When is the economy going to get better? Regardless of what the media tells you or the local experts tell you, nobody knows. We are just in another business cycle that we have to deal with until the recovery begins. Don’t believe me? Just study history.
Dr. Clement Jugular was the first to come up with the theory of business cycles in the late 1800s. History has proven this theory to be correct. He stated that fluctuations in the economy go from long-term growth to periods of rapid economic growth to periods of relative stagnation or decline. Later Austrian economist Joseph Schumpeter stated there are four stages: 1. Expansion, 2.Crisis, 3. Recession, 4. Recovery.
Nobody will argue the fact that we are in a recession. The good news is we are on our way to recovery given the theories stated by Jugular and Schumpter. And regardless of how hard politicians on both sides of the aisle try to “fix” everything, we will get through this.
Are you “waiting” on the recession to end or are you being proactive? Are you looking for ways to make sales and grow your business now? Or are you making excuses and telling yourself business is down “because of the economy”?
Throughout history in economic downturns, people have said, “But this time is different. I have never seen anything like this before.” It’s true we live in a different world. But it is a world filled with opportunity for growth, innovation, and new ideas. Technology and the way everybody is connected to everybody else in the world is providing more opportunity for expansion and innovation than at any other time in history. But the thinking that got us here will not get us out of this.
Now is the time for innovation. Now is the time for new thinking. There is as much opportunity now as there ever has been but it may be a little harder to find. It may mean (and please forgive me for suggesting this) that you have to work a little harder. You may have to learn new ways of doing things and adopt new ways of thinking.
Here are a few suggestions for things you can start doing today:
1. Personal development, continuous education and self-improvement. Commit to doing something that will increase your knowledge of your business or improve you skills in sales, marketing, money management, business, etc. Read a book. Learn one new thing this month.
2. Don’t waste time thinking about what others are saying or what the media is saying about the current state of the economy. Figure out where you are now, focus on where you want to be and take the necessary steps to get there. Develop a clear, compelling vision, take action, and forget the naysayers.
3. It is our responsibility as consumers to buy quality products and services that we need. It is our responsibility as business owners to produce quality products and services that people want to buy.
4. Exercise, taking time for yourself, and eating right can help you overcome stress and keep you healthy enough to deal with your current situation.
5. Take responsibility. Don’t blame the economy. Take responsibility for your own success.
6. Stop whining about everything and do something. We have been through worse times in this country and have always worked through it. (Read number 2 again)