The UE Coaching Blog

5 Ways to Handle an Economic Downturn

It's no secret that the economy is in a constant state of flux. Business owners feel the pinch when consumers tighten their belts and discretionary spending decreases. When belt-tightening occurs, not only do they have to deal with increased competition and potentially decreased sales, but also the stress of not knowing if their company will still be around next month or next year.

However, there are several things that business owners can do to help themselves manage their own sense of uncertainty.

· First, Avoid Unnecessary Risk Taking

If things are uncertain, stay away from anything risky until the economy stabilizes, or you have a clear sense of where your company is heading. This could be something as simple as hiring new employees or purchasing new equipment. It might be tempting to try and take advantage of the current market conditions, but it's important to remember that this is a risky move that might not pay off in the long run.

· Second, Focus On What You Can Control

While you may not be able to control the economy, there are plenty of things that you can control within your business. This includes things like your marketing strategy, customer service, and even the way you run your business. By focusing on what you can control, you'll be able to put yourself in a better position to succeed no matter what the economy is doing.

· Third, Keep An Eye On Your Competitors

It's important to know what they're doing and how they're faring because if things are tough for them, there's a good chance that they may be looking to get rid of their business, assets or even staff. This could mean that you can pick up new clients, equipment or even employees at a low cost which will allow your company to grow without taking on much risk.

· Fourth, Rely On Your Support Network

This could be friends, family, or even other business owners in your industry. It's important to have a group of people that you can talk to who understand what you're going through and can offer helpful advice.

· Finally, Stay Positive

No one can predict the future, so don't spend your time worrying about things that you can't control. Instead, focus on what you can do to make your business successful.

Staying positive is essential to your success otherwise, you won't be able to make smart decisions for your business. It's all too easy to get caught up in the current situation and become sidetracked and distracted when things are tough.

When you're exposed to so much negativity, you begin to experience the negative bias which is your tendency to not only register negative stimuli more readily but also dwell on these events that have so much impact in your life and business.

This bias toward the negative can lead you to pay much more attention to the bad things that happen, making them seem much more important than they really are; this only adds insult to injury because it overestimates threats and underestimates your ability to manage them.

The negativity bias isn't all negative, and it does serve a crucial survival function by keeping you safe from physical harm and more long-term concerns like financial pressure, tight deadlines, health concerns, performance anxiety, and so on. . .

When it becomes all-consuming and has a grip on your thoughts, though, it's time to shift perspective and utilize the negativity bias as a signal that prompts you to take action rather than paralyzing you from wanting to do anything. Even if the odds are stacked against you, you'll have more mental energy, clearer focus and ultimately achieve better results. It's during these challenging times that you need to dig deep, roll up your sleeves and find ways to make your business thrive.

Researchers have discovered that having three positive experiences can negate one negative experience (3-to-1 ratio). As a business owner, you must make certain that positivity is consistently harnessed in your company because if not, negativity may quickly take hold and send you off course.

The bottom line is that you cannot afford to focus on pessimism and negativity as it will only hurt you and your business in the long run. You must work towards a positive and optimistic view of your business and its future.

So how do you stay positive with such difficult challenges most of us have never faced before in our economy?

Here Are Some Tips For Keeping A Positive Outlook During Uncertain Economic Times.

1. Keep Your Eye On The Big Picture - Remember why you started your business, as well as its long-term objectives. Keep your attention on things you can influence rather than the ones you can't.

2. Don't Dwell On Negative News - It's all too easy to become caught up in the negative news stories that abound these days, but don't pay attention to bad news headlines. Keep a good attitude by reading novels, listening to podcasts, or catching up on your favorite TV programs.

3. Get Inspired By Others - Focus on entrepreneurs who are achieving their goals and following their dreams. Find an entrepreneur whose story inspires you and emulate what they do. Read their blogs, follow them on social media or attend events featuring them for added inspiration.

4. Take Care Of Yourself - It's easy to allow your job to consume your life, but it's also important to set aside time for yourself. Make sure you're getting enough sleep, eating nutritious meals, and exercising on a regular basis. These activities will keep you energetic and optimistic, allowing you to run your business successfully.

5. Stay Connected With Your Network - Your network is a treasure trove of support and knowledge. Maintain connection with them by attending networking events, taking part in internet discussion boards, or simply reaching out whenever you need guidance or encouragement.

6. Keep A Positive Attitude - Above all, remember to stay positive. The best way to combat negativity is with a positive attitude. When things get tough, take a step back and remind yourself of your goals and how you can achieve them. Stay focused on the big picture and don't let the economy get you down.

When you're surrounded by strong economic forces that have a significant influence on your business, it's easy to become overwhelmed and let the negative bias take control, yet you have the ability to overcome your current circumstances and succeed.

Think of it this as an opportunity for growth and change because everything in life is a learning experience. If you have the right mindset, your business will be able to handle all types of challenges and emerge stronger than before.

You can easily build a collaborative relationship between your survival mind and your thriving mind by remembering a few key points:

· Trust that negative events are not indicative of your entire life

· Believe in your strengths and capabilities

· Focus on solutions, not problems

· Take action to improve the situation

· Seek support from your network

· Stay future focused on your long-term goals

Yes, we're all going through a difficult period and it's especially true in business. However, it does not need to be difficult for you or your company.

With a more positive mindset on life in general and by tapping into the power of optimism in your company, you can achieve your objectives and realize your potential, see possibilities that others haven't seen, and take action before others have a chance to. This is the power of positivity and is critical to your business success and future growth.

Don't be overcome by negativity. Make the most of these times of uncertainty by keeping your focus and optimism, so that you and your business succeed despite the challenges put in your path.