If you own your own business, you are probably a person with wonderful strengths such as ambition, resourcefulness, intelligence, talent and creativity. However, it is easy to forget all this and succumb to a paralyzing fear during tough economic times. Those who do this are likely to lose their businesses, while others will ride out the storm.
When you listen to the buzz in the media, and repeated in conversations, you will hear a great deal of fear and negativity. It's almost everywhere. It's hard to avoid. Yet there is a danger in surrounding yourself with negativity. You will find yourself repeating these negative ideas. This can make you sound hip and current but there is a powerful down side to this seemingly casual talk. Sooner or later, it starts to get internalized. You start to believe that things are hopeless. You can feel like you are a victim and next thing you know, you are acting like one.
Many entrepreneurs are pulling back their efforts to grow their businesses. While it may make sense to spend less money on some aspects of the business, it does not make good business sense to give up inexpensive business building activities. This can lead to a business becoming compromised or failing altogether.
Some entrepreneurs are "refusing to participate" in the recession. They are not acting "Pollyanna-ish" per se but they are thinking and doing things differently. Their investments have gone down just as much as others. Their customers may be buying less as well. What is different about them is that they are being proactive in their attitude and their actions. They continue to build their business and when the economy gets better, they will be left standing out in front of their fields while many of their competitors will have closed up shop. They will benefit from less competition and the lessons learned during the hard times.
What are their secrets? They are working on their businesses. They are refusing to give into negative thinking that can spiral downward into depression. This does not mean that they are never stressed and afraid. They are just acting "as if" things will be okay and in doing so are making things okay.
These entrepreneurs are not spending money recklessly. They are being careful and resourceful. They are also brainstorming "out-of-the-box" solutions. Some of these solutions are free or very inexpensive.
Are they doing it on their own, confident and independent? No - No one is an island. The successful ones usually have friends, coaches, mentors and colleagues who help, support, and challenge them. They can brainstorm ideas and get feedback .This support is a key factor in staying positive and focused.
Psychological and Practical Strategies for Success
One of the most important things to do is to employ strategies to keep negative thoughts from taking you over. There are many ways to help yourself if you are struggling with negativity at this time. Here are some to choose from:
Thought stopping technique - This technique sounds odd at first but is very powerful one that works for many people. Allow yourself 5 minutes in the morning and 5 minutes in the evening to worry. Assign a time for each "worry session". For example, at 8pm every night, stop what you are doing and let yourself have a worry party. After 5 minutes stop! Whenever worrisome thoughts intrude into your mind at other times, stop your thoughts and say "I'll think about that at 8pm tonight" or "I'll think about it at 8am tomorrow". What usually happens is that after awhile, you will forget to worry and then you are on you way!
Stop the Downward Spiral - If you find yourself getting panicky and spinning around in negative thoughts - stop the madness! It doesn't serve you in any real way unless panic gets you into positive action. Instead of focusing on the feelings, focus on concrete actions that can build your business. A client of mine was feeling desperate one day when we spoke. I could hear the despair as he spoke about the negative things around him. By the end of the conversation, he was able to make a small but significant change. He made the time to take one positive step in developing a new area of his business. The next day he called me sounding like a new person. Shifting his mindset and taking that one little step opened up this powerful, positive energy. He then committed to another step. Can you see how these steps can add up to a whole new facet of business that will not only bring in income, and excitement but will set him up as a leader in his field?
Don't Internalize problems - This is incredibly important. It's easy to feel confident when business is good and "less than" when it's not. When we get strong feelings we tend to assign blame and in doing so, can internalize blame meaning you take the blame into your mind and heart and start to believe it and put yourself down for it. You didn't cause the recession. Your worth as a person and professional does not equal the state of your business. Just look around you and see how many people have been laid off or are struggling in their businesses - are they all worthless? Of course not! The economy just is what it is and we can get through this together.
