– How are you gonna grow
your business in a recession? I’ve got the four big
tips for you today on this episode of “The
Dave Lorenzo Daily.” Hi, my name is Dave Lorenzo,
and today we’re talking about growing your
business in a recession. That’s right. You found this video
because you’re focused on figuring out new ways
to grow your business. Maybe you’re having
difficult economic times, or maybe you’re just worried
about difficult economic times. Well, this is the place to be because this is where smart
people come for sales advice. I’m Dave Lorenzo, and I’m
here every day at 5:00 p.m. with a brand new
video for you designed to help you do
this and sell more. Every Thursday we do an
interview with an expert, a CEO, with somebody
who’s doing exactly what we talk about all the time. You can model your
behavior on theirs. If you wanna be a
part of our community, and I’d love for you to be
a part of our community, I invite you now to subscribe. How the Subscribe button and ring the notification bell
(mouse clicking) so that you find out exactly
(bell ringing) when we upload new content and when we go live with
special bonus features. Speaking of bonus features, you’re gonna wanna stick around
to the end of this video. I’ve got a bonus tip for you for growing your
business in a recession. Okay, let’s talk about
the four different ways you can grow a business
in a recession. And the first way
seems kind of obvious, but when times get tough,
when the poop hits the fan, you don’t think of
the obvious stuff. I want you to overwhelm your
current clients with service. That’s right, I want you to
overwhelm them with service. I want you to provide them
with a fantastic experience. And working with you has to be
the best possible experience. What does this mean? It means you need to pick
up the phone when it rings. You need to give people your
personal cellphone number. You need to be able to help
them with anything they need, even if it’s outside of the
realm of what you normally do because people are looking
to work with people with whom they have
a relationship, and relationships are built
on a foundation of trust. When times get tough
and money gets tight, people gravitate
toward the places where they feel comfortable, and they gravitate toward places where they get an
enormous value. One of the key drivers of value is the experience people have. You’ve gotta overwhelm
your clients with service. You gotta make sure
they understand how important they are to you. And you’ve gotta do
everything you can to make them feel good about
investing money in you. I’ll tell you, during the
last economic downturn in 2008, 2009, 2019, I belonged to a local gym
here in Miami where I live. And although many
people discontinued
their gym memberships, the number one reason people
continued to go to the gym where I was member was, and
the gym did a survey on this, they felt like they were home
when they went to the gym. It was the one place in a world
that was turned upside down that they felt comfortable. It was one place where the
experience was predictable. It was the one place where
when they went in there, everybody knew who they were. They knew what their
workout program was. They were waiting for them. And it was warm, welcoming,
inviting, and comfortable. That’s the way your
clients need to feel. You’ve got to overwhelm
them with service. You’ve got to talk to
them about their issues, their problems, and
lend an empathetic ear. You have to be somebody who is connected to what
your clients are feeling. When you are, you will be
the last thing they cut out of their lives because you’ll be the place
they feel good about going to. You’ll be the person they
feel good about talking to. When all else fails, you’ve got to be the place
they’re comfortable with. You’ve got to be the person that they’re feel
comfortable talking to. That leads me to
my second key tip to growing a business
in a recession. Ask for referrals and connect with everyone
you possibly can. Your current clients know
you, like you, and trust you. When times get tough, they’re gonna continue to know
you, like you, and trust you. I want you to go out and connect with everybody that you can, and I want you to try
and put people together to do business with one another. And then after you connect them to do business with one another, when they say, “Hey, Dave,
what can I do for you?” that’s when you ask
them for a referral. And remember, here on
“The Dave Lorenzo Daily,” we’ve got dozens of videos
on how to get more referrals. One of the things I
constantly talk about and one of the things that
we’ve had conversations about over and over
again is you have to be very specific when
you ask for referrals. You need to know each
one of your clients. You need to know who each
one of your clients knows. And when your clients are ready, when they say to you,
“Dave, thank you so much “for referring me to Mr. Jones. “He just spent $50,000,
and it made my month. “I’m really glad
that we’re friends,” you say, “You’re welcome. “It’s my pleasure. “I know you’d do
the same for me.” And when they say to you,
“Well, of course I would. “Who can I introduce you to,”
you gotta be ready like that. You gotta have somebody
in mind immediately, and you have to say, “I
wanna meet Adam Smith. “He’s the CEO of XYZ company. “And the reason I
wanna meet him is “because I have a solution
in the banking industry “that revolutionizes the way
they track client relationships “and I wanna meet them,” or whatever it is
your business does. The key things to
include, the guy’s name. You want his position. He’s the CEO. The company of XYZ company. Here’s the reason
why I wanna meet him, and you give them
the reason why. And finally, you remind them of who industry
this person’s in. Why do you do those things? If they don’t know
the exact person, they may know somebody
else at the company. If they don’t know the person
or somebody at the company, they may know somebody
who holds that role. That’s why you
give him his title. And the reason you give
