I calculate that we are in our 5th year of the economic downturn, and, unfortunately, I don’t see any quick fixes on the horizon. No credible, in my opinion, economic solutions have been offered by either party and I forecast another 4 to 5 years before we stabilize. No, it’s not doom and gloom, but another wake up call for small business owners to re-evaluate their business from top to bottom. Than includes everything from products and service offered, management philosophies, marketing, staffing, technical innovations and budgeting.
Many of the world’s largest corporations were started during periods of great financial uncertainty. They didn’t do what had always been done, they stepped out of their box and produced new and needed services and products.
People are concerned about employment, and protecting their nest egg. They will be more careful in selecting products and services on which to spend their dollars. They won’t be looking for low prices as much as your passion and belief in your business and building a personal relationship with you.
Easier said then done???? Don’t look at “changing your direction” as an impossible task. Change occurs by doing a little something every day. Growth “miracles” don’t happen overnight; it may take you six months before you see a glimmer of light. Instant gratification, is just that, an instant of feeling good.
No one said it was going to be easy; being alone makes the process harder, but not impossible. Having a partner ( mentor /coach) will be of great value; it will help you stay focused and accountable to your ideas of change and forward progress.
They always say that time changes things, but you actually have to change them yourself.
Nick J. Petra CFP
Business Coach and Mentor