5 Tips in “Thriving” an Economic Recession

Many would agree that there’s no question we’re currently experiencing an economic recession. That has many small business owners panicking as they worry about the longevity of their businesses and livelihoods. Entrepreneur.com’s networking guru, Ivan Misner, has written a blog series entitled “I Refuse to Participate in a Recession” where he examines how business owners, in changing their perspectives, can thrive, as opposed to survive, an economic recession. This week we will examine five tips designed to help you change your experience with the current economy.

1. Assess your internal dialogue.

How you experience the economy has more to do with what you’re telling yourself about it than it does the statistics, the news forecasts and the bailout proposals. If you have determined that things are bad and they’re only going to get worse, for both the nation and your business, then chances are they will-not because that’s what’s destined to happen, but because that’s what you believe will happen. Your internal dialogue determines whether or not you become a victim in the current economic crisis or a survivor-or should we say, thriver.

2. Focus on what you do want, not what you don’t want.

The Law of Attraction exerts that your life is a reflection of what you think, what you focus on, and what you expect to happen. You must turn your attention away from worry and fear. While it is a good idea to develop a plan for the worse-case scenario, once that plan has been laid you must move on to brighter thoughts. Consider what you do want for your business and keep those ideas in the forefront of your mind. Those thoughts will continue to attract more positive things into your life and business.

3. Maintain a positive attitude.

Try to remain as positive as possible. While thinking more positively is a good first step, maintaining a positive attitude has a lot to do with your emotions as well. Try to do those things that enable you to feel more upbeat and positive. Exercise, read, maintain your hobbies, watch comedies. It’s much easier to remain positive when you’re participating in those activities that make you feel good.

4. Become more competitive.

Consumers are now, more than ever, keeping a close eye on their pocketbooks. This increases the competitive nature of the marketplace. If you don’t increase your competitive advantage now, you’ll feel the impact on your bottom line later. Consider adding complementary services or increasing your marketing efforts in order to counteract these effects.

5. Take action.

Entrepreneurs that passively “wait out” the recession will probably find their businesses in need of serious resuscitation when the dust clears. Take action to improve your business regardless of what the economy is doing.

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References

Misner, Ivan. “I Refuse to Participate in a Recession (Part 2).” 1 October 2008 Entrepreneur.com Blog Network.