As a business coach, I have always helped entrepreneurs to stop dwelling on the past, stop obsessing about problems, and start focusing on solutions.  This current recession should be no different.  For all of us, it's time to get beyond the whining, complaining, excuses, negativity, and worrying.  We need to turn off the negative news and turn on our creative business minds.  We already know all about the negatives of this recession...but what about the positives?  That's right, we need to start asking ourselves better and more empowering questions so we can take advantage of this recession. 

Positives of the recession?  Advantages?  Have I lost my mind?  I don't think so.  While the recession has been a rude wake-up call for most small business owners, especially those comfortable and complacent riding the waves of a good economy, it has also motivated owners to seek out business coaching help.  In fact, the recession is one of the main reasons owners have come to The Growth Coach in record numbers the past 12-16 months.  They wanted to take advantage of the wake-up call they received and better prepare their companies to withstand these turbulent times.  Now is the time to rise to the challenge and let the recession bring out the very best in us and our companies.  To do so, we all need a massive mindset shift.

This recession, when viewed properly, can be a real lesson and blessing for many of us to get our acts together.  You see, the smart entrepreneurs will actually embrace this recession and come out much better and stronger.  They will use the recession to learn lessons, make tough decisions and adjustments, take bold actions, become more nimble and innovative, and transform into better business owners.  Others will continue to wallow in their "recession negativity" and suffer according... let's hope they are your competitors.

Let me ask you some business coaching questions to open up your mind and eyes to the possibilities arising from this recession.  What could be beneficial about the recession?  What could it teach you?  How could it help you make tough decisions you have been putting off?  How could it help you become a more strategic and effective business owner?  How could it help you negotiate better value or better pricing with your suppliers and advisers?  How could it open your eyes up to some poor business practices that have crept into your company? 

Here are 23 suggestions for taking advantage of the recession in two main areas, general management and sales/marketing:

Management:

- Use the recession to finally get rid of your sub-performing employees. 
- Upgrade your team with higher-caliber employees now available in the marketplace because of downsizing.
- Cut unnecessary expenses that have grown over the years.
- Identify and correct areas where your company has gotten fat, lazy, complacent and rigid. 
- Ask your suppliers, vendors, agents, landlord, etc. to increase the value of their offerings and/or reduce their prices.
- Ask your advisers for additional guidance and help during the recession...replace the ones who don't rise to the challenge. - Learn to be "lean and mean" again like when you first started out.
- Decide to invest in the growth of yourself and your company with business coaching.
- Recognize that you can be both a caring and demanding owner with your employees...hold them accountable for results.
- Outsource certain back-office tasks (payroll, employee benefits, IT, etc.) to others who can do it better and cheaper.
- Review financial information more frequently and make decisions more quickly.
- Ask all employees to help identify and eliminate waste, inefficiencies, mistakes, and unnecessary costs.

Sales/Marketing:

- Eliminate unprofitable product lines, customers, and territories.
- Enter promising new markets and/or start providing profitable new services/products.
- Analyze your marketing expenditures/strategies and keep the winners and lose the losers.  
- Reward your superstar salespeople (proven performers) with more territories, customers, prospects, privileges, etc.
- Take full advantage of on-line marketing where you can easily track your return on investment.
- Provide incentives to your customers to sign up for multiple-year contracts (thanks Scarlet & Gray for that idea !).
- Focus on serving, delighting and retaining your customers.
- Invest in sales training and coaching for your salespeople.
- Ask your customers for more feedback and make adjustments quicker.
- Sell more products/services to your current customers and do it more often.
- Improve the value and differentiation of your offerings.

No doubt about it, in good times, running a business is much easier...you are paddling with the current.  However, you can also take things for granted, get a bit lazy and complacent, and allow some poor business practices to seep into the company.  In challenging times, a smart owner really learns to run a business, make tough decisions and adjustments, take bold actions, and innovate.  Do not waste a good recession by ignoring the great lessons. 

Daniel M. Murphy
President, Founder & Business Coach
The Growth Coach
Business Coaching Franchise System