By O.L. & Sway Buckley
By now, you've likely heard of the recent bank crashes (Signature Bank and Silicon Valley Bank). Coming from a banking/wealth management background coupled with launching and scaling businesses through harsh economic climates, we believe our private car convos would offer valuable insight for other faith-based marriedpreneurs. So here we are. :)
It's easy to think that because there are so many new real estate developments through N. Jersey and beyond that at the same time, we need to know how to think about everything that's happening.
For starters, it's evident that banks collapsing is only a reminder that they, too, are fallible institutions that can fail like any other institution. Whether you held accounts at these banks or not, let's look at what we can observe, learn, and how to shape our mindset as legacy-building marriedpreneurs.
- When trust in banks goes down, fear goes up.
- Don't make moves out of fear; it only clouds God's instruction.
- Multiple revenue streams are always a good look; if you're not doing that, it's never too late to start.
- Don't get drunk off 'whale' clients whose contracts comprise more than 50% of the business income. Keep marketing and making offers, and keep growing.
- Be flexible and ready to pivot. There's more than one way to win. Be thinking about additional options before you need them.
Now, with these nuggets, we'd also (highly) recommend you and your spouse consistently revisit your annual strategic plan. These can change as life happens, but if you're not using them, you'll be reactive instead of proactive.
Why you should be diligent about using your annual strategic plan:
- It gives you both foresight to tweak a system or timeline.
- You can capitalize on each other's fresh ideas (or even those on the shelf.)
- It prepares you for creating additional revenue streams since it's known that millions are made during challenging economic times by those in the right position.
- It allows you to take calculated risks vs. costly fear-based decisions (there is also a cost in NOT taking action too!)
- It will reinforce your marriedpreneur vision and keep you on the same page even during intense and FULL seasons.
These are just a few reasons that using an annual strategic plan is critical, especially in the coming season.
Change is evident.
Banks are here today and gone tomorrow.
While the banking industry isn't going anywhere, where you choose to put your efforts matters.
You've been warned, so there's no reason to be caught off guard when it happens. Just get in position to win regardless.
If you and your spouse still need to have a 2023 Strategic Plan crafted to support your marriage and business goals, you still have time. Clear your schedule and create one today.
If you need support creating a proven 2023 Strategic Plan and are ready to invest to reach those goals, schedule a call here, and we can discuss how to support you.
We're rooting for you and want to see you win!
Here's to living purposefully, powerfully, and profitably in sync,
O.L. and Sway Buckley