I will be the first to say I don’t watch much news. I don’t buy into the doom and gloom and I don’t think that everyone has stopped spending money. I like to think that we create our own economy. That being said, there is no doubt that our country, indeed the world, is going through a trying time.
People are still spending money but they are often giving more thought to what they spend it on. They want to be more sure than ever that they are getting that bang for their buck.
It is interesting to observe those who are thriving in this climate. Whether they are selling products or services, a common trait is that they are giving tons of value up front to their clients and customers. This is clear before they have even sold anything to anyone:
*They have shown the advantages of spending their money with them versus someone else
*They have exhibited what they expect your return on investment will be in terms of results and in what time frame
*They have offered proof of success in others through testimonials and success stories
*They have responded promptly to inquiries and addressed concerns before the sale has occurred
*They have demonstrated that they understand how their product or service meets the customer/client’s needs (what is it they value the most?)
Coupled with building relationships built on trust through social media tools and online communication, it’s a powerful combination enabling many entrepreneurs to do exceptionally well in these otherwise uncertain times.
What are your thoughts on the fact that many small business owners are thriving right now? What connections have you made about what they may be doing differently?
Photo Credit: aturkus
Hi Christine – I’m like you and find the news is often doom and gloom. Although I will listen to it, I find myself shutting it off more often and finding something more positive to read or listen to.
We have a small business, and with it being in the construction industry we see a slowdown but always go above and beyond. Whereas others have gone out of business, we’re still hanging in there. *fingers crossed*.
Barbara Swafford’s last blog post..Law Suits, Death Threats and Cyber Bullys
I like your point on we create our own economy.
I do think we’re in a contraction, following a bunch of expansion. That will just help refocus on business value. I think there’s also some deltas between intrinsic value and market value.
There’s a lot to be said for consumer confidence, consumerism, and demand generation.
I think Blue Oceans will make new opportunities and growth. I think the key these says is a simple rule of follow the growth. Some things are on the decline, but some things are definitely on growth tracks.
J.D. Meier’s last blog post..How to Pave a Path Forward
I really should visit Gray’s Papaya, especially with the Recession Specials.
@Barbara–As you say, you go above and beyond no matter what is going on with the economy. Sad to say there are many businesses out there big and small who don’t abide by that motto. Dare I say it’s at least a part of what got us into this mess in the first place?
@J.D.–I like that, thinking of it in terms of a contraction. That’s really the only way it could go. Agree that many with the Blue Ocean strategies will be the ones to grow and thrive.
@Anthony–HA! Only a true NYC guy recognizes that place! Please visit and do let us know how the hot dogs are.
People are indeed still spending but in a much different way. I was just discussing this with my mother earlier tonight; if you’re in any sort of “fix it” trade today, you’re probably having very few worries.
It seems everything from shoes to trucks are being repaired a lot more often then the old days of *toss and buy new*.
Dennis Edell’s last blog post..Best “Blog Improvement Review” Contest – 1 Winner – $100 via Paypal
Hi Christine — This is my first visit and I liked your post very much. Like you, I have stopped watching the news because I really hate the negativity the news media creates. I’m a firm believer that negativity attracts negativity. We will not make things better by constantly talking about how bad they are! I believe we need to focus on what we can do to help. I think the best thing that small businesses can do is build consumer confidence and remind us that we will get through this time, if we work together :~)
@Dennis–Good point Dennis. So often what is looked at is what kinds of things money is not being spent on ANYMORE. But it might be interesting to see where money is simply being shifted around and spent elsewhere due to this climate.
@Sara–Thank you! Couldn’t agree with you more. The negativity and panic breeds more of the same. Small businesses are in a good position to inspire confidence where they can.
Congrats on NBOTW at Barbara Swafford’s!!
I think small business owners thrive due to the entrepreneurial nature that’s in them – like my husband!! They just get smarter, more creative and keep the boaat afloat.
And, in my opinion our new gov is doing its best to stop that spirit. Sorry for waxing political here.
Jannie Funster’s last blog post..So there!
@Jannie–Thanks! It is very cool of her to highlight bloggers like she does.
Sometimes I think that entrepreneurs are just their own special breed. It’s almost as if there is something in them that just cannot be held down.
It’s that spirit in them, you know?
Thanks for popping over to my place too, Christine.
I n the hospital where my hubby was born they had 3 sections in the nursery– Girls, Boys and Born Salesmen. Guess which group my sweetie was in?
Jannie Funster’s last blog post..So there!
Hi Christine – Congratulations! This topic resonates with me, as I am speaking at our local wholesale gift mart the week after next on this very topic to anxious gift store owners.
It’s funny, we have almost 50 franchise locations in our corporate gift company. It’s fair to say that in the four countries we operate, the recession is definitely in full swing. Yet, some franchisees are doing well, and others not so much. The difference is outreach. As in, not waiting for the customers to come in the door once it’s unlocked and the lights are on in the morning. It’s avidly courting community within their customer base: not relying on advertising, but actively marketing and creating a reason for customers to come in, whether it’s an event or a preferred customer program, etc. In other words, you are so right: it’s reaching out, and creating/nurturing a meaningful relationship.
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I always find that it is my ability to be personable that separates how I operate from other intellectual property attorneys. That ability to reach out, smile, and speak intelligently on my areas of law is what attracts people.
@Jannie–hey, it’s a great skill to have naturally!
@Betsy–Thanks! Exactly–outreach, courting, ACTIVELY marketing. All great practices in good times and bad! Thanks for sharing that example.
@Anthony–I can attest to that about you Anthony. Being knowledgeable is one thing, but combined with being able to communicate and connect effectively can put you miles ahead of the competition. It’s about respect and humanization.
Of course we create our own economy, in both good times and bad. For entrepreneurs, our business is always a reflection of our self-worth and what we think we can handle well. Bring it on world! If we all created an attitude of expansion this collective fearful shit would disappear over night!
It’s good to see you inspiriting the upswing Christine!
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@Tom–Thanks! And I fully agree.