This is a note-to-self article.
Ever have one of those moments when self-doubt creeps in your life?
Being a business owner is never an easy venture. It was never meant to be easy, otherwise everyone would own a business.
And, especially now, when the lockdown/shutdown component of Covid-19 impacting the private sector economy, small business owners, and U.S. citizens IS far, far greater than the Covid-19, health risk component.
Okay. That's enough crying tears in my cereal bowl of Wheaties...the "Breakfast of Champions". Lol
U.S. small business owners have been in this position before many times. When I was just turning 18 years old, seasoned business owners were dealing with high AF mortgage loan interest rates. These mortgage rates were around 16-19% to buy a home and the public was concerned because high interest rates were viewed as having a negative impact to homebuying.
But America got through this economic period. People still purchased homes albeit not as often as real estate and mortgage professionals would have liked. One bright side to the high interest rate period of the mid 1980's, tax law allowed people to deduct consumer credit card interest expenses.
Next up was the dotcom bust of the early 2000's. I was in my mid 30's during this period when stock values were flying through the roof. I was working in corporate America in Los Angeles when the UPS delivery driver used to update me on a stock he purchased. Derek would say "Rick, pencil(dot)com just increased $5 share to $67."
Then, then stock market crashed in 2000 and many Silicon Valley companies launching dotcom businesses went bust overnight. Trillions of dollars in stock values were lost. Most were paper losses unless you were a late investor. The New York, Wall Street investment houses were slaughtered because these "bright" advisors and acclaimed money managers lost their asses and their clients' monies on fly-by-night, dotcom illusions of financial grandeur.
Next, the 2008 real estate and mortgage crises delivered a swift blow to Americans. This one really hurt because it involved where people lived and shopped. It is said that real estate is the backbone of the American economy and represents the true American Dream.
Now, on November 18, 2020, it's the Covid-19 and election fraud combo. I believe these events are like brother and sister. There's no need to comment further about this current situation except to say one of the two possible president selection outcomes will surely negatively impact the economy in a big way.
I provided a brief history of past economic events to give business owners some relief. Small business owners are still the frontline purveyors of thousands of products and services Americans want and love.
Every day, business owners must be swift to adjust to economic conditions. Business owners need to realize that America is the number one economy in the world.
There's one small problem many business owners have right now...and it's really a mental challenge. We have forgotten what it takes to succeed. We have relegated business success to inferior levels of accountability...to digital entities like social media, websites, radio and television advertising.
Said another way, small business owners have forgotten what it takes to run and grow a business.
Just 15 years ago, small business owners were meeting with the public, walking the floors of their restaurants during dinner hours, sending handwritten thank-you notes to recent clients, and giving their prospects great sales experiences during sales engagements.
Now, it's like "let's the get money" and move on to the next victim...err, I mean prospect.
I strongly urge America's small business owners to return to what made your businesses, your industries great. Ditch the marketing schemes and make contact with real people in a real ways. Do not be an undercover small business owner.
The American people are wise to understand that their success is dependent upon your success. One business cannot survive without the others. For small business owners and their communities, this often used cliché is very appropriate and timely right now: "we are all in this together".
Regardless what economic demons throw our way, here are 10 great ways to reenergize our businesses:
Brush the dust off your desks and the cobwebs from your brain.
Get out some paper and pencils and write down what you like about your company.
Also, write down what you and others like about you.
Identify alternatives and outside the box solutions, not matter how unimaginable they may be right now.
Start from the solution you seek and work backwards to identify steps to succeed in your business and life. (reverse engineering)
Recall other times in your life where you massively succeeded and overcame major obstacles.
Write plans to win in your businesses, moving forward past today.
Surround yourself with like-minded individuals if their goals are the same as yours.
Call everyone you know and tell them about your products and services.
Be inspired and motivated by other people's successes. One person's success is proof you may be next.
Small business owners simply need to go back to the basics and tell key people to help you stay accountable to your business goals and objectives.
And if you own a white-collar small business (law firm, CPA practice, dental clinic, plastic surgery center, insurance brokerage or real estate brokerage), there is no sales challenge too big for 321 Biz Dev LLC. We will find a solution.
There is always a solution. This is America. America is the birthplace of ingenuity and problem-solving.
Again, this is a note-to-self article.
Thanks for reading this article.