Doing Business in a Downturn

  • Posted by Judy Reynolds 19 May
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Doing Business in a Downturn

This is the first in a series of blogs that relate to doing business in a changing environment.

 

We have used the term DOWNTURN* in the title to get your attention and because that is the language currently being used in the business community.  The use of the word Downturn comes with a language warning.  You see ‘downturn’ is a highly emotive word that carries with it rather negative connotations and creates an energy that is not conducive to maintaining an innovative, excited mindset from which you look forward, with anticipation, to the opportunities that will come your way tomorrow, the next day, the next month and so on into the future.

In a downturn are you just existing until the next upturn?  In a downturn are you bunkering down and waiting it out?  In a downturn do you go into self-protection mode and revert to a lone wolf mentality?  In a downturn it is everyone else’s fault.

In a downturn everything is hard, everyone wants something for nothing, no one is spending – these big global statements remind us of teenagers.  Everyone is going to the party.  Everyone gets pocket money.  No one has to make their own lunches.  Global statements are just big stories that you enrol in to make yourself feel better about your circumstances, to place the blame somewhere else – they are big fat excuses for the way you have chosen to be.

In a downturn everyone is looking for a discount.  (Discounting will be discussed in Part 2 of this series.)

A change in circumstance, a change in your external environment need not define you or your business.  You are not your circumstances.  You are not a downturn person.

Is it really a downturn or is it a reset?  Was it a big surprise that came from nowhere or a lack of foresight?  Is it the entire market that is impacted or a particular footprint?

Is there nothing you can do or is this an opportunity to build a tribe of like-minded people who will support and challenge each other to keep energy up and to do business differently?

Doing it on your own limits you to what you know you know – there a whole sea of knowledge out there under the heading – stuff we don’t know that we don’t know.  You can read why the Lone Wolf mentality no longer cuts it here.

The questions we have asked, above, are asked to peek your enquiry and we encourage you to consider if your language, your internal dialogue and your thought processes really serve you.  We challenge you to choose to use different language – to be fascinated rather than frustrated.  We challenge you to challenge others to do the same.

Next week we will consider the dilemma of discounting and why you should tread with caution.

 

* Comes with a language warning!

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