Study Successful People - List what you would do if you were to succeed or what other successful people in your field are doing. Select actions from that list and get going. In studying successful coaches, I could easily see that many of them wrote books and articles. This inspired me to write more and my book is more than halfway finished. Are you feeling jealous of someone in your field - use this as a clue. What are they doing that you wish you were doing? Make a plan to include this in your work.
Extra Time
With Business dropping off some or a good deal, you may find that you have more time to do things that can help your business. Here are some examples of activities that you may want to take advantage of.
Put a little Quadrant ll in your business- You may now have more time on your hands with fewer customers calling. What were all those business building activities that you didn't have time for when you were busy? Use that time now to do the things that are not urgent but are very important to the success of your business (see "What Matters Most" by Stephen Covey, Rebecca R Merrill, and Roger Merrill or "The Seven Habits of Highly Effective People" by Stephen Covey"). Maybe you always wanted to have weekly staff meetings but couldn't get everyone together at one time. John decided that now would be a good time to do this and came up with a plan for coordinating services for clients in order to expedite their projects. This plan will increase efficiency, please his clients, and increase income when more business starts to come in. Now is a good time to revise (or do for the first time) your business plan, income projection, and/or marketing plan.
Networking - It's so important to get out of your own four walls and meet other people either in entrepreneur networking groups or other groups. You may meet potential customers, people who can refer clients to you, or people with whom you can form strategic alliances. Don't forget to help as many people as you can by referring them business or connecting them to people who may want to partner with them on a project. When you network, listen more than you talk. Relax.. People like to do business with good listeners. "Mary" is one of the most successful entrepreneurs that I know is a woman who just networks, asks questions, and listens. She projects a quiet confidence and has a good sense of humor. Eventually the person she is speaking to asks about her work and becomes intrigued by the answers. This frequently leads to a meeting, and then business. She is one of the most natural sales people I know because she is not "salesy" at all.
Build relationships with people in similar or related industries - We often shy away from people in our fields because we fear competition but alliances can offer wonderful support, learning , mentoring opportunities, strategic alliances (partnering on projects) and even referrals. Building relationships with people in related fields is wonderful because of referral opportunities and the experience of working with people who really understand and value what you do.
Brainstorming - Use this time to brainstorm possibilities. It can be done in the office, while jogging, even while taking a shower (for some people being around water helps them get new ideas). Maybe taking a walk in a scenic place can help you step back from your business and see what it needs. Use friends, coaches, mentors and mastermind partners to help you as well. This is one of my favorite activities and my clients love it because in putting our heads together, they end up with a list of ideas to choose from. I love to hear the excitement in their voices when they find gold in this way. Don't rule out any ideas until you've gotten them all written down. You may end up taking part of one idea and combining it with another. Then make a plan and start working it.
Writing - Writing articles, a book, a blog, and entries on online social networking sites like Facebook, Linked in and even Twitter often leads to increased traffic to your website and work. Authoring a book gives you instant credibility and is wonderful as a tool for getting speaking engagements and other high profile projects.
Education - Now is a great time to educate yourself further in your field. If money is an issue, do a "self education". Read every thing you can get your hands on about your business. Also read books and articles that speak to the running of a business such as marketing, business plans, time management, etc.
Learn Sales Skills - Many of us cringe at the thought but there are non-sleazy ways to speak to people about what you do. A friend of mine, Debra Pearlman of dpsalespro.com, helped me to get comfortable speaking about my business in a way that is in line with my style and values. Work on your elevator speech (answer the question "What do you do" in the time it takes to go from the top floor of a building to the ground floor). A good, clear, client- oriented elevator speech can set you apart from your competition and help clients to see how they can benefit from your goods and services. Your elevator speech should not be focused on what you do (your prospect's eyes will glaze over). Instead, put yourself in their shoes and answer the question "what's in it for me if I use your services".
Bartering - What services and goods have you always wanted to have in your business? Who do you know in that industry? Of those people, who do you think may need your services or products?
