If you think of your business as “small”, it will always be a “small business”.
Around this time of year, business owners are knee deep in summer fun (and they should be because they work hard). There are times when you have to take a break, recharge, and begin to plan for the future. It’s a proven fact that when you change your exterior surroundings and activities, your mind gets renewed!
The dilemma that many face is when they’re ready to “get back in the game”, they ask themselves, “Where do I start and what do I do first?” In most cases, they have no clear answer or path. The result: they waste valuable time and money doing the wrong things. Here is a list of steps that a business owner or leader can take to get the momentum going in the right direction to plan for their future and build a stronger business.
This is a question that is being asked more and more frequently by business leaders and business owners. The answer is simple. Nobody really knows. For every down projection, there is always someone looking for any silver lining they can find. Let’s look at some of the recent business headlines that have led to the question being at the forefront of everyone’s mind: (1) A recent poll had 40% of all Americans starting to believe that we are in a permanent downward spiral; (2) Job creation is taking painfully too long. The jobs report on Friday, July 8th was a killer; (3) Unemployment just increased to 9.2% – the third increase in as many months; (4) Wall Street firms have begun to lay off employees and while layoffs have slowed in other industries, they are not hiring and (5) A number of economists believe that the debt/deficit crisis is actually worse than it appears for two reasons: First, we are in a historically low interest rate scenario. When rates do go up – and they will – the interest costs to service our nation’s debt will go up adding to the debt crisis. Secondly, there is a growing concern that the growth projections used by the Obama administration in their budgeting are unrealistically too high
Depressed yet? Feel like giving up? Better not. Now is not the time to be a quitter. Now is the time to be stepping it up (you know my battle cry – Be Fearless; Step and Play Big).
So, is the economy getting worse? Who knows? What I do know is that there are steps you can take to position you and your business to “ride it out” and, at the same time, take advantage of the opportunities that come with every crisis. The foundation of the strategies I will share with you is simple – start questioning the “status quo”. Accept nothing as “usual”. You might be thinking – sure Chris this sounds good but nothing can be done. Really; nothing can be done? Or, you just don’t want to try. Be honest with yourself. Think about this – famous golfer Arnold Palmer once said “the most rewarding things in life (and in business) are often the ones that look like they cannot be done”. Here are the steps that you need to take – things that you can and should do – to minimize your risk to the worst case scenario:
Like I said before, now is not the time to give up; slow down or hide until the economic storm passes. As a business leader or owner, you have already successfully faced adversity in the past. Americans, by our very nature, do not give up. We have learned to face adversity head on and find ways to successfully push through it. It is our “will to win” that drives us. So, you have what it takes. Take your “will to win” out for a drive. Push the “pedal to the metal” and drive right towards your goals. You will need every bit of your perseverance and self disciple to maintain control and focus on your journey. Success can be yours, if you want it and be that person who will do the right things to achieve it.
So, what do you do now? Put a plan into action and go for it. Contact me to help get you started and provide you the guidance and feedback that will make the journey easier.