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Wealth is never destroyed, it is only transferred

posted 28 Nov 2011, 23:29 by Leighton Hill   [ updated 3 May 2012, 17:53 ]
Transferring weath

The Great Depression produced more millionaires than the world had ever seen.

With the recent Global Financial Crisis and the current Euro crisis and the doom and gloom surrounding them whilst there is no official depression it may seem that we are in one nonetheless. So does that mean that there are opportunities out there?

You would think from the news that it is disaster everywhere – spending is down, the traditional banking model is no longer working, governments are going broke and confidence is at an all time low.

You may well have seen your business suffer too, particularly if you have been in business for some years.

But it is not all bad news. A friend of mine started a business less than two years ago and it is going gang-busters. Why?

Despite all the doom and gloom that pervades the airways, internet and newspapers, everything has not suddenly come to a halt.

People still need things, there are things that have to be bought. Food and other everyday needs are a prime example. Businesses supplying staples are still active. They may face ever increasing competition of course from other businesses and buyers being more discerning and spending as little as possible. But those, and this is the key, that are innovative are doing well. Those businesses that fail to change, well, fail. Those businesses that are prepared to change may do well, very well in fact, specially if they remain in business whilst there competition gives up.

So why is my friend doing so well?

His business is not in a new up and coming industry and he has thousands of competitors but his business is organised and managed in a different way from his competitors. He uses modern marketing techniques to sell his product, he has a superior business system that ensures he keeps his customers happy and staff busy (and it's not computer based! room here for efficiencies in the future). Where he lacks particular skills he employs the best people he can find with those skills to help him. He pays his bills on time and only supplies people who are going to pay him on time. He keeps his finger on the pulse with daily activity and financial reports.

So there is money to be made in today's tough economic climate but you must be proactive and innovative.

People will spend but they are looking more than ever for good value.

Match those needs and you will be on to a winner and perhaps transfer some your competitor's wealth to you.


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