A Message From Howard
CEOs, Presidents and Business Owners:
Your business success is determined every single day. Business success doesn’t take place because of a good or even a bad marketplace. It takes place because of you. You’re the one that has worked through the difficulties and slogged through the challenges of your business. But one day something happens in your business that…
Over the last hundred years the life expectancy of people in the United States has increased dramatically. Although health care can be extremely expensive the scientific breakthroughs that have been made are amazing. Today if someone has a heart attack and they get the proper care there is a good possibility of extending their life. Doctors today can even look deep inside your body to diagnose a problem.
You may ask what this has to do with business.
The July 1st edition of USA Today, on the front page of the Money section reads with the headline: Small Businesses Vital To Economic Recovery Go Bankrupt.
The headline illustrates how we are going through a significant economic downturn that we’ve not experienced since the Great Depression. According to past history we should be coming out of this recession but it appears that we are not. Statistics are mixed and not consistent. Economists and financial experts can only speculate at best about the numbers being reported.
Many businesses are closing their doors and filing bankruptcy because of situations beyond their control. There are many other businesses who find themselves in economic difficulty because they just weren’t paying attention to what was going on in the marketplace. They never looked at their financial statement on a consistent basis or maybe they never even had one. So when the business started to slide backwards they didn’t have a clue till it was too late because they just weren’t paying attention to some basic business elements.
Since many economists believe it will be quite a while till business returns to “normal” this is the time to give your business a thorough check up to make sure you are on track and that your business can so to speak, hold its own, during this extended period of economic downturn.
Sit down with your CPA or accountant and go over your financial statements of the business to determine where your weakness is, where you are spending more money than you should and what areas of your business need to extra attention at this time. That’s the first step.
The next step is to get in action, dig deep, and start changing what needs to be changed. There’s a good possibility you won’t be able to do this on your own. You’ll need to bring in expert advice to get you back on track. Business people usually cringe when they hear the word “consultant”. But the right consultant can mean the difference between business success and business failure.
I thought about this blog post for a long time. I’ve a strong believer that it’s the business person’s attitude that goes a long way towards being successful. My entire work is about helping CEOs, presidents and business owners become more successful. But every once in a while, because of overwhelming conditions people can have the misfortune of going out of business.
This is a devastating experience that I would hope no one has to face but it does happen.
The first thing you need to do if you realize your business just isn’t going to make it is consult with your attorney and CPA/accountant to get all the necessary information and understand exactly what course of action you will need to take.
The next thing to do is to formulate a personal survival plan as to how you are going to keep yourself and the family fed and housed while going through this life changing event. This is the time when you will find out exactly who your friends are. Most people you know, personally and in business, will scatter and they will not be there for you. In the wake of losing your business, as you put together a plan for survival, you must think about how you are going to provide the necessary income in the months ahead. Don’t look to others or the government to help you because most of the time the help isn’t there and it’s just wasted energy hoping and wishing. You need to be proactive to move your personal and business life forward.
But there are two points that I would really like to emphasize. The first one is: If your business is a victim of this recession, all is not lost. You take with you years of experience and understanding. You may feel depressed. You may feel down and out. But it’s not over. You’ll work your way through the survival process. Clear away the old debts and old problems whether by bankruptcy or by paying off the debt. Although you will promise yourself never to put yourself through this again and never go into business again, it’s only a matter of time before you are back in business and back on top. If you are a business person, it’s who you are. It’s how you think. You’ll find the lure of being in business too irresistible to not do it again. Besides you can’t imagine working for someone else when it’s all said and done.
The second point is: Do everything you can to get your business back on track if your business is not profitable or breaking even during this recession so you don’t have to experience the devastation that going broke creates.
I have created a free video series exclusively for CEOs, company presidents and business owners entitled, How Your Business Can Survive, And Prosper, In The Recession, that discusses various topics and business strategies on the minds of business people during this recession including How To Get In Action And Get Your Business Back On Track. You can sign up for the free video series on my blog.
Is the stress of running your business during this prolonged business downturn really getting to you?
This recession has kicked most business people right in the gut. Maybe you feel that way too.
Yet now, more than ever, it’s important to stay focused, think strategically and remain positive no matter how difficult the business environment may be.
In order to do that, you need to effectively manage your level of stress.
And I know it’s easier said than done but…
Stress is usually the result of fear. So to reduce your stress, you need to manage your fear. Otherwise, the stress created by fear will paralyze you and prevent you from achieving your business goals
Ask yourself: What are you afraid of? From a business point of view, fear actually means you are uncertain about the future. You don’t know what to do next.
When you’re overwhelmed and not thinking clearly and you don’t know what to do, that’s when fear steps in and prevents you from moving forward and solving the problem.
Here’s a 4 step formula to help you handle your fear and stress:
1) Define the problem.
2) Create a solution to the problem.
3) Put the solution in action.
4) Evaluate whether your solution takes you in the right direction.
If you find, you’re not going in the right direction, start over at step one and work through the four steps again until you solve your problem.
Stress is created by fear. Fear of the unknown.
In this recession there have been so many unknowns and this has only added to your normal daily business stress.
There’s two types of fear – positive and negative.
If you use fear in a negative way, you will panic, be unproductive and not lead your company in the direction it needs to go.
If you use fear in a positive way, it can actually be your ally by helping you define the problem, find the solution and accomplish your goals.
The first thing to do when you sense fear is to ask yourself: What is this coming from? Is this real or irrational thought? If it’s irrational thought, learn to recognize it and push it aside. If it’s real, don’t hesitate to be in action.
Once you walk through the fear the next time you face a similar situation you will be better prepared to deal with it because you have more knowledge and experience and will know what to do.
I have created a free video series exclusively for CEOs, company presidents and business owners entitled, How Your Business Can Survive, And Prosper, In The Recession, that discusses various topics and business strategies on the minds of business people during this recession including How To Deal With Your Business Stress. You can sign up for the free video series on my blog.
