Friday, May 1, 2009

Maintaining a Positive Attitude When Business is Slow

How do you keep your chin up in a sluggish economy? The most successful entrepreneurs are resilient. They bounce back from a number of set backs that were unexpected and at times unavoidable. Being resilient means not letting what is happening distract you from your plan. Business has its ups and downs, but you must stay up if you are going to ride out the down times. Here are some tips to help you maintain a positive mindset in challenging times.

Get inspired!
Don’t let the world’s view depress you, find a mentor or role model that has a success story. Reaching out to someone who has picked themselves up and succeeded in spite of a challenge is the best way to be inspired. Read books like John C. Maxwell’s, Failing Forward ( http://www.johnmaxwell.com/) or Turning Points, by Randy Schuster (http://www.randychuster.com/). You can also listen to audio books by successful business leaders who motivate you.

Focus on the big picture.
Never underestimate the power of focus; it will help you rise above obstacles. When you lose sight of the big picture, the day to day distractions can sidetrack you. In your mind, create a vivid and exciting image of your successful business and focus on it daily for five minutes.

Surround yourself with uplifting people.
The topic of most conversations is how bad things are going and predicting how much worse it could get. Limit the amount of time you spend talking to people who are focused on doom and gloom. If you spend too much time around depressing people, you are going to be drained before you start the day. Spend your precious time with people who share your vision. http://www.linkedin.com/ is a good place to stay in touch with people.

Know your target market and what they need.
Be clear on your niche and what the trends are within your target market. You may need to redefine success, this is a historical event. Your target markets needs may be changing, take notice of these changes and be willing to respond quickly. You can find information about market research at: http://fingerlakes.natbic.org/index.php?id=15166&lang=en.

Create multiple sources of revenue.
The market is changing. Today’s successful business offers a number of products and services. Collectively all of the revenue streams create a profit. Look at your business structure, ask mentors for advice and notice what people are spending their money on. Is there an unmet need that you can fill serving your target market without any additional investment? For example, if you have a tax preparation business, perhaps some of your customers use QuickBooks. You could teach a class on using QuickBooks, charge a consulting fee to set it up for a small business or become a reseller of the product.

Have a back up plan.
In a perfect world, life happens exactly as we planned. We all know that isn’t the way things really are. If your current business offering is not going to generate the amount of money needed for expenses, have a plan B. Be proactive. Smart people have a plan A, plan B and a plan C.

Expect good things, get inspired, spend your time with optimistic people and have a back up plan. You are resilient! Remember that and let your entrepreneurial spirit guide you through even the toughest of times.


Finger Lakes BIC Team: Building a Nation of Entrepreneurs