them the reason why is because you want them to be
able to approach the person and articulate the reason
why they wanna meet him. But even more importantly,
you want them to be able to think about other people who need the solution
that you provide. And you tell ’em the industry because they may know other
people in that industry. That’s how you
ask for referrals. So step one is to connect
everybody you know with other people. Always give first. Connect people
with other people. Step two, when they
say, “Thank you,” you say, “I know you’d
do the same for me.” And when they say, “Who
can I introduce you to?”, have someone specific in mind and use the formula
I just gave you. The third way to make
sure you grow a business in a recession is to
increase your visibility. I want you to go
out to every group, every group you
can possibly find, whether it contains suspects
or prospects or clients, and I want you to offer
to give educational talks to those groups. I want you to educate people, either in your industry
or outside your industry, on the value you provide. I want you to educate them on ways that they
can help themselves based upon your solutions and your situation
in your industry. I want you to be out there, educating as many
people as possible. I don’t want you to
ever turn down a chance to speak to anyone because
if there’s one person in that room who has a
need for your service, who wants to work with
somebody in your industry, and who has money, I want
you to capture that person. You need to increase your
visibility and speak everywhere. I also want you writing
educational articles, and I want you submitting them to every publication
that will take them. Normally we focus on
industry trade publications, and of course I
want you publishing in industry trade publications. But when times get tough
and money is tight, you’ve got to be
saturating the market with publications that you
create for educational purposes. If you’ve spent your entire
career educating lawyers on how to make more
money, guess what? Other professionals like
CPAs can also benefit from that advice. Take those lawyer articles,
change the word lawyer to CPA, and distribute them
to CPA groups as well. Do this everywhere you can. I want you to be
all over the place. Double, triple your efforts
to increase your visibility. I want people to
see you everywhere ’cause the minute
they have some money to invest in services, I
want them investing in you. The fourth tip, distribute as
much free content as possible. If things get slow, you
have a little extra time. You should be writing
articles every day, posting them on LinkedIn,
posting them on Medium, posting them on your website. Film videos like this
one, educational videos. Distribute them
everywhere you can. Send them via email to people
you know, everyone you know. Send them to people in
your LinkedIn network. Send them to people on Facebook. Post them to groups on Facebook. Post them to groups on LinkedIn. Join every group in the
industries within which you work and share valuable content
as often as possible. Distributing free content
will attract people to you like a magnet. As I said in the previous point, increasing your visibility
is the name of the game because even in a recession, there are people who have money. You just need to make
sure they know who you are and the value you can provide. Now, I promised you a bonus
tip at the end of this video, and here is your bonus tip. When times get tough,
communication is key. People will go into a shell, and they will feel really
bad about themselves. They’ll feel bad
about their business. And they won’t wanna communicate with people to whom
they owe money. You need to be welcoming
and open to allow anyone to vent to you and to
communicate with you. I encourage you to start
a weekly email newsletter, and as long as you have the
money, if you can afford it, start a monthly
print newsletter. Send it out to
everyone you know. Once a week email,
once a month print. If you can write more
frequently, twice a week email. Be inspirational. Offer educational content and
welcome people to call you and talk about their issues and maybe offer
them some solutions. Here’s the thing. When you offer an empathetic ear and you communicate
with people frequently, you’re the first person
they wanna give money to. They don’t give money to people who kicked ’em
when they’re down. They don’t give
money to the people who repossessed their cars. They don’t give money
to the people who think that they’re only as good as
the last payment they made. They give money to the people who understand their
situation and wanna help them. The person who doesn’t
have cash today may be rolling in it tomorrow. As I make this video today, I’m telling you that I’m
doing business right now with probably a hundred
different people, and that’s no exaggeration. If anything, it’s
an underestimate. I’m doing business right now
with 100 different people who in 2008, 2009,
2010 had no money. And I offered them advice. I offered them guidance. I continued to stay
in touch with them through 2009, 2010, 2011. And when things turned around and they had business
in 2012, ’13, ’14, ’15, they invested in my services, and they’re great
clients for me right now. And because I stuck with them, if there’s another
economic downturn, I will be the last thing
cut out of their budget because they know
I’m here for them. That’s your bonus tip. Communicate with people, even the people who
don’t have money, as frequently as possible
because when times are good, people remember that and
people will be loyal to you. These are your business tips for growing a business
in a recession. I’m Dave Lorenzo, and
I’m here every day. Be sure and subscribe. Hit the Subscribe button.
(mouse clicking) Ring the bell.
(bell ringing) I’ll help you get through
tough economic times, and I will be here for
you every single day. So I look forward to seeing you right back here again tomorrow for another edition of
“The Dave Lorenzo Daily.”

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