If you’re a business owner, it’s likely that some of your recent work days have gone something like this: You bolt awake (probably after a sleepless night!), grab the financial section of the paper, and turn on your TV to get the latest worrisome financial news. Then, once you make it to work, you lock yourself in your office to carefully examine your company’s financial projections for the next few months, wringing your hands as you fret over every possible worst-case scenario. Sound familiar? If so, it’s time for the hand wringing to stop and the smart thinking to begin.
The word “recession” by itself has been known to send business owners into a panic. Add in all of the economic postulating by the media, and you might find it easy to convince yourself it’s time to start counting down the days until your business’ demise. But all of that worrying is counterproductive. You can’t get anything done when you’re in panic mode.
The business owners who use their time to improve their business and seize every possible opportunity—rather than wasting it on constant worrying—are the ones who make it through the economic downturn. Play your cards right and you may even come out of these financial hard times with a more prosperous business than you had before.