The economy gets plenty of attention from business owners, and receives plenty of blame for their lackluster results—rightly so. Yes, the economy is something that is practically impossible to alter, much like attempting to change the direction of the wind. But this doesn't mean you're a prisoner of the economy; quite the opposite.
We've all been told, at one time or another, "When the world gives you lemons, make lemonade." That's still sound advice. When it comes to the economic winds, you can struggle to sail your business ship fruitlessly into them or you can decide to modify your course and discover a new way to navigate to your destination.
Here's what you can do today to accept and even embrace the economy, even when it feels that it's pushing you backward from your goals.
The freeways are still packed with commuters and the line at Starbucks still wraps around the building. Are the times really so bad, or have we elected to give up too easily?
Set (and re-set) your expectations
It all begins with perception. Whether you see the glass as half empty or half full, the way in which you choose to see your situation is what will drive your actions. The key is to avoid subscribing to the hype, the groupthink and the fear-mongering.
When times are bad, there are plenty who bemoan that economic collapse is on the way. Notice, though, how the sun still rises the next day, the freeways are still packed with commuters, and the line at Starbucks still wraps around the building. Are the times really so bad or are these times when many have elected to give up too easily? And, if that's true, why would you want to join them? Hopefully, you wouldn't.
Rather than add your voice to the chorus of doomsayers, refuse to become a victim of a national perception that has gripped others around you. While you can't deny that cash doesn't flow in the same ways it has in decades past, it is still flowing. You just have to look and see where, how and why.
In resetting your perceptions, you will gain a new vision into what's really taking place around you, giving you insight that proves money is still moving, businesses are still being successful, and you can be, too. Once you drop the excuse that "the economy is bad and that's why my business is suffering," you'll realize that you simply need to realign your business to meet your customers' changing needs.
You are in charge
The sooner you proclaim that you are the one who affects what happens in your business, the sooner you'll grab hold of the reins to steer your business into a better direction. You might discover that the products you sell are no longer in demand as they once were; time to find out what your customers are now buying instead. You could discover that the products you sell are still in demand but customers are buying them from someone else; maybe your method and message isn't capturing customers' attention.
Whatever is changing in the business landscape, recognize that it's your business and you can make the necessary changes to improve your results.
Whatever is changing in the business landscape, recognize that it's your business and you can make the necessary changes to improve your results. You needn't wait for some ethereal economy to again blow its winds of fortune your way. When you started your business you likely established it to capitalize upon the business climate of the time. Now the climate has changed (and it will change again and again, by the way), so you need to realign to make the most of the day's trends.
Without question, this is one of the most difficult concepts to master in running your business—remembering that it's your business and, as such, you're in command of it. Look no farther than the mirror on the wall to find the person who can improve your situation. You have that power each and every day; put it to use and wait for no one.
'Know' is the answer
Think to the time when you first launched your business: You likely spent a considerable amount of time and effort to establish a level of knowledge to begin your venture. Whether you needed to learn about establishing retail space and setting up a physical store or had to educate yourself on inventory management software, you identified areas where you needed to beef up your knowledge.
As the business conditions change, you need to amend your knowledge base. Maybe it was a challenge to establish an online store presence but you managed that. Now, you might need to launch a mobile-based version of your store so folks can shop your goods using phone and tablet technology.
Listen to what customers say and watch what they buy; they're telling you why they're purchasing from you
The point is that your level of understanding will need to improve each and every year. When you fear that no one is buying because they're not wandering into your physical shop, it could be that they're buying even more than before but they're doing so in a virtual setting. Learn how to be where they are and embrace new methods to serve them. They're still buying, just not in the same way as before.
The best news in this is that most everything you need to learn can be found and mastered through online information and tutorial sources. All you need to do is search and get started; it's really that simple.
Be confident, be visible
When the cries of economic chaos fill the air, it's difficult to maintain your confidence. It's frightening to think that all you've worked to establish could crumble to your feet due to financial failings not of your making. Be mindful of the impact the economy has on your business but take action to adjust to shifts in the spending mood.
Engage your customers directly and show to them your positive outlook. Listen to what they have to say and watch closely what it is that they buy; they're telling you why they're purchasing from you and, sometimes, why they're not. Utilize blogs and social media sites to share more about your business and your products and be available to respond to their comments and questions.
Above all, keep a wide smile and an easy style to avoid becoming flustered by the uncertain economy. You are in charge of your situation, and that's the best economic news of all.