With all the talk about the economy heading towards a recession, I’m busier than ever. And so are my clients. So, what gives? How much of this is fact and how much hype? Either way, I’m certainly not disputing that it’s affecting how some business owners and companies are spending lately.
So, what tips do I offer to companies, salespeople and, more specifically retailers on how to weather the recession? The same coaching I deliver to my clients, which is keeping their recession blues at pay, enabling them to drive and close new sales, and most important keeping their mental edge.
First, ‘weathering a recession’ sounds like surviving a storm and waiting until it passes. The “wait and see” or “lets hope things get better soon” is putting retailers out of business every day. I see it in my community. Stores that were opened one week are closed the next. Sure, you can ‘batten down the hatches’ when the eye of the storm lands but keep in mind when you open them up, there won’t be any customers sitting there waiting around for you. Instead, here’s what you need to do.
1. First, get out of your own head.
Businesses are closing their doors not due to a lack of effort but because they are still attempting to sell, manage or run their business the way it was, not the way it is today. If your marketplace has changed, then you need to change with it. Friendly reminder, don’t get sucked up into what you’re hearing on the news every day. Turn it off if you have to! What is real for you in your business in your local economy? Get out of the type of mindset that keeps you stuck in obsessing on what you need to do to survive and focus on how you can thrive. Remember all those great business ideas you were going to implement; the training your wanted to take, the marketing you wanted to do, the team building you felt would surely to make a measurable impact on your growth and success but daily business responsibilities always seemed to take precedent? Now is the time to blow the dust of those ideas and start executing on them. This begins with a change of thinking, accompanied by a change of strategy and topped off with a strong dose of reality.
2. Get back to basics.
Do you remember when you first opened your doors and achieved some measurable success? Why were you successful in the first place? What did you do then that you may not be doing now or unwilling to do now? Get on the floor of your store, cold call, prospect, do some grunt work? You need to turn around your business, fast, so time is not a luxury. Therefore, if you think there are any activities which are beneath you, then you already have one leg of your business in the grave.