Business Education

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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Your Trusted Employee May Be Your Worst Enemy

February 12, 2026 No Comments

It’s happened again. You’re angry, but can’t erupt because doing so will only cause more problems. Having a responsibility to your brand, employees, and family, you can’t afford (both morally or monetarily) to ignore this thoroughly unpleasant situation—an employee who repeatedly backbites their fellow team members. Now, another episode has just surfaced, and you’ve been made aware of it. Unfortunately, it isn’t a one-off, and it’s up to you to deal with it. But how?

Business Owners, Pay Attention to Employees Who Bring Bagged Lunches, Because They Usually Share These Impressive Qualities

August 14, 2024 No Comments

Business Owners, Pay Attention to Employees Who Bring Bagged Lunches, Because They Usually Share These Impressive Qualities As a business owner, it’s easy to overlook the small, everyday habits of your employees, but sometimes these seemingly minor details can reveal a lot about their character and potential. One habit that might catch your attention is when employees consistently bring bagged lunches to work. While it might seem like a simple cost-saving measure or a personal preference, employees who take the time to prepare their meals often share some impressive qualities that can be invaluable to your business. That’s right. These individuals may possess bigger, untapped potential. With this in mind, we’ll take a little time to explore why those brown bag lunches might be a sign of the discipline, foresight, and commitment that could make these employees your next top performers. 6 Qualities Bagged-Lunch Employees Usually Possess Okay. You’d certainly notice if a particular team member brings in beneficia new business or implements a different way of doing this or that, greatly increasing productivity. But, there are also smaller, more subtle telltale signs someone might have a lot more to offer. For instance, employees bringing brown bag lunches to work can reveal much about their potential, habits, and mindset. Here are some insights that might be gleaned from this seemingly simple behavior: Discipline and planning. Bringing a brown bag lunch indicates that an employee takes the time to plan their meals ahead of time. This level of foresight and preparation often translates into their work habits, suggesting they are organized, proactive, and capable of managing their responsibilities efficiently. Such employees are likely to be reliable and disciplined, making them strong candidates for tasks that require attention to detail and long-term planning. Financial savvy. Employees who bring their lunch often do so to save money. This behavior shows an awareness of budgeting and a focus on financial responsibility, which can be valuable in roles that involve managing resources or cost control. Their financial mindfulness could indicate a practical, resourceful approach to problem-solving, making them suitable for roles that require fiscal prudence or operational efficiency. Health consciousness. Preparing a brown bag lunch allows employees to control what they eat, often leading to healthier choices. This shows a commitment to personal well-being, which can reflect positively on their overall energy levels, productivity, and ability to handle stress. Health-conscious employees may have the stamina and mental clarity needed for demanding projects, making them strong candidates for roles that require sustained focus and resilience. Self-sufficiency. Bringing lunch from home indicates a degree of self-sufficiency. These employees are not reliant on external sources (like restaurants or cafeterias) for their needs, which can translate into their work ethic. Self-sufficient employees are often independent thinkers who can take initiative and work without constant supervision, making them ideal for leadership roles or positions that require autonomy. Commitment to routine. Consistently bringing a lunch shows a commitment to routine and a structured approach to their day. This can reflect an ability to stick to schedules and follow through on commitments, important traits for any role that requires dependability. Employees with a strong sense of routine are often reliable and consistent, traits that are valuable in roles that require steady performance over time. Focus on productivity. Bringing a lunch means less time spent going out to eat, which can lead to more time focused on work. This indicates that the employee values productivity and may prefer to use their break time efficiently. Such employees may have a strong work ethic and a drive to maximize their productivity, making them valuable assets in fast-paced environments where efficiency is key. While bringing a brown bag lunch might seem like an insignificant, everyday decision, it can offer insights into an employee’s character and potential. Traits like discipline, financial savvy, self-sufficiency, and a focus on health and productivity are all positive indicators that can suggest strong future performance and growth within an organization. Want to Accomplish More? Do you want your company to grow faster and earn more while you spend more time with your family doing all the things you started your business to do? We can make that dream a reality. Give us 30 minutes and we will show you how to get your life back. Skeptical? Good! Put us to the test. You can call us for your free appointment at (602) 541-1760, or, if you prefer,

How to Get Business Referrals in Secretive Industries

May 16, 2017 No Comments

Referrals are one the most important parts of a successful business. When these come in and you deliver, more are likely on the way. In addition, these are a surefire sign that those you serve are more than satisfied and want to show support and appreciation. Unfortunately, there are industries which operate under a significant amount of discretion (read: secrecy). Examples are sports agents, investment bankers, ghostwriters, healthcare providers, and even business development professionals. Because of this, it’s a lot more difficult to get referrals. You can’t necessarily ask your clients to spread the word since they don’t want others to know what you’ve done for them. To the outside world each client is successful on his or her own and not because you provided advice, action plans, and of course work product. Although you feel a sense of accomplishment and pride, you can’t just use these experiences freely. How to Get Business Referrals in Secretive Industries Referrals are a cornerstone of doing business, and it’s what entire entities are based upon — examples include Angie’s List, Yelp, Healthgrades, and Home Advisor. These services provide consumers with real customer reviews and that relatable trust is what gets people to pickup the phone. In some industries, like those listed above, the provider might not be able to tap into the same resources. Your best source of new business is referrals from happy customers or clients. You cannot receive a better lead than one that has been sent your way with a strong referral. You cannot have a more motivated prospect arrive in your store or restaurant than someone sent there by a raving fan. —Forbes If you want to get referral business, but are in a business that’s subject to secrecy, you can still do so you just need to be a little more creative. This is especially true if it’s not just based on discretion but also guaranteed with non-disclosure agreements. Here are some ways to get business referrals in secretive industries: Use a “degrees of separation” approach. One way to get referrals when you’re subject to secrecy is through former industry insiders. Connect with individuals who use to be in the business and speak with each about being a brand advocate. The friend-of-a-friend approach is also worth giving a try to get more referrals. Ask a willing client to speak on your behalf. You might have a current or former client or two that are willing to speak with others about doing business with you and their experiences. Take advantage of this and show your appreciation with a gift, discount, or another way of saying, “Thank you.” Give potential customers more control. One thing that scares new prospects is the fear of making a big and/or long-term commitment. To overcome this objection give potential customers flexible and short terms. Openly demonstrate your plans. Possible customers might also be unsure of what you’ll be able to deliver — because of this, the secretiveness balloons into a larger problem. To combat issue openly demonstrate your plans and let him or her evaluate and ask questions. Another thing you can do is to give away a little to entice potential clients to doing business with you. By doing so you’re demonstrating your confidence in your abilities and willingness to do what it takes to earn his or her business. Want to find out about what a business coach can do for you? [shareaholic app=”follow_buttons” id=”26833294″]

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

How Successful Entrepreneurs Turn a Recession into Opportunity

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Related Posts

Your Trusted Employee May Be Your Worst Enemy

Business Owners, Pay Attention to Employees Who Bring Bagged Lunches, Because They Usually Share These Impressive Qualities

How to Get Business Referrals in Secretive Industries

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