Why a Recession Spells O-p-p-o-r-t-u-n-i-t-y for Successful Entrepreneurs

As every savvy business owner knows, their company is not only subject to seasonality in at least some industries, but it can also be positively or negatively impacted by the overall national economic landscape and more particularly, the macroeconomy of their local community. So, there are cycles, or ups and downs, which more or less can be predicted. However, these factors don’t necessarily dictate every aspect of how they operate their businesses during good or bad times. Entrepreneurs still have quite a bit of say and it’s essential to understand that business owners are not totally helpless in uncertain times. The smartest and boldest entrepreneurs know and understand this, which is why they use recessionary periods to their advantage. One of the biggest debates in the business world really centers around individual personalities. In other words, two business owners in the same industry competing for the same consumer dollars might react in two totally different ways. When inflation spikes, interest rates go up, and consumers pull back their spending, one entrepreneur might also decide to pull back and scale down.
This is not the time for inertia and despair or running around like the proverbial scaredy-cat. Instead of dwelling on the negatives as so many others do, realize that their preoccupation gives you a chance to one-up them. In fact, to be really contrarian about it, think of this catastrophe as a gift. The gift of challenges and opportunities. Challenges are what make business so exciting. Now’s the time to look for new, sustainable opportunities to grow your business and make it stronger. —Inc.com
Meanwhile, the other business owner looks at this as an opportunity. Although consumers may be pulling back a bit, it doesn’t mean they can totally go without the goods and services they need. And, seeing that one of his chief competitors has decided to play it safe means there is a serious opportunity to be had for the bold entrepreneur.

How Successful Entrepreneurs Turn a Recession into Opportunity

Unfortunately, as stated above, this really depends on personality or more particularly mindset. Entrepreneurs who play it safe and try to ride out economic downturns will probably survive and even grow when things turn around. But, those people who played it safe might see a competitor grab up more market share because that rival decided to do the opposite. Here are some of the ways savvy business owners can take advantage of a recession:
  • Increase advertising. The companies who continue to market their businesses aggressively will practically always reap the rewards and gain a return on investment. While others cut back on their advertising, entrepreneurs who are bolder and continue or increase their advertising put themselves in a stronger position in the marketplace.
  • Buy out competition. This is something that happens regularly in certain professions, for instance, financial advisors. When one individual retires or a firm is winding down its operations, buying a book of business is quite common. Think about doing the same in your industry and how that could benefit your company in the long term.
  • Streamline operations strategically. It’s not all just about going bigger, it’s also about being smart about how you’re running your business. Take some time to review your logistics and budget to see where you can streamline things to cut expenses while maximizing revenue.
What other suggestions do you have? Please take a moment to share your thoughts and experiences so others can learn from you! Interested in learning more about business? Then just visit Waters Business Consulting Group.

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Why Hosting Thanksgiving Dinner Teaches Us a Great Business Lesson

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5 Words Smart Entrepreneurs Always Avoid

We all have our quirks when it comes to language and nowhere is it more prominent than email. Because there is no body language, gesticulations, facial expressions, and attitude, we are left to find context, solely from the words we read. When you think about that for a moment, it’s a wonder that any business gets done from day-to-day. Ironically, just two years ago, a study conducted in the United Kingdom, surveying 2,500 office employees, revealed that an astounding 94 percent preferred email over telephones. It’s clear that email is our number one means of communication, and, because it’s become so commonplace, we don’t regard it in the same way as we do face-to-face encounters. Our demeanor, tone, and delivery differs greatly from email to spoken word. Since email is so important to business, you would think that it’s used in the utmost professional manner, but, it’s not. 5 Words Smart Entrepreneurs Always Avoid The fact is, we just don’t pay attention to what we’re writing most of the time. To many business professionals, it’s an informal method of communication, and, it’s closest cousin, texting, is even more relaxed (read: lazy). However, that’s simply not the case. Email is important, so much so, it can make all the difference. The words you type or tap are going to be read by someone else. That person or persons will not only read what’s in the message body, but read into the message itself. If you want to become more successful as an entrepreneur or in your career, you can start by making a habit of talking and thinking more like the people you know or read about who are already successful. —Entrepreneur Let that stir a moment and go back to the introduction. Since there’s no interpersonal communication, every word matters. This is why smart entrepreneurs are conscience about what they write, how it’s phrased, and what message is delivered. If you aren’t practicing the same discipline, you might be sending more than an email, you might be sending a message that you lack confidence, are somewhat lazy, or, unsophisticated. Here are the top five words you ought to avoid: Might. The word “might,” is generally used in different ways, but often, it’s meant to point out a possibility. When you use the word “might,” you are essentially communicating that you’re unsure. That’s okay in casual, social situations, but dangerous in business communication. Likely. When you use the word “likely,” you are making a very unsure prediction. What you’re really doing is opening wide and wild interpretation. Here again, use of this word in social and casual conversation is fine, but, when you’re using it in the business world, you’re telling the recipient that’s it’s unlikely you are in-the-know. Alot. First of all, this is not how the phrase is spelled–it’s two separate words, “a lot.” Because it’s run together so often, it’s become commonplace for people to write it incorrectly. It’s the reason the ampersand was dropped as the last letter of the alphabet. It used to be recited, ending with “x, y, z, and ‘and per se,’” which evolved into “ampersand.” If you write, “alot,” you’re taking a risk that the recipient won’t notice you don’t know this. Won’t. This is one of the best ways to ensure a negative vibe, along with a lot of frustration. While you’re being emphatic, you’re also demonstrating just how stubborn, or, unwilling you are in your ways of doing things. Usually. This is the opposite of the pithy directive delivered so often by the Joe Friday character from Dragnet. It tells the recipient that you don’t have all the facts, nor do you care. Here’s a bonus: “irregardless.” Though there are some who say that it’s fine to use, it’s just unnecessary. Instead, use “regardless.” And remember that communication is made up of words, tone and non-verbal communication. Based on multiple studies, non-verbal carries the largest percentage of influence in communication while words carry the least amount of influence. So, picking up the phone to use your words and tone is more effective than just text or e-mail. When it is possibly or efficient, use Skype or Google Video or an actual face to face conversation to communicate more effectively. Business gets done through trusted relationships, and these are built on solid communication which ultimately requires words, tone and non-verbal. Now go build your business with good communication. Who do you need to improve your communication with this month to grow your relationship, your business or career? Want to find out about what a business coach can do for you? [shareaholic app=”follow_buttons” id=”26833294″]

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