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Entrepreneur

This Recession’s Silver Lining

By Tom Irmen

By the time most of you will have read this article, the presidential race will have been decided. I truly do not know which of these two men will win. But regardless, polls show that few Americans believe that either candidate has the solution to the economic malaise that has gripped our nation since 2007.

I agree with the polls. I don’t believe the government has the solution, and many would likely point to the much held belief that the government itself is the cause of many of our economic woes.

In response to their constituents, politicians have thrown trillions of dollars at the problem. Some of these programs have had some degree of success, but most Americans believe that much of this money has been ill-used.

While we’ve seen some modest improvements in the economy, I believe that the actions of everyday Americans, adjusting to the economy and not the government itself, is largely responsible. I believe that the gradual improvements that we’ve experienced is the result of the actions of American households who are adjusting to their new normal by putting their financial houses in order, certainly a lesson that our government could benefit from.

I think history demonstrates that time has been the true catalyst to most economic recoveries in the past and that time will overcome our current economic challenges as well. But in the meantime, what should small business owners do to improve their potential for success going forward? 

Few business sectors have avoided the impact of this recession. Take inventory of not only how you and your competition has been impacted, but to how your customer base is responding to their new economic realities as well.

If your customers are responding differently or have changed their buying habits, don’t panic. This may be the perfect opportunity to refine and adapt your strategy to these marketplace changes to help propel you past the competition.

While economic downtimes create anxiety, they create opportunities as well. The greatest danger to your business in a recession is the failure to observe these marketplace changes or to ignore them altogether.

Inaction is your greatest enemy. Time will heal the impact of this sluggish economy, and success will go to the entrepreneur that has their fingers on the pulse of today’s consumer in this evolving marketplace.

Don’t ignore this recession’s silver lining.

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