Entrepreneurs Should See Opportunity In Recession
Aldonna R. Ambler, CMC, CSP, The Growth Strategist™ opened the EverythingJersey Conference with tips from leaders of the fastest growing companies. “Being able to focus despite background noise is your most important skill,” she said. It is easy to be distracted with worries about payroll, access to credit, competition, and the election. So, Ambler encouraged attendees to exercise, get enough sleep, and resist fast food so they can think clearly. She observed that the entrepreneurial leaders of the fastest growing companies still take the time to visit the gym several times each week. Ambler reminded the business audience that “we are all in the same business of energy management.” One of her clients has started to bring comedians into their meetings to help their sales people laugh, relax, and think more clearly. Another brought in a trainer to teach improvisation techniques to improve their managers’ ability to think on their feet.
”It’s important for business owners to continue to look for opportunities and not freeze during tough economic times,” said Joan Verplanck, President of the New Jersey Chamber of Commerce. “Aldonna reminded business owners that true wealth is often traced back to products that were introduced during recessions.” Ambler observed that recessions provide unique opportunities for business growth.
Affordable Market Research – When the economy slows, customers give themselves permission to complain and whine. A business can save a great deal of money on expensive market research by listening carefully to whining. You can look like a hero if you demonstrate that you heard what customers have said. “Listening to what is really important to customers helps you focus your product innovation, which saves money,” advised Ambler.
Joint Ventures – Ambler encouraged entrepreneurs to consider large business ideas since complementary companies will be more willing to participate in joint ventures to spread the risk. Plus, it can be easier to admit that you need help during recessions.
Recruitment of Top Performers – It is possible to recruit top employees away from competitors during a recession. Bright creative people can feel bored or underutilized. You may well be able to afford to hire a candidate who seemed out of your price range just a few years ago. Top performers prefer to work for companies that are going somewhere rather than feel trapped behind indecisive business owners who take a “wait and see” approach during recessions.