Perhaps you've always wanted a personal assistant and that person can use an accountant. Come up with what you think would be a fair trade and offer it. If the person is interested keep talking until it feels like a win/win for both of you. Structure it in such a way that fulfilling your part of the barter does not take too much time away from your paying customers. You can also barter for education - you share your knowledge with someone who can teach you something that will help your business.
I am technically challenged. I'm getting much better with the help of my friend Tom Ossa from Rockland Web Design. We barter. I coach Tom and have brought him on as a cohost for my talk show on the radio. In return, he does my website, and helps get sponsors for the show. It's a true win/win. I love not having to be good at everything!
Planning - Get a mentor, coach, or friend (one who has a great deal of knowledge in your field or is a good sounding board). Then talk out ideas for your business, brainstorm and come up with a great plan to go big in your business. Include some strategies that use your top strengths in your chosen field and some that work on the "business of running a business". Write everything down in a computer file or notebook. Don't forget action steps for the most difficult parts of your business. For most people it's the sales and marketing. Plan out your schedule to include actions around every step. Include an income projection and steps related to that. It is also necessary to include the things that are working well for you. - You don't want to let those slip while you are trying new things. Take some time with this but not so much time that you never get around to finishing it. Give yourself a time limit and stick to it.
Bigger planning - Now...get really honest with yourself and your coach or mentor...what do you really want to do...I mean really! Is there some area of your field that you want to lead in by writing a book/booklet /e-book around? Is there some niche area that you'd love to develop but haven't gotten to? Maybe there is a subgroup of people that you'd like to develop a product or service for. Maybe you'd like to get really bold and work with someone who is leading in your field or another field. Speak the whispers of your heart out loud to someone you trust, come up with a plan, and spend a little time each week working on whatever that is.
Put a little purpose in your life - Now may be a good time to do some soul searching and get in touch with your life purpose. It can sometimes be incorporated into your business or it may be something you do in your personal life. Purposeful activities are energizing. You are always good at activities that align with purpose. It can be a way of relating to people and the world and/or certain types of work/volunteer work. Aligning your choices with purpose can lead to fulfillment, joyful energy, and increased confidence. Some people discover that they want a career change after going through a life purpose process. You can still work your business while taking steps to set up a career change. Get help from a coach, consultant, or mentor if you want support and help with this.
Help a gatekeeper - Offer your services/products free of charge to someone who is in a position to refer a good deal of business. Say that you would like to have him/her experience your product/services first hand. In exchange for your services ask him to refer clients who can benefit from them. You may also ask for a testimonial for your website.
Part Time Work - I say this with caution because many people start a second job and ignore their business to the point where they end up losing it. That said, there are many others who by working a few hours per week at a second job, can make a base of income which gives them the financial means and the peace of mind needed to hang in there with their business. If you are considering this, keep the following in mind: The job should allow you plenty of time to work in and grow your current business. The pay should be a good amount per hour. A job should not be one that you take home with you. You should be able to forget about it when you leave for the day and concentrate on your business. You still need to balance your time and allow time for family, fun, centering activities, and personal care.
Volunteer work - If you have extra time, using a little bit of it of help others can keep you feeling positive and confident. Who knows, you may meet someone who knows someone who needs the goods and services you provide! Some people get a good deal of business this way. Make sure that you genuinely care about the work you are doing. Be careful not to spend so many hours volunteering that you end up neglecting your paying business - balance is key.
Self Care
It is very important to take care of yourself during a time when your business is being affected by a poor economy. Neglecting your self care can increase feelings of helplessness, hopelessness and pessimism. These feelings can have a strong negative effect on business. Remember, it's the ones who don't really work their businesses during a recession that end up losing out. Be part of the cream that rises to the top instead.
Here are some aspects of self care to be mindful of:
Exercise - Not only a great stress reducer but it increases confidence. It also helps brain functioning which helps us come up with good ideas and insights that enhance our work.
Improve sleep habits - So many people sleep poorly. There are techniques out there for improving sleep. If you suspect you have sleep apnea, this would be a good time to have a study done (if you can afford it or if your insurance covers it). You would be amazed at how your thinking and functioning improves with good sleep which of course, is good for business.
