Tap Your Strengths In Tough Times
 By Terry M. Blair

The news headlines tell a scary tale. Gas prices keep going up. Credit is tightening. Food prices are soaring. Home values are slumping. Consumers are cutting back spending.

You can read those headlines, wring your hands and worry about how your small business will survive.

Or you can tap into the traits that made you a successful entrepreneur in the first place. These traits are your strengths. They got you into business and they’ll keep you in business, even when times are bad.

Passion
Whether you’re a plumber or a consultant or a retail operator, passion is what keeps you motivated. Your passion is what makes work feel more like play. Call it fire in the belly. Or call it loving what you do.

When the demands of running a business wear you down, passion keeps the spark alive. When the economy takes a downturn, passion keeps you working through the rough patch. If you feel discouraged or burned out, passion keeps you in the business game.

Self-Confidence
You faced risks when you started your small business. You made hard decisions – many of them while under pressure. What gave you the courage and determination to forge ahead? Self-confidence.

If your small business is slumping, renew your self-confidence. It’s likely that the economy – not your business decisions or practices – is the culprit for slow sales. Focus on the things you’re doing right and know that you’ll reap the rewards.

Experience
You built your small business not only with your passion and interest, but also with your experience. You know what you’re doing. You’ve survived rocky times before, whether it was the loss of a key client or a cash-flow crisis.

Draw on that experience now. Remember how you worked yourself out of a tight situation in the past. Remember that times looked bleak once before, but your business is still standing.

Support
You may be doing your own thing as a small-business owner, but you didn’t get here alone. You had friends and family and colleagues cheering you on. Maybe they gave you encouragement. Maybe they pitched in with their time when you needed help. Maybe they even lent you money to help you get started.

That support group is still there. Lean on them. Don’t be afraid to turn to them when your morale needs a boost. Ask for ideas and feedback.

Tap into all of the resources at your fingertips. Network at the chamber of commerce to meet new customers. Find less expensive suppliers through your industry association. Use your AFS benefits to save money.

Adaptability
You know things can change quickly in the small-business world. And you know from experience that by being flexible, you can take advantage of those changes.

Find ways to make rough economic times work for you. If your current customers have cut back and are buying less, initiate a new marketing campaign or look for a niche market where you can attract new customers. If energy expenses are draining your profits, adapt by being more efficient and finding ways to conserve.

Stamina
Running a small business isn’t a sprint. It goes on for years and years. You’ve proven to yourself that you’ve got the right stuff to stay in the game for the long haul. Don’t let a lousy economy beat you down now.

Keep making sales calls. Continue marketing your small business. Be positive and enthusiastic when meeting with customers. Look for new ways to network with potential clients.

Competitiveness
You’ve got the drive, the spirit, the heart to succeed. It’s part of what launched your small business. Now put it to work so you can get through these uncertain economic times.

 

(Posted July 2008)

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