Can You Thrive in a Recession?

How Small Businesses Can Survive — and Thrive — in a Recession

This short article challenges all of use who own or manage small businesses to shift our thinking when it comes to success in this economy. I’m a firm believer that even with all the forces at play, we create our future. That is a big deal with all of the negative talk broadcasting over the airwaves. I think Rudyard Kipling said it best in his poem “If”:

If you can keep your head when all about you
Are losing theirs and blaming it on you;
If you can trust yourself when all men doubt you,
But make allowance for their doubting too;
If you can wait and not be tired by waiting,

Yours is the Earth and everything that’s in it,
And – which is more – you’ll be a Man my son!

What I take from that is that now is the opportunity to separate ourselves from the rest. Now is our chance to dig deep, do the things our competitors are not willing to do. And if we can stand the few moments of waiting for the economy to start its climb back up, we will be in a position to really thrive. (Can you tell I was an English major?!)

Here are some of highlights from the article:

Rule #1: Don’t Panic!

I think that is a great idea. I have my moments of overwhelming anxiety. Generally while trying to fall asleep. But don’t let that nervousness turn into a self-fulfilling prophecy!

Take on Customer Service

I’m amazed that some small business owners ignore the quality of their customer experience. Any reason a customer has to walk down the street to your competitor is something to care about. This is your chance to create a lifelong customer and get referrals!

Talk About It!

I think that communicating to others that you are strong, still here and don’t plan on going anywhere gives employees, customers, vendors and the community at large some security. We are all tired of hearing people worry and complain. Let’s hear some solutions, some ideas, some hope!

Opportunities for the Little Guy

Keep an eye out for gaps created by big companies pulling up stakes or small businesses closing their doors or cutting back. Those opportunities are easier to take advantage of if you have a long term perspective. They also raise your game when the economy as a whole improves.

Those are some of my highlights from this short but helpful article. I highly recommend it to any small business owner! Let’s keep our wits about us and thrive!

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One thought on “Can You Thrive in a Recession?

  1. Great subject—I think that just by reading this, one has separated himself from the crowd. (The choir is here!) We should give very little thought to negatives, and only think about what we want to attract in our business (or life, for that matter.)

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