — Historically, during economic downturns, many people used student loans and return to school to get retrained. Ergo, smaller schools need SMB consultants to implement new technologies, such as learning labs. These schools often need adjunct technology instructors as well, so it’s common for an SMB consultant to become an technology trainer when serving for an educational institution.
Harry Brelsford, CEO at SMB Nation
MBA, MCSE, CNE, CLSE, CNP, MCP, MCT, SBSC (Microsoft Small Business Specialist)