1. Refuse to Participate in the Recession - Businesses and people that thrived during past recessions continued to go about their business as usual regardless of the market conditions.They stayed positive, worked hard and focused on taking actions to grow their business. Focus on business as usual and while others allow fear to paralyze them you will charge forward andmove ahead of your competition.
2. Increase Marketing and Advertising - It may seem counterintuitive to spend more moneyon advertising and marketing but with so many people and organizations cutting back on theseexpenses this is a great opportunity to build your brand, expand your presence and gainmarket share. People will still be buying goods and services and they will buy from those who they trust and see in the marketplace. This is a great time to win new customers and stand out.
3. Innovate - Just as the phoenix rises from the ashes, great ideas and new business ventures are born during economic hardships. GE, Disney, and Microsoft were all born during recessions. I believe when times are tough we are more open to new ideas, new products and new ways of doing things. For example, smart political and business leaders should be working on alternative energy and green technologies that would lead to great progress and profits.
4. Become a Talent Magnet - If you are a leader or manager there is no better time to find, attract and hire the best talent. Focus on strengthening your business now and you’ll bein a great position to capitalize when the market rebounds.
5. Think Big, Take Action - Consider that both the Empire State Building and the Golden Gate Bridge were built during the Great Depression. Now is a time to think big, create your vision and take action. With more people living in fear and fewer people taking initiative the rewards and recognition will be greater for those willing to work hard and dedicate themselves to building a great business, product, service, and vision. As we know, there is no substitute for hard work and now is a time where those with a positive attitude and great work ethic will shine.
5 Ways To Thrive During Tough Times
by Jon Gordon www.JonGordon.com