Centering Activities - Prayer, contemplation of nature, quiet time religious services etc. When we are centered, we are calm and confident. We don't overreact to stress. Our gremlins (self sabotaging thoughts) tend to quiet down and we don't take other people's actions and words so personally. We either get more done or we are at peace with what we do get done. I can't stress enough how important this is and yet it's usually the first thing to go when we are under stress (myself included). The longer we avoid centering activities, the more stress can grow and so on. If you don't have any centering activities in your life, now may be a good time to develop one.
Positive Thinking - There is a difference between sounding like a "Pollyanna" and true positive thinking. True positive thinking is based on our strengths and truths that we believe in our good moments. We need to remind ourselves of them when we are in a place of doubt. Positive thinking, leads to positive beliefs which lead to positive actions which lead to positive results.
Time with children, spouses, relatives, and friends - These important relationships are the best part of life. Enjoy them and nurture them. They are more important than money and have nothing to do with business. It is a great stress reliever to kick back and laugh with your loved ones. Now that you may have a little more time, you can get closer. Your children will not remember how much money you made but they will remember the kind of parent you were. You may not be able to afford expensive presents but you can give 100% presence to the people in your life when you are with them.
Getting Out and Do things - Staying in your office staring at the four walls worrying? Get out once in awhile and do something fun. Try something new -refresh your mind. It may feel like you are goofing off but it can help your business as long as you don't overdo it. You may come up with some new idea. A recharged business owner is a great asset to a business.
Celebrate successes
Most people do not stop to celebrate achievements in their work or their personal life. In doing so, they don't really take it inside their psyches and internalize it. When you internalize something you own it and work from a stronger place. Instead, people often make excuses for their success
Think of your comfort zone as a little box. It grows in size when we take on something new. If we diminish it by blaming our success on circumstance i.e. "I got lucky this time" we can't grow our comfort zones. It's far better to say "I got a new client because I am a good listener who understands my client's needs" or "I sold more products because I did an awesome job on my last sales campaign."
One of the best ways to reinforce a bigger comfort zone is to celebrate success. It can just be a nice dinner a round of cheering high fives with colleagues or a couple hours off work to go to the golf course, go running, get a pedicure, or sit down with coffee and a magazine. The cost is not important. Underlining your success is absolutely necessary.Why is this important? Because the next time a challenge comes up that requires the confidence of someone with a bigger comfort zone, you'll be up to the task. This can really help a business to grow.
Don't turn a positive into a negative. How often do you hear someone say, after accomplishing something good, "Now, if only my business wasn't in the toilet" or something like that. Leave a positive accomplishment alone - don't pair it with a negative - own it and once it's inside of you, wait a day and then use that energy to focus on a new challenge.
Conclusion
I was coaching a client recently who was getting down with all the talk of the bad economy. She decided to ignore the victim speak and take action on her business and personal goals. The truth is that there are plenty of things she can do to help her business even though it is closely related to the real estate industry. She was able to acknowledge the wonderful action steps she had taken in the previous week. She committed to more steps to take in the following week. Seeing how well she is doing has helped her to embrace a positive, confident attitude. She is one of those entrepreneurs who are "refusing to participate in this recession" and her business is growing as a result of it. The last time we met she was well on her way to reaching her goals.
You too, can "refuse to participate in the recession" When you hear the negativity around you, think of this saying from a wise, unknown author: "I can complain that a rosebush had thorns or rejoice that a thornbush has roses" As a business owner, t he question is "What are you going to do with the bush - you can give up on it and let it die or prune it, feed it, and watch it grow.
About author :
Irene Gutmann, LMSW is a business and life purpose coach. She helps purposeful entrepreneurs to serve more clients and make more money by growing their business to a higher level. She also helps people to find their life purpose. Irene is host of the talk show, "The Coaching Corner" on wrcr.com and AM1300, Radio Rockland, WRCR, Thursdays after the 10AM news. Contact Irene at eaglelifecoaching.com
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