10 Things Women in Business did to Beat the Recession
Wed, 10/19/2011 - 4:51am | by RachaelO
I have been consistently impressed by the success of women business owners particularly during the recession. At a time when there is so much talk about the dark side of the recession and assumptions that another one is on the way, being an aspiring female business owner myself; I am thrilled to shout about the methods adopted by 10 women in business who not only survived the recession but also thrived and made profit.
1. If at first you don’t succeed, try and try again: If your business is not achieving any sales worthy of note, learn how to quit by shutting down a failing business. After shutting down, develop a Plan B, which involves developing a business that maximises your strengths and minimises your weakness.
2. Broaden your outlook: Improve the way you work on and in your business by networking and meeting new people. This enables you to promote yourself, increase brand awareness, and develop a reputation for being approachable as well as forming mutually beneficial relationships.
3. Even in the depths of a recession, there is always money out there: If you need to raise money for your business projects in a recession, it’s best to start with the dreamers. These are people who can be captivated by the vision. Their wallets follow their hearts if its 100% bought in.
4. Minimize its impact on the health of your workers: A happy and healthy workforce creates a more productive and resilient team. In changing and challenging times offer support by providing workplace wellness initiatives such as lunchtime learning, walking meetings and improving food and nutrition in the workplace.
5. If it’s not working change it. If it’s working make it better: Succeeding in a recession requires you to do what it takes to get the results you are looking for. This could involve putting in more hours, making more calls, additional client visits, changing tactics, improving strategy as well as developing additional skills.
6. Be the one to give customers what they are screaming for: Be prepared to take your business in a completely new direction. This can be achieved by looking at things from the client’s perspective. Recognise the available opportunities their needs present and be willing to do the right thing at the right time.
7. Develop the “no-box thinking” strategy: Expect to have success by breaking down the walls of limitation and discouragement. This is achieved by thinking and seeking different ways to work which results in seeing opportunities where others see problems.
8. Have dedicated and appreciated core staff: Through the development of specific management habits such as trusting your staff, assigning them specific roles and key positions and asking for their advice you will build a positive working environment and staff who see their positions as careers and not jobs.
9. Increase your marketing: To succeed in an economic downturn, you must be inordinately customer- focused. Out market everyone else by taking time to build relationships with your prospects before asking for a sale. Never assume you know what they want, always ask them.
10. Change and evolve or die: Doing the same thing over and over again and expecting a different result is the definition of insanity. Take time to re-examine your business and innovate. This may require abandoning attitudes, decisions, trainings, beliefs and models of behavior in favor of new innovative ones. Change is inevitable and your ability to deal with and handle uncertainty is directly proportionate to the results you will enjoy.
Taken from the book “Lessons Learned from the Recession” in which 60 business owners talk about their recession experience of surviving and thriving. It can be obtained as a paperback copy or downloaded as an ebook at http://www.thebusinessleadersbookclub.com
Photo by Nikkorz