Thawing the Frozen Economy

While it is certainly up for debate whether the economy is actually “frozen,” it is undeniable that people and businesses are struggling in at least some sectors of the business world. In order to keep up your hopes – and the hopes of the customers that your business needs to survive – you need to understand how the eventual economic “thaw” will happen. Once you know what to look for, you will not constantly be raised up with excitement and then plunged into despair when it looks like the signs of an upswing were not there after all. I recently read an article by Michael Dotson called “Clearing a Passage through Today’s ‘Frozen’ Economy” that I thought really summed up the best way to look at the economic conditions of today through a positive yet practical lens.
Here is a summary of Dotson’s points:

•    You need to understand the “terrain” of the present economy.
Because most businesses have battened down the hatches and are trying to weather the storm, the economy at large may remain largely static until these businesses or new businesses emerge. You will need to determine based on your budget and your bottom line whether you have the wherewithal to be an emerging force or whether it will be better to simply try to ride it out. In general, adapting and emerging will be the key to growth in the future.

•    Do not be frustrated by slow progress.
Your business plan needs to factor in that growth may be agonizingly slow – especially for those of us who may not have been in business during the last major recession and have only the past few booming decades as a reference for the speed at which we should be making money. Plan for the long term, and you will have the resources to get there.

•    Be different.
Standing out will help your business develop a niche market now while other businesses are “underground.” When they emerge, then you will already be the established leader in your arena.

•    Use technology wisely.
Email marketing is very inexpensive and highly effective – if you know how to make it work. If you do not, then invest in some education or a tech assistant to help you implement this highly effective advertising opportunity.

•    Understand that you have to make an effort to reap the reward.
If you just keep your head down and hope you will make it through, then making it through is all that you will accomplish. However, if you do your homework, understand the market and take action to build your business even though these are frightening times, then the rewards will be proportional to your efforts.

And remember, market creatively, carefully and often!