You don’t have to travel very far these days to hear people bemoaning our current economic conditions. While by strict economic parameters we are not yet technically in a recession, business has slowed for a great many people. From the high price of gas to the floundering real estate market, it can be very easy to develop a “gloom and doom” attitude and join with Chicken Little in the belief that the sky is falling.
However, it is easy to forget that during difficult economic times there are also great opportunities. The Chinese word for crisis consists of two symbols, one meaning “danger” and the other “opportunity.” When we are confronted with tough economic times, we have basically two choices. We can either commiserate with others about how bad the economy is and panic about how bad things will really get, or we can roll up our sleeves and get to work!
Dr. Ivan Misner, the founder and chairman of Business Networking International(BNI) relates a story in a recent BNI newsletter about a real estate agent whose business was thriving amidst a recession. When Dr. Misner asked this person how he was doing so well, he responded “ I refuse to participate in the recession!” While this may appear like denial to some, it is actually quite a unique and adaptive response to a potentially difficult situation. This real estate agent went on to say that while most of his colleagues were complaining about how bad business was, he was out networking and cultivating referral for his business.
It is easy to become dejected and frustrated when times are tough. However, no amount of dejection or complaining will do any good in terms growing your business. As Dr. Misner says “ When you complain about how bad business is, half the people you tell won’t care and the other half will be glad that you are worse off than they are.” Dr. Misner goes on to say that “we cannot control the economy or our competitors, but we can control our response to it.”
As most of us know, the economy constantly goes through cycles. Most of us have been around long enough to have endured previous economic downturns, and likely will be around to experience them again in the future. The key to building any strong business is establishing a strong referral network. A solid referral network can be a great hedge against any economic downturn, and it can be a very effective strategy during tough economic times to rekindle relationships with our established referral sources. Hard economic times can also present an excellent opportunity to cultivate new business, as many of your competitors let dejection and frustration curtail their normal marketing efforts.
So, don’t let tough economic times get you down. Don’t forget the opportunity that exists during recession to create and maintain prosperity and abundance. Make the conscious decision to refuse to participate in the recession and watch what happens. Believe me, you’ll be glad that you did!
Tags: Dr. Ray Angelini Office & Work Our World Money Sen$e New Attitudes