It’s official. The U.S. economy is in a recession that began in December 2007. That fact can’t be changed – but we can control the way we react and operate in difficult economic conditions. So what to do?
Be sure to check your attitude. Operating from a place of fear is never good. Fear drives us to focus on the here-and-now, sometimes at the expense of preparing for the long term. Don’t cut back on the activities that will sustain you and your business at the end of ‘09 and into ’10.
Focus your energy on what you can control. Sure, customers may be cutting spending or cancelling orders. There’s not much you can do when their budgets are squeezed. Instead, find ways you can meet customer needs more efficiently. Retool your offerings. Focus on delivering excellent customer service. More folks don’t choose to innovate when business is booming – now is the time to reevaluate.
Be ready for the recovery. It’s often said that people are an organization’s greatest asset. If you manage staff, make sure they understand their role in the company’s success. Empower them to bring fresh ideas to the table.
For more thoughts on surviving and thriving during the economic downturn, see here.