Take the Long View

Recent downturns in the economy are generating a lot of negative talk and fear in the business world. While I don't want to pretend that some challenges don't exist, I'm also encouraging clients to be positive, avoid panic and continue to take the steps that have made them successful in the past. So, look beyond today and take the long view.

Here is my brief synopsis of the threats and opportunities that exist in the marketplace today...

1. Business isn't a straight upward curve! We Americans are an optimistic bunch and tend to expect to win more often than we lose; however, it is folly to think that any company, stock, industry or individual person will ALWAYS WIN. Things naturally fluctuate, and there will be times of plenty and times of belt tightening. It's best to just accept the inevitability of lean times, have contingency plans in place, and not allow yourself to be shocked or shattered that every year is not infallibly better than the last.

2. Economic downturns cull out the competition. Now you don't want to BE one of the companies that flops, but seeing low level players with poor quality, inefficient systems and bad marketing strategies fail shouldn't make strong, stable businesses get scared. Let some of your competitors file for bankruptcy! What do you care? Just make sure you are ready and waiting to snatch up their customers and boost your own market share. Recessions are the business world's version of 'survival of the fittest' and they can raise the performance of entire sectors through a healthy separation of wheat from chaff.

3. Don't stop doing the things that work. Panic can cause companies to seize up... to stop focusing on what is going right, to drop future plans, to abandon new product development, to stop hiring, to cease marketing. While you don't want to waste money in a recession, you don't want to stop investing in the future either. So balance risk with wisdom and keep doing the things that have made your business thrive over the years.

4. Focus on controllables - not uncontrollables. We tend to spend a lot of time pondering things we cannot change. You and your team cannot personally alter the outlook for your industry, or change a stock price, or halt foreclosures, but there are a myriad of small things that are completely within your grasp. Keep your eye on the controllables and invest your time, energy and money on activities that matter in your little world and will make a difference in the bottom line at the end of the day.