Why I Love A Bad Economy

March 30th, 2022

I heard this statement made by a very astute entrepreneur whom I respect a lot. When he made this statement I wondered what he meant.

In a simple sentence, he said, “Say Goodbye to Former Competitors.”

A bad economy causes a lot of pain. A lot of people and industries are suffering as never before, and there is nothing positive about that. I agree with him, and I see a silver lining in the economic slowdown we are experiencing today.

When you get over the worry and fear, you will discover that there are areas of opportunity and growth. In fact, there are actually more opportunities than ever before. 

In a bad economy, you can surpass your competition. You can win very easily in this economy if you know how to benefit from bad times.

Everyone else is dropping out of the race and looking backwards.

They are terrified, and you are making a fortune. Not only because of my help but because you are seeing opportunities and overlooked markets that no one else is seeing.  

As an insurance agent, financial advisor, or any related professional, you should be anything but fearful in a bad economy. In a bad economy, other insurance professionals become paralyzed. They don’t know what to do. They retreat and stagnate. 

A small handful of insurance agencies and agents actually become strategic during hard times.

By taking on a growth-minded frame of mind, they capture the vast majority of new clients in the market.  But even more important, positive thinking companies will capture and “steal” in an ethical manner, 15-20% of the best customers from all of their competitors.

You can have your best years while those around you are facing disaster. You will come out of this downturn stronger, more prosperous, and ready to grow faster than you ever imagined. 

Let me know your thoughts about this economy and how you have coped with it.   


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