Over the past few months, especially few weeks, everyone from politicians, bankers, the Fed, and your neighbor are spewing advice regarding the state of the economy, your stock portfolios, and your own wallets. Sell, stick it out, pull it out, stuff your mattress, and more. I often feel compelled to do the same, the difference however is, it comes with a bit of tough love.
No one can or will deny that the evaporating stock market, rising costs and consumers’ tight wallets are impacting YOU negatively, disastrously. But take note, there are many businesses, small and large, that are not only surviving this so called ‘great depression’, they are thriving in it. Meeting with business owners every day, nine out of ten are crying doom and gloom, repeating verbatim, the drama of the media. The one out of ten that are not falling prey to it, are keeping themselves informed just enough to understand what the impacts are; they are tuning out the drama, and they are focused on what they can do to keep the consumer and wallets coming to their business. And, they are succeeding. They are finding ways to minimize costs, reduce expenses, evaluate new products or services, change their marketing or sales approach, optimize their workforce, and taking stock of what is working or not working. Some are even taking advantage of reduced costs to buy new or additional businesses. They are leveraging this down turn to recreate themselves and they are THRIVING in this depressing economy.
So, your call to action Business Owners; stop wallowing, stop allowing the media to pull you down, and/or stop waiting for the consumer to come to you! Instead:
• Get as informed as you need in order to get control of the things that you CAN control and forget all of the things you CANNOT. Every second you spend focused on those things someone is taking your customer and your money.
• Step back and look at your entire business; expenses, processes, people, technology and systems:
- Identify what is working, and continue doing it. Determine if it can be used elsewhere.
- Identify what is not working, and either fix it or stop doing it.
- Identify what is missing, and despite the need to spend money, if it generates business, buy and implement it. NOW!
- Sales and marketing your business is king in times like this. If it has slacked or even eliminated, ramp it up!
- Lastly, commit to yourself (and your business) TODAY, that you will be positive, motivated, and energized regarding what you and your business has the potential to accomplish. Do NOT go down with the depression – you do not have to. Attitude is everything!
Prove all of those naysayers wrong…take control of your business and success, and as Nike says, “Just Do It”. If you believe that you can THRIVE, you WILL!