When a country is in a recession and the news is constantly gloomy, it can be hard to be confident that a fledgling small business will thrive and grow. However, for small business owners who can keep a positive attitude, growth during a recession may just be what happens.
Create a Positive Affirmation
While businesses are folding right and left and people are filled with panic and fear, Ivan Misner remains calm. In his blog on Entrepreneur.com, Misner states, "I refuse to participate in a recession," and even has a button with this slogan on his site.
A simple affirmation like this one can help a small business owner focus on success instead of getting caught up in all the worry and turmoil on the news. Because he or she is focused on success, the business owner will be open to opportunities that others overlook. While other business owners are spending time locked in their offices staring at the red ink in their books, the focused business owner will be out working to generate revenue, which will result in increased sales.
Look for Ways to Leverage Recession Related Problems
Some business owners, such as those who work in foreclosure related fields, are so busy they literally can't keep up with the demand. On the new Fox Secret Millionaire television show, Gregory Ruzicka confided that his law firm, which specializes in real estate law, is swamped with work. If he would have decided to focus only on standard real estate sales and avoided foreclosure related work, his firm would not be doing well at all.
Smart small business owners will brainstorm ways to take advantage of opportunities created by a tough economy and will adjust the focus of their businesses to capture these new income streams.
Encourage Staff to Get Motivated
If a company owner is sure the company will be successful during a recession, but employees are not working to get sales and are spending their work time commiserating with each other over the contents of their checkbooks, he or she is going to have to generate all the revenue singlehandedly. That can be tough to do even in a great economy. A man or woman with a vision who has no followers can have a tough time getting that vision to become reality.
Work with employees to help them become motivated by:
- encouraging them to create their own affirmations or to adopt the company affirmation as their own affirmation.
- offering them a financial incentive for increasing sales or bringing in new clients.
- giving a small gift card to an employee when customers mention his or her refreshingly positive attitude.
Of course, while a positive attitude is important for small business success during a recession, the business owner should still keep careful track of costs and should think twice about any expansion plans until the company's financial statement clearly shows that an expansion is needed.
Katelyn Thomas - If you can't find me in the spring, I'm out hiking through the wood with a few pounds of photography gear strapped to my back. In the ...
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