The Recession Blues: Apply Positive Thinking To For A Positive Outcome
By | December 16, 2008
For many, the thought of a recession conjures up negative, mental pictures of the inability to pay off debts, rising costs of goods and services, great losses in revenue and a bleak looking future, at most. The whole world is expressing a less than positive attitude toward to current financial crisis, which is initially, a normal response, however, these negative images call up irrational, illogical thinking, and increased stress which can lead to depression and the loss of hope for survival.
When a person develops this wrong thinking, the door is opened wide for it to spill over into every area of life, including their professional life. As personal thoughts are allowed to accompany you into a business environment, you put your business at risk. Obsession with negative thoughts can wreak havoc on a normally productive, logical business owner. Business decisions and plans can be made in haste, out of frustration and out of poor planning, due to a pessimistic state of mind.
It is important to maintain a positive, optimistic attitude and outlook. We become what we think about and our situations are built upon that foundation. If we allow unconstructive, harmful thinking processes and beliefs to define who we are, then anything we do and anything we achieve will manifest in results that are in accordance with our negative thinking and attitude. Consider this: Is a man’s business thriving and prosperous because he is happy and has a positive attitude? Or could it be that a man is happy and has a positive attitude; therefore his business produces positive results?
Negative thinking and negative attitudes are contagious. Your employees may already have a poor outlook for the future. They may be in fear of what the future holds in store for their personal finances, as well as being unsure about losing their jobs, homes, or savings. Maybe, they think they are not capable of making it, with the rising costs involved in maintaining the status quo.
It is important for you to be the voice of reason… to be optimistic about the future of your company and to be honest and forthcoming about changes that are taking place within your organization in order to make your employees comfortable and secure. You are the leader and you must take control and manage. Left to their own devices, without constant communication and appraisement of the current situation, employees will no doubt gossip, spread rumors, and come to their own conclusions. Most of the time, these are not positive statements and result in low morale.
It is important that you recognize and assure your employees, as well as your customers, that you are in this for the long haul and you are confident that the business will survive the current economic crisis. Discourage negative talk in the workplace as this only serves to dampen spirits and confidence. If you are in doubt about what you are saying, the use of positive affirmations may be in order. Nevertheless, if you keep telling yourself that your company will survive and take the appropriate steps… then it will.
See your cup as half full and look for opportunities to benefit from this temporary setback as, “This too, shall pass” and prosperous times are just around the corner. Take the high road and view the recession as the chance to streamline your business and make some needed improvements. Keep this thought in the front of your mind… “Positive thoughts produce positive outcomes”. You will survive this and your company will, as a result of this opening, become leaner and stronger than it was before.
Topics: Recession | No Comments »
Exceed Customer Expectations To Keep Your Business Alive During This Recession
By | December 15, 2008
The Encarta Dictionary describes a recession as “a period of time, shorter than a depression, during which there is a decline in economic trade and prosperity”… taken from the root word recede, which is to go back or down from a point or level. Worldly economic advisors have, for some time, predicted the onset of a recession and it is obvious now that they were correct in their forecasts.
“The times, they are a- changin’”, taken from the words of a famous American song writer, seem to be the universal mantra for this point in time. As reported in the news, large corporations are faltering under the weight of financial pressure and the whole world is being impacted. The current economic crisis is a threat to the majority of small businesses as well.
As a business owner or business manager, this means that it is imperative that action be taken to secure your place in the market . . . now! It has become necessary take the bull by the horns, and fight to keep your business alive and prosperous. While there are many avenues a business can take to maintain a steady course to insure survival, taking care of your customers needs to be at the top of your priority list.
Excellent customer service should already be fundamental in your business practice and now more than ever, it is going to be essential to your business that customer service remains your number one objective. Business is dependant on customers and providing for their needs will make a huge difference in how well your company fares during these troubled times.
Understand that you are not alone when it comes to this situation and competitors in your market are going to be doing one of two things . . . either they will be setting appointments with bankruptcy attorneys or they will be implementing strategies to maintain their current customer base and developing practices to seize yours. Competition will be fierce and you must be willing to build on your own methods to win.
I encourage you to do what it takes to maintain your customer base. You already have dedicated, loyal clientele and servicing their needs will insure that they have no reason to drift away to your competition. Make your established customers your friends. Friends are more inclined to work together and help each other. Openly communicate with them, ask for their feedback and opinions and whenever possible, implement their suggestions. It is much easier to maintain the relationship than to try and reconnect once the customer has decided to do business elsewhere.
Take the opportunity to provide incentives by means of sales, bonuses, discounts and price breaks whenever feasible. Let your customers know that they are valuable to you and that your business is in the business of helping and providing for their needs. The main reasons a consumer will severe their dealings with your business is lack of personal attention and an apathetic approach to your association. Train your employees in the art of great customer relations and be certain that policies are being administered with every interaction. A satisfied customer is a returning customer.
The emphasis here is on maintaining established clientele but remember . . . repeat customers are your main source of free advertising. They have the ability to make or break your company. Providing customer service that exceeds expectations is sure to win new customers by referral.
These times are trying at best and you are encouraged to put your best foot forward, maintain a positive outlook and consider what you have just read as a means of supporting your business needs. Remember, you can survive this and come out ahead. The process just requires action and dedication.
