Will you take part in a recession?
As I sat and drank my morning coffee, skimming through social media yesterday, a notification bounced onto my screen.
“Households facing the biggest living standards shock in a century.”
There’s such doom and gloom at the moment in so many areas of our life and business, that it can really affect our mindset and almost become a self-fulfilling prophecy.
See, I was shocked to read this on Bloomberg, a business-focused platform. Where we need positive influence on our economy.
For the last few months, our government has been free-wheeling into this situation and none of us quite know what will happen.
But having run a business through both good times and bad, I know it’s the well-prepared that survive.
One of my favourite quotes was coined by the Walmart CEO, Sam Walton many years ago. When asked “What do you think about a recession?” Walton responded, “I thought about it, and decided not to participate.”
As business owners, our mindset and attitude toward our business makes the difference between surviving and thriving.
See, new people will enter our marketplace with the energy, ideas and competitiveness that we once had.
Change is coming too.
Covid has shown how complete industries and markets can change overnight.
So we need to be aware and expect change and look for new opportunities.
Most of all, as small businesses close around us, we will begin to really see the era of the professional business owner.
Businesses that survive and thrive are those:
▪️meeting and exceeding their customers‘ needs and expectations
▪️actively hunting for customers
▪️outmarketing their competitors
▪️that know the numbers in their business and manage based on them
The secrets to a successful business are simple – get and keep customers and stay in control of your finances.
Late last year, I co-authored a book covering exactly this – how to set goals, understand your figures and setting the 11 foundation stones of your marketing.
If you’d like a chat about your business, or to find out how to get hold of a copy, just drop me a message.
After all, you do have a choice whether to participate or not.
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