Economic "Whoa"

It's everywhere right now: tv, newspapers, billboards, radio, the water cooler at work, etc. It seems everywhere we go now, someone is talking about the economy, and it's usually negative. Discussions of the housing crash, foreclosures, lay-offs, bank fails, bankruptcy, credit levels, bailouts, and "the worst economy since the Great Depression" are popping up everywhere. What we're NOT hearing enough of is that some of the greatest businesses, brands, empires and associations had their start during a questionable economy! While I'll admit, the current downturn is indeed historic, it's a drop in the bucket compared to the drawn out 22 year depression in the US from 1873 to 1895 (sparked by the Vienna stock market crash). During that time a great deal of Fortune 500 companies & major corporations - recognizeable even today - launched their debut including Eli Lilly, Hershey's, Merck, Gillette, IBM, Alcoa, AT&T, Chevron, GE, J&J, Coors, Johnson Controls, and Bristol-Meyers to name a few.

During the Great Depression (1929-1939) companies such as Texas Instruments, HP, and 20th Century Fox were launched. (Mind you, the stock market was crashing nearly 90% and unemployment rates hit near 30% during that time!) Other periods like the Oil shock and market crash of '73-'76 generated companies like Microsoft, Genetech and Apple. In the early '80s when mortgage rates were peaking at nearly 21% companies were beginning to blossom such as Sun, E*Trade, Adobe and Symantec. And even more companies have emerged through trying times - look at Sports Illustrated, MTV, Federal Express, Burger King and IHOP. Good grief - why does this happen? What did they know/do?

Well, for one thing, they realized that spending doesn't come to a complete hault during a soft economy. They embraced the fact that people become more selective. People work harder, nay they search harder for getting more value for their money. However, spending still occurs. Because of this, these companies knew their market, they knew what triggered interest and spending within their company and product line. They sought out their customers' needs and found a way to fill them. Makes perfect sense, doesn't it?

Instead of waiting around for our entrepreneurial turn at bailout money, I believe it's time to focus on what we CAN do with our business to become more productive. What need can your product fill? Better yet, what need can YOU fill? How can you be creative with what you have to offer so you begin to stand out and become a long-lasting "brand" yourself?? Did you know that according to the DSA, the highest percentage of recruits have been obtained during an economic recession/downturn? Do you realize what this means for your business? BIG things! Whether you prefer to build a team or not, your company has a solution that many people are currently seeking. It's almost the proverbial fish jumping into the boat! Take this time seriously, and focus on what can really happen in your business. This is not the time for cutting back on your business and confirming that it's turned into a "hobby", no way. Now more than ever is the perfect time to focus on building your team - a motivated team! What joy you all will experience when you can look back and say "we made it through"! Now more than ever is the time to perform incredible, unmatched customer service! I can almost guarantee that because of the severe lack in service right now, when you take care of your customers properly they will be loyal for years to come! Grow your customer base - make them fans of you, your business, your product. Make it happen today. Sure, it's getting ugly out there, there's no denying it. But you were made for greatness, and greatness doesn't recognize hard times as "hard times". Managed properly, your services will thrive. The trick is to stay alive just one day longer than those who decide it's too tough.

© 2009 Jennifer Stoll The Stand Up Coach All Rights Reserved

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