How To Make Money In A Recession: 4 Keys That Open Treasuries In Any Economy

Finance ยป Wealth Building

What really happens in a recession? Does money evaporate or just become scarce? Well, money does neither of the two. It simply changes direction and gravitates to those who understand it.

One thing you must realize is that money is really nothing in itself. It is a medium of exchange for something more powerful than itself. Rather than run after money at this time, wisdom would teach you to focus on what gives money the power it has. That thing is called VALUE.

Value is something that is difficult to define, as what constitutes value to different people varies. This simply suggests that when it comes to making money in any economy, what determines value is your potential customer. If he sees what you offer as valuable enough, he would be willing to give some money in exchange for it.

People’s willingness to exchange money for your product especially in dire situations tells you how much value it commands.

Here are four keys that open the treasuries in any economy:

1. Create value: In order to be able to create value, you need to do a study on what people really need or want and are willing to pay for. Be flexible and study the trend. It is pointless producing what no one will buy or what people are no longer buying.

2. Deliver value: Value only becomes valuable when it is bought, consumed and enjoyed. Find strategic ways to get your value in front of the people looking for it. If you do not have the requisite skills to create value, you can help in delivering the value that someone else has created.

3. Connect with people and share your value: The more the number of people who are aware of the value you offer, the more your chances of increasing your patronage. Your greatest assets are not the people who just buy from you, but the people with whom you also develop a relationship.

4. Focus on creating and delivering more value: Once you have mastered the art of creating and delivering value, then create and deliver more and more products. Human needs and wants are endless and you can position your business to meet more of those needs and wants.

For taking time to read this post, I am sure you are really interested in taking control of your finances. Make sure you apply what you have learnt.

By Femi Ayanfe-Oluye

Hi, my name is Femi Ayanfe-Oluye, and I am a FEMI (Financial Educator, Manager and Investor). I have a passion, purpose and pursuit, to build sustainable wealth in people, organizations and nations. You are welcome as you join me on this mission. You may visit my blog [http://www.ayanfeoluye.com] for more resources.

Article Source: https://EzineArticles.com/expert/Femi_Ayanfe-Oluye/2265000

Article Source: http://EzineArticles.com/9355806

Article Source: http://EzineArticles.com/9355806

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