Topics: Recession | No Comments »
During This Recession Beware That Cutting Your Business Costs May Cut Your Business’s Throat
By | December 11, 2008
Times are tough and the business sector, as a whole, is beginning to feel the sobering effects of this full-blown economic crisis. While the political community at large is trying to paint a prettier than real life picture, small businesses and large conglomerates alike are being impacted by plummeting sales and dwindling profits. Consumers are in panic mode and bracing for the worst, which is yet to come, by holding on tight to their money, and the evening news is full of stories that tell the tale of woe, as so many companies are collapsing under the pressure. Huge corporations are pleading with government for assistance and bailouts while the majority of small business owners are left to sink or swim on their own.
The knee-jerk reaction for many smal businesses fighting for survival is to cut costs. This is standard business practice and may be sensible for the most part, during times of a healthy economy. However, while this response is probably better than no reaction at all to a business slump, this is not an option that should be taken lightly and one should weigh every other alternative before taking that stand.
Generally, the first thing a management team wants to do is decrease the hours of its staff or lay off employees. Under certain circumstances, this is understandable, providing customer service is not going to be affected by the move. Many times, a business is overstaffed to begin with and a slow down in business may require taking such a step. Another thing to consider is the cost of unemployment associated with a layoff. Research should be done to see if this measure will be cost effective.
Secondly, some owners and management personnel panic and in an effort to reduce costs, think that by cutting back on services that have long been provided to consumers should be curtailed. This is also an area that needs some exploration before taking such a drastic step. Customers chose to do business with a particular establishment for a variety of reasons and because of this, it is important to evaluate why your company has repeat business and what draws new purchasers into your door. It might be that they are impressed by the quality of the service your business provides or the variety of services that you make available. Maybe it is the atmosphere of your establishment because you provide entertainment or some other perk that makes you customers feel comfortable. Before cutting back in any area of service it is wise to determine what makes your company stand out from all the others, and not choose to discontinue that.
Lastly, it may be tempting to cut costs by replacing a high quality product with an inferior, less costly version that is more cost effective to purchase from your vendors. This should be an absolute last resort as your established customers are dependant on you providing brand merchandise at an affordable price. When you choose to skimp on quality, you run the risk of driving consumers right into the cash registers of your competitors. Consider slow sellers that might be eliminated from your inventory, first.
In light of the current situation, business owners can no longer afford to rest on their laurels, enjoying healthy profits, and take a business as usual approach to these unusual times. It is tough out there and competition is stiff. Only the strong will survive. A savvy business owner with some keen business sense, ingenuity, and creativity should be able to ride out the storm provided he implements proven techniques and systems and revamps his approach to the market place.
Topics: Recession | No Comments »
If The Games Industry Is Recession Proof, How Can Your Business Benefit From This?
By | December 8, 2008
One way of getting your business through this recession is to look at businesses that are or might be recession proof, see what you can learn from what they’re doing and how you can use that in your business.
A recent report at http://news.cnet.com/8301-13772_3-10107412-52.html says:
“One is the traditional value of entertainment during tough economic times. Like the great fantastic musicals in the 30s. Movies did great, because they took people’s mind off of the troubles they were facing.”
I’m not going to get into whether the games industry is recession proof, I’m just taking what they are saying.
So, one reason they feel it will get through the recession is because of the traditional value of entertainment during tough times. People want to take their minds of their troubles.
So, how can this be useful to you in your business. Well, I suggest you hold these two key points in your mind; people still want to be entertained and to have their minds taken of their concerns.
This makes sense and I’m sure we can all relate to it. So, what use is this to your business?
Well, lets take those two 2 key points and see how they can be of benefit to keeping your business recession proof.
First, I invite you to think about what you offer in your business that fulfills these two points. Even if its not immediately obvious to you, keep this in mind as you go through your day and just see what ideas come up.
Once you know what of your products or services fit this criteria, I now encourage you to think of how you can maximize this? Would it mean focusing your marketing and promotions on these items? Or perhaps changing your marketing slightly so that the benefits of being entertained and taking people’s minds off their troubles could be highlighted more.
It may be that your offerings don’t meet this criteria and if thats the case, I invite you to consider what if any changes would be good to make to your business?
Perhaps as a business consultant you stress how you will take their troubles of their mind.
Or, in your restaurant how could you entertain people more or help them take their mind off things?
Whatever business you’re in, I encourage you to take at least a few minutes and consider what you can learn from the games industry and potentially keep your business recession proof.
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Look Beyond The Recession With Your Business
By | November 28, 2008
Although your focus is probably on coping and getting your business through this recession, just remember that it is only one part of the cycle that business goes through. If you take a look back over the years, we have been through recessions before and there will come a time when things pick up and business is booming again.
So, if its part of the business cycle, what impact does that have in how you are handling your business on a day to day basis at the moment?
Even though a good part of your focus and energy needs to be on keeping your business going through this recession, I also encourage you to keep an eye on the future. Your day to day decisions, plans and strategies need to also take into consideration how your business will be once we’re through this downturn.
Why do you need to look beyond this recession?
Because it can be too easy to only see the current situation and allow fear to cloud your thoughts and decisions. This fear may cause you to make decisions that aren’t in the best interests for your business in the medium term.
You first need to have plans for your business that extend beyond this current recession and know how you want your business to develop in the future. Once you know this, keep this uppermost in your mind as you make decisions now.
Even though some decisions that you need to make now may not be in the best interests of your longer term business, at least you will know this and aware of the consequences. Other decisions will perhaps be made differently because you know ultimately where you want your business to head.
Rather than making these decisions from a place of fear and we’re in a recession so things aren’t good, I encourage you to make decisions for your business that will produce results not only now but also in the future.
There will come a time when business moves into the next cycle and we leave this recession behind.
Action Step:
What specifically do you need to do today that will allow you to look beyond the recession?
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