Thriving Through An Economic Storm

While I think it's a mistake to assume another great recession is upon us, many business owners are starting to face a new reality. A new reality that came swiftly. In my real estate business, the newest data is showing that sales are off by 40% from just one year ago! In full transparency, I'm not that surprised. The market has felt over heated and not sustainable for quite some time. Perhaps like many of you, I feel very blessed to have had a full decade to take advantage of robust business environment.

I don't believe history will repeat itself, but I haven't forgotten the butt whipping the great recession put on me emotionally and today I hope to help you take away something that will help you face the new economic environment.

I'll focus mainly on attitudes of mind today. Let's get started!

State Of Shock

Things were going so well for so long, but now the business environment has receded on you substantially. It's perfectly normal to be blindsided and feel like you are in a state of shock. The calls have diminished and you aren't as busy as you were not so long ago. But, the bills keep showing up! Your clients are stressed and they are leaning on you. You may feel like it's happening to you and things are out of your control. It's OK to feel that way.

As I reflect on the great recession and the key attitudes of mind I endured, learning to have compassion for myself was one of my greatest takeaways. I spent so many years beating myself. As humans, we tend to want to be UP all the time. It's not reality. Self compassion is a huge part of resiliency. You will bounce back far faster.

Cut yourself some slack in this early phase of change. But, we don't want to stay in this mindset for extended periods of time as it will impact your business performance greatly.

Cooperate

At some point, we must learn to cooperate with the new reality. We can wish it was the way it used to be, but it won't be. What keeps us from cooperation? Defiance!

I don't know about you, but I had a defiance streak in me a mile wide until my mid-thirties. If you told me to zig, I was going to zag every time! If defiance is strong in your life, it is limiting you. Defiance leads to frustration and conflict. It's strong in many of the clients I coach. If you aren't open to change and you think your way is the best way, it may be time to take a sober look at your attitudes of mind.

Once you start to cooperate with market change, you can move forward and take responsibility for the results you produce. It's the first step in creating an anabolic attitude. Regardless of market conditions, it's UP TO ME.

Ramp It Up!

The truth of the matter is that when economic conditions recede, you must get better to create the same results. The pool of business is shallower. It may take more time, more discipline, and certainly stronger attitudes of mind.

Ramp up your personal and professional development SUBSTANTIALLY. When I turned my business around during the great recession, some days I was consuming 3 hours of material! I needed to interrupt the record playing in my own head and create new attitudes of mind. It worked! I doubled my income the first year! By the way, many of my peers were still telling me the market was too tough and there was no money to be made! I had 17 deals in escrow within 3 months of catching fire! I took action with an enthusiasm and attitude like I never had before! We all need considerable daily positive influence. Consume the books, seminars, audio books, and get around the right people.

Embrace Change

With change, comes new opportunity. Once we start to embrace market change, we start to see opportunities we've never seen before. Why? Because we are open to change and constantly looking for it. We believe that we can be highly successful IN ANY MARKET! You can! This is when faith becomes strong and we no longer view market change as bad.

In Closing

Business is a game to be played. Sometimes that game becomes a game of attrition. It's like a forest fire that strips the forest floor of debris. Once the fire passes through, new life will push it's way out of the soil and a new spring will emerge. There are laws on this planet that we must learn to embrace. Markets are robust and then they recede. They always have and they always will.

I learned during the great recession that I could create a spring in my business in almost any economic environment! You just have to want it bad enough! A receding business environment can be one of the greatest opportunities of your business life. Some will gain substantial market share as other businesses fail. But first, we must learn to cooperate and eventually embrace change.

Will you be one of the businesses that gains substantial market share through the storm?

I'm here to be your ally and help you thrive through the storm.