Here’s a little wisdom nugget from one of the greatest investors of all time...
Warren Buffett is known for doing annual meetings in Omaha, with all the Berkshire Hathaway shareholders.
At one of these meetings, somebody went up to him and asked, “What’s the best way to invest $1,000?”
“Consumer durables,” Warren replied.
“What’s that?”
“Well,” Warren continued, “watch the newspapers. And when toilet paper goes on sale for 50% off, buy $1,000 of toilet paper and you've just made a 50% return on your money... on something you were going to buy anyway."
In other words, there are certain products and services you’re going to need no matter what. And rather than waiting until you need them, pay attention to what’s happening… And then buy them when the opportunity comes.
But what does all this have to do with your business?
Well, here's the thing…
Right now, every business has been impacted by the lockdown.
But even in industries that got hurt the most… there’s a segment of customers who are regular buyers and are going to buy again at the very first opportunity.
Look at travel, for example…
Just in my circle of friends who are retired, there are several of them that book two or three trips a year. Every year.
So the smart thing you could do right now if you run, say, a travel agency…
Is to preemptively build a list of people who are planning to go on a trip later in the year anyway… And offer them to book a travel package at a discount now.
So think about it...
Is there anything you could offer to your regular customers, that they could buy now and consume later?
Let me know.