Mike Andes says market downturns like COVID and labor crises create outsized growth opportunities if you're ready. Write your action plan before fear hits, secure credit lines in advance, and be willing to take short-term losses to capture long-term gains. Fear tests who actually commits.
Hey everyone, it's Mike Andes here. And today I'm actually sharing a clip from Landscape Summit, which happened just a week ago. It's at the beginning of the conference and I talked about the opportunities that come when fear is really high in the market. And I talk about macroeconomics, like the economy, what happened in 2020 with COVID as well as what's happening right now with the labor crisis. And no one can find out. Employees. I truly believe there's a massive opportunity. And if you can strike when there's a lot of fear in the market is massive gains and returns that can come from that. So stay tuned. I think that in the time when everyone's afraid of not being able to find employees as we head into 2022, it's actually a massive, massive opportunity if you can capitalize on it. Here we go.
What you do in times of fear will define your business career.
Everyone is a great entrepreneur when the economy is doing good. But fear will be the determining factor of whether or not it's really in your blood and your DNA. And if you prepare for it, you can take massive opportunity. And as I said, I want to ask you, are you prepared for another extended downturn? Being ready for chaos will be a massive catalyst to your business growth and personal wealth when it does happen. Not if, but when there's only so low you can bring interest rates while pumping money into the economy. Eventually there has to be a reckoning. That's the chance to make it big. And I want to ask you, are.
You ready for that?
The three things that you have to do unprepared, write down, have an action plan. What am I going to do when fear is at its height? What are you going to do when your relationship is on the rocks and your business is now on the brink because of that collapse? What are you going to do when physically your body is failing and falling apart? Or you have a sickness and you have something that you're dealing with? Here's the steps I'm going to take. Make sure you have a line of credit open. When you don't need it is when you can get one when you need it the most. No bank will lend to you when you need to get home equity line. Create a home equity line of credit on your house during 2020 or March 2020. No. 1, you cannot get one. You have to have had it open prior. The second thing is you have to commit and commitment is tested. When fear is high, anyone can be committed to their goals and their Dr. And their ambitions. When Everything's going well. But true commitment is tested when you're afraid.
When everything is going bad in your family life, in your relationships, in your health and you're afraid. That's the true measure of your commitment. I'm committed to this business. I'm committed to my employees. I'm committed to my family. All right, let's fear this drop on you. And one part about committing to what you've prepared, the plan that you've prepared, number two, you got to commit to it, is you've got to be willing to miss out on short term games. You got to be willing to take the L in the short term for the massive win that is to come. And there will come a moment in this coming spring. A job that you're doing is going south here and losing your shirt on that is the moment that will test whether or not your preparation is strong enough to commit and execute on the game plan.
Execution slows when fear is high is whether or not during peak fear you can think with a clear head and decide to make the right decision and execute on the plan you created. Opportunities don't usually last long.
And I encourage you, some people call us dumb. We're just a bunch of landscapers. We mow a lawn or stupid, whatever. I encourage you to start thinking more about your business as an investor and less of it as a landscaper. Alright, Start thinking your business. If I was an investor in this company, how would I change things? How would I make sure that we are ready for an economic recession? We are ready to pounce when economic instability occurs. I truly believe that 2022 in the spring rush will be the greatest opportunity for landscaping and lawn care. If you prepared, committed and executed on a plan to hire great people. If you can do that during the moment of peak uncertainty and massive, massive opportunity. I feel like.
