What to do when the economy is terrible

There’s a really good chance that wherever you are as you read this, the economic forecast is something between terrible and absolutely terrible.

Although a growing number of businesses are really struggling, others in the exact same industry are thriving. I know, because these thriving businesses are owned by the kind of people who hire me.

Whichever of those groups you are in, my advice to you is the same. You need to do 2 things.

1. Reflect.
2. Take action.

Let me explain.

Reflection and action

If we reflect on our current situation, our progress and the direction our business is heading, and discover we’re on course to hit or smash our targets, we need to take action.

• We need to retain control of our focus.
• We need to fight against complacency.
• And we need to carry on doing the right things, correctly.

If we reflect on our current situation, our progress and the direction our business is heading, and discover we’re not on course, we also need to take action.

• We need to wake up and accept the urgency of our situation.
• We need to decide that more of the same is not an option.
• We need to get strategic.
• We need to make better decisions.
• We need to take better actions.

There are business owners who are already switching between those 2 groups.

Switching groups

Some of those who were doing great got cocky, took their eye off the ball and slipped into the struggling group.

Some of those who were struggling woke up, stopped pretending this would ‘fix itself’, started planning and saw their results catapult them into the thriving group.

In short, regardless of where you and your business fit into this picture, it’s time to reflect and take action. Because when the economy is this screwed, a casual approach causes casualties.