Recently we've been hearing that our economy is slowing down, and that we are headed for a recession. Some say we're already in a recession. It makes good sense to pay attention to economic indicators. But a weakening economy should not give you a reason for your sinking bottom line. If it does, then you may have just found
real cause for your bottom line: blaming it on
economy.
Too often people believe
"reason" they are having a particular problem is due to something that is happening elsewhere (and usually outside of their control). This is especially true in
business world. Here is an example:
Shoe Store A is doing very well until Shoe Store B opens up across
street. Revenues decline at Shoe Store A as Shoe Store B gets up and going. But, and this is a very important but, to
degree that
owner (and staff) at Shoe Store A attribute their decline in revenue to
existence of Shoe Store B, TO THAT DEGREE they will be unable to deal with it.
Shoe Store A simply needs to step back and realize they have new competition and take concrete steps to retain their current customers and create new ones. Perhaps they need to streamline their marketing and advertising effort. Maybe they actually need to do some marketing for
first time!
The reason sales are down at Shoe Store A is not Shoe Store B. Sales are down because Shoe Store A did not effectively shift their own gears to keep their business afloat and prosperous.
That may sound simplistic, but when an executive or business owner places
blame elsewhere, this very act of "placing blame elsewhere" reduces his ability to devise effective solutions. It actually reduces his ability to think straight, because s/he is so embroiled in what is happening somewhere else.
"Elsewhere" is not a place that you can easily control. But you do have complete control over what happens internally within your business. You do have control over how efficient your staff are. You do have control over how well surveyed your marketing messages are. And you can control
level of care shown to your customers.