How Are You Dealing With the Recession in Your Business?
How Are You Dealing With the Recession in Your Business?
Often times, this fear of our businesses going 'south' puts us in a stopped position. We often pull back, quit spending and we wait. We wait for the recession to pass. We wait until the moment where we are back in the 'good ol' days' and business seemed easier.
Those individuals who choose not to sit still and wait it out are not feeling the affects as greatly. Let's look at why this is.
To spend, or not to spend... That is the question.
When a recession hits, most people stop spending. When people stop spending, the economy starts to shut down. Think of it like a domino affect. If you stop spending, you cut off the supply of an income to a company. Then, those companies stop spending elsewhere which may end up at some point affecting your customers. Then, your clients and customers stop spending.
Now, the idea here isn't to go out and be wild with your spending. You should still be a bit more cautious and budget appropriately. The idea here is to continue to gently stimulate the economy with moderate spending. Don't be afraid to plan your trips that you had pre-planned, purchase the help you need in your business and you'll see that the flow of money will ebb in and out instead of just out.
Streamline, organize and process.
This is the absolute best time to get your ducks in a row, so to speak. When times do get a bit slow, build and create the things you had on that never-ending to-do list of yours. Put in place a passive revenue stream so that when the economy comes back to life, you are ready and able to do BIG things in the world!
The smartest thing is to remain fresh, active and keep doing the things you are meant to do. Look at your current business to see where the holes existed before (when you were swamped and couldn't work on anything else) and fix them. Come out of the recession better than you went in!
Work less. You deserve it!
Now, this may sound counter-productive to the last point but the idea here is to actually get yourself on a normal work schedule. Since the times may be a bit slow for you, you can more than likely get everything you need done in an eight hour day and still have time to work on the side projects and the organization.
Take some well deserved time with your family and friends so that when the recession is over, you will already be used to getting a lot done in eight hours and you won't need to slide back into ten, twelve or fifteen hour days.
Lastly, just breathe. Know that the economy will pick back up and have faith that you will sustain through it. The neat thing about a recession is it forces people to become more creative and inspired. People look for new things to offer, new ways to do things and thus, see a much different side of themselves.
How Are You Dealing With the Recession in Your Business - To learn more about this author, visit Erin Blaskie's Website.
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As a business owner, we have an entirely different set of worries when something like the recession hits. Not only do we still have to maintain momentum and attempt to still drum up sales, we also have to worry about our families and ensure that no matter what happens, we'll still be able to provide for them.
Often times, this fear of our businesses going 'south' puts us in a stopped position. We often pull back, quit spending and we wait. We wait for the recession to pass. We wait until the moment where we are back in the 'good ol' days' and business seemed easier.
Those individuals who choose not to sit still and wait it out are not feeling the affects as greatly. Let's look at why this is.
To spend, or not to spend... That is the question.
When a recession hits, most people stop spending. When people stop spending, the economy starts to shut down. Think of it like a domino affect. If you stop spending, you cut off the supply of an income to a company. Then, those companies stop spending elsewhere which may end up at some point affecting your customers. Then, your clients and customers stop spending.
Now, the idea here isn't to go out and be wild with your spending. You should still be a bit more cautious and budget appropriately. The idea here is to continue to gently stimulate the economy with moderate spending. Don't be afraid to plan your trips that you had pre-planned, purchase the help you need in your business and you'll see that the flow of money will ebb in and out instead of just out.
Streamline, organize and process.
This is the absolute best time to get your ducks in a row, so to speak. When times do get a bit slow, build and create the things you had on that never-ending to-do list of yours. Put in place a passive revenue stream so that when the economy comes back to life, you are ready and able to do BIG things in the world!
The smartest thing is to remain fresh, active and keep doing the things you are meant to do. Look at your current business to see where the holes existed before (when you were swamped and couldn't work on anything else) and fix them. Come out of the recession better than you went in!
Work less. You deserve it!
Now, this may sound counter-productive to the last point but the idea here is to actually get yourself on a normal work schedule. Since the times may be a bit slow for you, you can more than likely get everything you need done in an eight hour day and still have time to work on the side projects and the organization.
Take some well deserved time with your family and friends so that when the recession is over, you will already be used to getting a lot done in eight hours and you won't need to slide back into ten, twelve or fifteen hour days.
Lastly, just breathe. Know that the economy will pick back up and have faith that you will sustain through it. The neat thing about a recession is it forces people to become more creative and inspired. People look for new things to offer, new ways to do things and thus, see a much different side of themselves.
How Are You Dealing With the Recession in Your Business - To learn more about this author, visit Erin Blaskie's Website.
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David BarrDavid Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website |
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