Rhondalynn Korolak, Author of Financial Foreplay and On The Shoulders of Giants

Rhondalynn Korolak, Author of Financial Foreplay and On The Shoulders of Giants

Discipline and attention to details is more important than ever if you want to succeed in challenging economic times. Take a look around… competitors are closing their doors – which means more potential customers for the businesses that DO survive. And in times like these, it’s going to take more than “thinking outside the box” and goodwill with existing customers to secure the survival of your business.

You may have been lucky over the past few years – you may have found it possible to operate without a detailed, written plan and systems/processes. But the global economic crisis has changed all of that. If you want to thrive, there is only one thing that is for sure – uncertain times call for deliberate decisions and proven practices.

So here are & top tactics to recession-proof your business.

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Rhondalynn Korolak, Author of "On The Shoulders of Giants"

Rhondalynn Korolak, Author of "On The Shoulders of Giants"

 The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails.   William Arthur Ward

I was reminded of this brilliant principle last week when I spoke to one of my business coaching clients.  There can be no doubt that we are living in interesting times…. the global financial crisis has impacted overall spending and consumer sentiment – and this has hurt many small businesses around the country.  It’s no good hoping that circumstances will change – in order to survive we all need to dig deep and find creative ways to work smarter not harder.

Jim Collins, in his book, “Good to Great,” talks about this very interesting paradox that he calls “The Stockdale Principle”.  According to Collins, “you have to be realistic about your current situation and yet, stay optimistic about the future”.  

General Stockdale was the highest ranking American prisoner of war in Hanoi, Vietnam. Over the years he began to notice an interesting phenomenon – optimism could in fact be a liability.  His fellow prisoners (who were the eternal optimists) constantly set themselves up for disappointment.  They set huge milestones – “we will be rescued by Christmas” – but those milestones came and went year after year and with it… their will to live.

 

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