Wednesday, June 10, 2009

The 3 Camps Business Owners Self-Organize Into During Downturns

  1. Those that give up. There's nothing dishonorable about this. Owning a business isn't for everyone at all times. Perhaps these folks will try again later. Perhaps they won't ever come back but they'll feel better that they gave it a shot.
  2. Those that survive. They hunker down and manage to get by. They don't thrive but they survive. When rosy prevailing economic conditions come back they are not much worse of then they were before.
  3. Those that thrive. They use the downturn as a motivator to tackle the elements they knew (or at least sensed) were missing previously. When business was just falling into their lap it was easier to put off things like establishing predictable and systematic business attraction mechanisms. While putting in the extra work now they will also be building a much stronger foundation for all economic climates. Their businesses will thrive and be far more durable. They will enjoy greater long-term profits, less frustration and uncertainty, and probably greater fulfillment as business owners.
Those businesses that focus on thriving and not just surviving are the counter-intuitive twist to all economic downturns: the output of the downward cycle consists of stronger, better and more focused and profitable businesses... and business owners.

Which camp do you intend to be in?
What small step can you take today to get moving in that direction?


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