How to Build Your Small Business In A Down Economy

Two main factors will have a major impact on how successfully you run your small business, especially in a down economy. These two elements will certainly determine how you respond to the challenges and opportunities that you will encounter in today’s tough economy.

The first factor is the thoughts you think. One of the things that influence the kind of thoughts you think is the information you take in on a daily basis. As a business owner or manager, you must take charge of the thoughts you think. The “news” you listen to on the radio or watch on television can sway how you look at the circumstances you face.

The things you read will affect your thought processes. Professional subscriptions, newsletters (like this one), newspapers, online blogs, emails, special reports and the variety of other printed communication mediums will play a vital role in determining what and how you think.

There is an axiom that rings true. It goes like this.

Sow a thought, reap an action.

Sow an action, reap a habit.

Sow a habit, reap a character.

Sow a character, reap a destiny.

Thoughts are tools that we can use to deal with the challenges we face each day. Take charge of what you let enter your mind and you will be better equipped to think the kind of thoughts that will make it easier for you to make wiser choices.

The second factor that will have a major impact on how you run your small business is your reference group. The people you associate with will have a dramatic impact on what and how you think. The old saying: You can’t fly with the eagles if you hang around with turkeys, is true.

Make no mistake about it, your business associates and acquaintances will influence how you think. One business owner who used my consulting services had one friend in particular who was not a very high level thinker. As a matter of fact he was a loser. When it came to running his business, this type of influence did nothing positive to help the business owner think more positively and productively.

My recommendation here is to do an inventory of your business associates and acquaintances. Who has a positive and productive influence on the thoughts you have and the actions you take? Who has a negative influence?  Make it a priority to spend much more time with the former and when possible avoid the latter group. Go out of your way to seek out business associates that are progressive and solution oriented. This one choice alone can have a powerful and dramatic impact on the success of your business – despite the state of the economy.

In summary, to make the most of this economy and to use it to grow your business, take charge of the thoughts you think and the people in your reference group. You will be glad you did and so will your bottom line.

– Tom