Monday, November 9, 2009

Defying the Economic Downturn

Throughout the last year or so, volumes have been written about the global recession. Every economist has an opinion and every analyst has a theory. Of course, one cannot ignore the politicians who have opinions, theories, and rhetoric as well.
 

     The fact is that most of us have been affected by the recession in one way or another. For some, it may mean that their favourite neighbourhood store closed its doors. For others, the effect may have been more severe, either through unemployment or a reduction of savings.
 

     Whatever one's situation may be, the question is what the best reaction is. That is not to say that there are immediate solutions to all problems. For many, it may take quite a while to bounce back from the recession. But, is it enough to be passive and wait for the economic climate to improve or can one use this period of time to one's advantage?
 

     Some leaders in the business community, despite having suffered financial losses, feel that this period of economic slowdown is an ideal time to promote leadership growth, to gain a tighter focus on business, and to implement new business-model improvements. Use this time to tighten the reins and strengthen one's business in order to emerge stronger and more cohesive when the slump ends.
 

     One way to tighten the reins is to focus on your business and set several clear and simple goals. Do those small things consistently and do them well. By re-establishing your methods through redefined goals, you will foster improvement. And, believe it or not, improvement is contagious. Create a positive future outlook and your employees will get the spirit. The re-energized team will be in place when the economy turns around.