Mar 6, 2025
Grand Junction,
Colorado:
“Det som göms i snö, kommer fram vid tö. (What is hidden in snow, is revealed at thaw.)” ~Old Norse Saying
(Can’t read the full email – click here for
the online version.)
Spring is coming. Sure, in some areas in the north or high up in the mountains, more snow is sure to fall and delay the coming warmth and with it, the melting of snow.
And while everyone I know looks forward to spring – we sure don’t enjoy seeing (or smelling) what the snow has hidden during the winter.
So it is that this spring surely will be remembered for some of the most lame-brained economic policies ever initiated. I’m talking, of course, about Trump’s tariffs on Canadian and Mexican imports.
Anyone with half a brain will recognize that tariffs are simply another tax. More importantly, while the purported intention is to punish the exporting country, it is actually the
citizens of the US who will bear the higher costs.
Then the president’s party passed another budget resolution to increase the debt limit to $40 Trillion, with no real push to lower spending, DOGE notwithstanding. At the current deficit spending rate, interest burden from US Federal date will $2.5 trillion per year… or about half of all federal tax receipts by the end of Trump’s term.
Who wins then, you might ask?
Well, for starters, there are the lobbyists for the effected industries and of course, any domestic industry that is now receiving protection, which can sell its unproductive and more expensive goods without foreign competition.
Make no mistake – no country, ever, has excelled by blocking the
importation of better made, less expensive, foreign goods or services.
Now – this is no economic or political column. Naturally, you must be wondering – where I am going with this, other than to rant?
One key point to remember is that as a small business owner or the coach of one, there is really nothing you can do overtly about the economy at large. Your vote is
largely useless, and you don’t have the time, energy or money to lobby for change.
You can, however, do two key things:
- Ensure that you are the dominant player in your local market and that you are serving a clientele for whom price is not the significant factor in their decision to
buy.
- You deliver a product or service that does well in good times but even better during times of recession.
I was thinking of the latter when we picked up a pair of my old sandals I had left at a shoe repair. The velcro had deteriorated and wasn’t working like it should. We discovered the
repair store from a shoe retailer, funnily enough, while we were searching for replacement.
This small establishment has a few things going for it.
- While the imports of low-priced goods from abroad have conditioned people to buy new things, instead of getting items repaired, it also means that repair stores are few and
far between. This guy now has few competitors.
- As a result – customers pay for his service in advance.
- He can limit the hours he is open. Our guy, for example, is only open 4 days a week – 10 to 5.
- If, as many economists forecast, the economy does indeed lapse into a recession, many more people will seek to have old items repaired versus discarding them for something new. He will be even busier and will be able to increase his prices.
What does this mean to you?
- Make sure your business has a Market Dominating Position, or Unique Selling Position.
- Look to see what product or service you can add or promote that helps add longevity to products your customers already have.
Knowing how to do
either of these two things can be expensive, especially when you never learned how and are thinking of hiring an expert. That’s why I created my new Business Academy. You can become a member right now, at 70% off. Click here now and use code: MAR70.
Note: Offer valid from today for a limited time only.
Until next week,
Stay healthy and focus on profit!
- Hugh
The “Profit Accelerator” Expert
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