December 9th, 2008 by Jim Donovan
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Unless you’ve been living in a cave or just dropped in from Pluto, you already know that we’re experiencing challenging economic times. The US in particular, along with many other countries, is in a recession and there is no end in sight.
There are a lot of people who are going to give you lots of good reasons why this is the absolute worst time you can start your
own business.
They’ll explain how, with the economy slow and
money tight, businesses and individuals are cutting back on spending.
They’ll tell you about the tight
money and credit situation and how banks are not lending money, which by the way, is not true.
They’ll pile on reason after reason until, feeling utterly defeated, you give up on your dreams.
I know. I received the exact same advice when I started my first business in 1974!
I heard it again in 1987 when I started my life over on my road to recovery, and I heard it in 1983, when I began a magazine for small businesses and, again, in 1996 when I
published my first book. As a matter of fact, every time I started anything new in my business, I heard essentially the same reasons why it was a bad idea, usually from the same sources.
The truth is, it’s all in your head, really.
If you expect to struggle and fail, you will. If you expect to have fun and thrive, you will.
It’s been said, “Whether you think you can or you think you can’t, you’re right!”
Whatever you believe is the deciding factor in your endeavor. Not what’s going on around you.
Like the little mints that are both “a candy and a breath mint,” it’s always a good time to begin your own business and it’s always the worst time.
Both the positive and negative polarities are there in any situation. The good news is that you get to choose which one you will believe.
What is important, especially in challenging economic times, it that you have more than one income stream. Additionally, having your own business part or full time is one of the best wealth building strategies that you can employ.
With the ability to outsource, create virtual teams and join venture, you can keep your overhead down and still grow your business. It’s important to understand that the business you start today will most likely look very different from what it will become in the future.
Stay flexible and ready to respond to changes in the marketplace rather than react.
A good example of the difference between the two is the comparison between the Japanese and the American car manufactures.
The Japanese companies, particularly Toyota, responded to market conditions by producing hybrids and smaller cars that use less gas. They shifted away from the big truck initiative as people’s needs and wants changed.
General Motors, Chrysler and Ford on the other hand, held to their position as though it were somehow sacred until they were forced look to the government to bail them out.
By waiting, they were forced to react rather than respond to market conditions. Perhaps the Ford, Chrysler and General Motors executives were busy flying around in their company jets.
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November 13th, 2008 by Jim Donovan
(Editors note: This is the unedited version. I figured with so many small business people under pressure, rather than wait until I finish writing the entire article and proof and edit, I’d just start posting. Hey, it’s a blog, right:-)
Your greatest opportunity for business growth, regardless of the economy, are the assets you already have in your business. From personnel, customers - past and present - relationships with colleagues and suppliers, and other “people” assets, to your investment in equipment and technology, the assets you’ve already built represent your greatest opportunity.
Jim Donovan's business seminar in Perkasie, Pa
And the really good news is they will require the least in either time or money.
Of these “hidden” assets, your customers are the easiest and most obvious place to begin. Do you know who they are and why they do business with you?
This may seem like an obvious question, however, many businesses do not know who is buying from them or why. Once you’ve ascertained this, you’re in a position to explore how else you might serve them.
One of my favorite questions has always been, “is there anything else I can help you with?” This simple question can increase your business tenfold.
A friend of mine is a graphic designer and print broker. One day she asked her client this question to which the client replied, “Yes there is. Can you help us get some of those imprinted jackets with our logo on them?” She happily replied that she could and took the order. (hint: if you own a small business, the answer, within reason, is always, “Yes.” You can figure out later how to deliver.)
Don’t fall into the trap if thinking just because you’ve been around a while that people know everything you do. Often we “ass-u-me” that our customers know what we do.
Back when I had a marketing and advertising business, I did a lot of business with a local printer. They had been printing a newsletter for one of the high schools for 25 years. One month, they asked the school to pick up their order since the delivery person was out sick.
I happened to be standing there, watching the woman from the school reading the sign behind the counter as she waited for her order. The one listing all the various items the printer had available.
“Oh,” she exclaimed, “I didn’t know you printed letterhead and envelopes too. We’ve been going somewhere else for them but if you can do that it would be easier for us!”
For more than 25 years the printer did business with the school and never bothered to make sure the customer knew everything they could do for them. This can be a very costly mistake.
Are all of your employees, regardless of their job title, trained in the basics of sales and taught to look for opportunities to present your products and services to your customer? Are they compensated for making the extra effort?
Ms. Jones walks into the bank one day and, as she approaches Fred the teller, he notices she’s not her usual joyous self. Fred inquires if everything is okay, only to have Ms. Jones tell him about how her car keeps having problems. Being a trained representative of the bank, Fred sees the opportunity and, casually, mentions to Ms. Jones that the bank has a special on new car loans and offers to walk her over to a bank officer to learn more.
Not only did Fred help his company by recognizing the new business opportunity but, equally important, he solved a problem for the customer.
Are your people like Fred or would they have said, “Gee, Ms. Jones, that’s too bad about your car,” and gone on performing their job.
Go here for a free e-course Six Steps to Grow your business in Difficult Times.
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September 26th, 2008 by Jim Donovan
The condition of the economy has little to do with your own success and well-being.
This is an important concept to grasp.
We have a tendency to look at economic conditions as a way of explaining and justifying why we may not be where we want to be. In truth, one has little or nothing to do with the other.
Your ability to succeed is totally within your control and is a result of your own thoughts, words, feelings and actions.
Whatever direction the economy is moving in, whether in a downturn as it is at this time, or in an upward spiral, there are always opportunities for the individual who holds true to her vision to her ideal life.
It is this vision that will attract - through the powers of the universe - that which is vividly imagined, as Napoleon Hill would have said.
If you are watching the news and worrying about the current financial problems, while you are engaged in doing this, you are in a similar vibration and are likely to create a similar condition in your own life.
If you must stay informed about what is going on, fine. If you’re going to watch the news, do so without getting emotionally invested.
Just sit back and, as you watch, think to yourself, “that’s interesting.” It is possible to watch the news or read a newspaper and not be emotionally connected to it.
Feeling bad for the people affected by what’s taking place also puts you squarely in the same vibration. If you can do something to help, by all means, do it!
However, if not, get your attention back to your own ideal life’s vision and focus your attention on what you want in your life.
You may wish to see the other people having a better experience than they are having but, that’s about all you can do, because we each create our own reality and we can only control the circumstances in our own life.
It is crucial that in any circumstance, you’re able to “flip” your attention and therefore, your “point of attraction” to that which you desire and away from that which you do not.
Notice, I did not say to try and fix it or change it unless you can. Simply turn your attention away, toward whatever you do want.
The fastest way I know to shift your attention and, as a result, your vibration, is to make a list of what you are appreciating, what’s working or what you are grateful for in your life. This simple practice will immediately raise your vibration as a result of your change in what your putting your attention on.
It is important, especially in these challenging times, that we are watchful of our thoughts, words and actions. Keep your attention at what you desire and refuse to participate in discussions about what is wrong with our world. If you make a habit of doing this, pretty soon you will start seeing improvements in your own life.
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Tags: Business, Economy, income stream, lending money, own business, recession, small businesses, tight money, wealth, wealth building
