We're hearing a lot about the economy lately. In fact, just
this week, Alan Greenspan actually said "the r word" by
announcing that the United States is in a recession. Our
last recession, from 2001-2003, was due to the collapse of
the dot-com bubble, the September 11th attacks, and
accounting scandals such as Enron. There were also
recessions in the early 1990s and early 1980s.
In fact, for the last 30 years, the U.S. has gone through a
recession once every decade. There's no indication that
this will change in the future. Burying your head in the
sand will certainly spell disaster for your business.
Gritting your teeth to weather the storm will only increase
your blood pressure and keep you up at night.
The good news is that a recession is not a depression. It's
unlikely that we will ever go through something like the
Great Depression again. However, it's quite possible that
this will not be our last recession. To be successful, you
need to become informed about what a recession is and what
steps you can take to thrive in the midst of one.
What is a Recession, and What Can You Do about it?
A recession is a period of temporary economic decline
during which trade and industrial activity are reduced. It
is identified by a decline in a country's gross domestic
product (GDP), or negative economic growth, for two or more
successive quarters. In short, a recession means a steady,
prolonged decline in sales.
As a small business owner, you've experienced a decline in
sales before. It's a normal part of any sales cycle.
Question is: When you've had a drop in sales in the past,
what did you do? Did you just wait, hoping for things to
get better? Or, did you take decisive action to nip things
in the bud and turn things around? If you are a successful
small business owner ' someone intent on creating a
constant and steadily increasing cash flow ' then you know
the importance of taking informed, resolute action.
Jack Canfield, too, knows about decisive action. He's
famous for his rags-to-riches story of how he committed to
contacting five people a day to promote his book, Chicken
Soup for the Soul. The key to his success was his
commitment to action. Not just any old action, mind you.
Aligned, well-thought-out, purposeful action. Jack knew he
had a monumental task in front of him: promoting an unknown
book by an unknown author. Each day he took action to
increase name recognition, forge connections, and build
sales.
Five Simple Steps for Thriving through a Recession, Jack
Canfield Style
1. Get back to basics
Recessions are good for all things that begin with "re."
Re-group, re-organize, re-view. Revisit the fundamentals
that have already made your business a success. Revise your
mission statement to stand for what your business is really
all about. Reject rejection. Practice Jack's "Rule of
Five": Every day, do five things that will move you toward
your goal.
2. Clean up your act
Recessions are a great time, Jack advises, to clean up your
messes. Now, when sales are slow, finish anything that is
incomplete. De-clutter your office and organize your files.
Make phone calls to bridge any disconnects that may have
occurred between you and your customers. Magnify your
success energy by focusing on what you want to happen, not
what you are experiencing.
3. Focus on your connections and relationships
Recessions are the perfect time to forge new connections
and strengthen long-standing relationships. Practice
uncommon appreciation. Review your agreements with clients
and confirm your commitment to them. Speak first and with
integrity. Be impeccable in your communication. Meet for
breakfast instead of over the phone. Supplement emails with
handwritten cards and notes.
4. Be smart with your money
Recessions are the natural time for small business owners
to review their financials. Take a look at your cash flow.
Collect on any outstanding accounts. Don't fall into
lackful thinking by clutching and holding onto your money.
Spend wisely. Make sure your bills are paid. Above all
else, give more. Keep your energy flowing by finding a way
to serve others.
5. Step back
Recessions are the ideal time to practice stepping back in
order to keep things in perspective. Instead of
energetically aligning with all the fears, doubts, and
anxieties associated with a recession, step back and move
to higher ground. Don't get caught up in others' panic.
Soar above it all to a place where clarity can be gained
and perspective maintained. While you're at it, take others
with you. As Jack says, "When you lift up others, they will
lift up you."
No one likes feeling uncertain about the future. Yet
nothing is ever certain, whether or not we're in a
recession! By taking decisive action now, you can
positively influence your future. When this recession ends,
don't let your company be one that just managed to survive.
Practice Jack's Rule of Five and thrive.
----------------------------------------------------
Dr. Susan L. Reid is a business coach and consultant for
entrepreneurial women starting up businesses. She is the
author of Discovering Your Inner Samurai: The
Entrepreneurial Woman's Journey to Business Success. Susan
provides intuitive small business solutions, powerful
attraction marketing tools, inspiration, and direction.
Visit http://www.SuccessfulSmallBizOwners.com and download
your copy of her latest free business success article.
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