As business owners, we know that the economy is a major factor in the success of our business and we want to do all we can to impact the economy and turn it around. Also, when the economy is running through a rough patch, or a recession, in this case, it impacts our business whether we like it or not. So what do we do about it? How do we create our own economic recovery?
One might think that the answer is looking at the major drivers of the economy and attempting to impact or control them. According to Jonathan Golub, USB Chief US Economic Strategist, who spoke recently on the Kudlow Report on CNBC, the major actors in today’s economy are 1) policy makers, 2) corporations (mainly, large corporations), 3) consumers and 4) investors. Looking at these actors, the question becomes which of these can you impact or have any degree of control over? The answer: Unless you are a large corporation or a major player in your industry, virtually NONE!
So where does this leave us, the small business owner? It leaves us with turning our attention to the one thing we can control, our own business! What do we do? How can we create our own economic recovery just by focusing on our own business? For starters, we do just that, GET FOCUSED! This means creating a clear and compelling strategy! One that sets a clear direction and defines success. A strategy that focuses day to day action through a clearly defined business mission. A strategy with written business values that guide day to day decision making. Next, the task is to GET REAL. That is, take a good hard look at your business and determine exactly where it is today with respect to being able to achieve success, execute on the mission and live your values. You now have a starting point from which to chart your course. So the next step is to GET MOVING, with confidence, to intentionally move in the desired direction, execute the mission with true purpose and live the values with integrity, and to do that each and every day. Getting moving involves setting realistic goals, establishing effective measurement and management systems, and continually monitoring your progress.
You see, creating your own economic recovery means focusing on the one economic factor you can control; your business. It means getting focused, getting real, and getting moving.
If you would like to find out more about how you get focused, get real and get moving, join us at Nautilus Learning on Tuesday February 19th, starting at 6 pm as we discuss how to Create Your Own Economic Recovery.