In difficult economic times, Americans tend to get tremendously innovative. New companies and new products historically have been what has led us out of times like these.
Here are the 5 ways that entrepreneurs and innovators have taken advantage of the downtime created by this crisis and ones of the past:
- The founders are more willing to try new things during times like these
- Companies find it easier to recruit top talent
- They have a tighter focus on cash flow and products
- It is easier getting ideas heard and implemented
- Entrepreneurs and innovators run their companies with a stronger sense of purpose
There is an old expression that says entrepreneurs and innovators should never waste a crisis and, honestly, there is a lot of truth in that. If you own a business, make sure you are being innovative and using this time to your advantage.
Fi Plan Partners is an independent investment firm in Birmingham, AL, serving clients across the nation through financial planning, wealth management and business consulting. Fi Plan Partners creates strategies in the best interest of their clients using both fee based investing and transactional investing.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.
Economic forecasts set forth in this presentation may not develop as predicted.
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