With rumblings in the news of another recession on the way and politicians advising us to tighten our belts, how can we, as small business owners, ensure our business will make it through the next recession successfully.

In Canada especially, the GDP is falling along with the dollar, China is purposely weakening their yuan, oil prices have dropped worldwide and the US is headed into a recession for the second time, which never bodes well for a world where many commodities are based on the US dollar.

What can a small business owner do when all of these different factors are affecting their business?

Even in a bad market, consumers still need necessities and while their idea of luxuries may downgrade, those little luxuries will still be important to them. Focusing on the items you sell which aren’t expensive but are still thought of as unnecessary is an option in this case. There are services which are always needed and if your business is at all maintenance related or health related, it may still sail through the hard times if you’re careful.

This is the time to offer discounts. If there are any prices you can cut, do it now and not only will your most loyal customers stay with you, you may bring in new customers that have jumped to you from a more expensive competitor. Realizing ahead of time that there will be less purchases over all by consumers will help you adjust your selling and marketing strategy instead of being surprised when you find that your profits are dropping.

Now is the time to cut back on your spending. If you carry an inventory, don’t keep anything extra in stock. If you don’t absolutely need it, don’t buy it. Look for ways to diversify your business if possible. Focus on what you do best and which services and products you provide which are the most popular.

Keeping in close touch with your customers at this time is the best thing you can do. Ask them what they need and want the most and then provide it, at a low price if you’re able. A small business that is well taken care of can vastly out perform a large corporation during a recession. Customers tend to shop closer to home and keep their money in their own area rather than give it to an unknown company.

© Chris Draper, DemGen Inc. 2015

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  We all have reasons for the things we do that we don’t tell others. Even if they think they have us figured out, they don’t know our deepest fears or wishes. Small business owners are no different. They each have their own reasons for working for themselves and though they may tell you some of them, they will never tell you all of them. They also won’t tell you, no matter how bad things may be with their business, why they can’t or won’t stop and get a “real” job.

Seriously independent. Always ready to strike out on their own, business owners as children and teenagers tended to do things a little differently than others. Never those to follow the crowd, their behaviour could have been seen as audacious or downright dangerous. As adults, this sense of independence has never left them and working for someone else just isn’t in the picture.

Lifelong learners. The cubicle life is boring and rarely allows employees to grow or learn on their own. There is always a map to be followed and business owners like to draw their own maps, not follow those of others. Creative and deep thinking, they know there is a way out of whatever problems they’ve encountered and one way or another, they will figure it out. Don’t tell them they can’t.

Quietly competitive. Never obvious in their desire to stay a step ahead of everyone else, business owners feel that giving up is not just a matter of pride, it’s a huge loss that puts them behind everyone else. Whether you realize it or not, they all think that working for themselves obviously makes them just that little bit more intelligent than those who do the 9 to 5 everyday. Their success is extremely important to them.

In charge. Entrepreneurs are exactly the opposite of those who would join the army. They refuse to be told what to do and follow their own orders. Each day can be different and bring excitement which they wouldn’t find in an office or elsewhere. They organize their own time, their own work and their own lives and wouldn’t have it any differently.

Working for yourself may be a long held ambition or it can be something that you ease into gradually as you find it suits your personality. The reasons for not giving up can be as varied as the personalities involved. Each of us knows what suits us and why we can’t and won’t give up.

© Chris Draper, DemGen Inc. 2015

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    Do any of these describe you? Rigid thinker, overly sensitive, overly confident. Have you no interest in learning new things and are you impatient and tend to give up easily?

The answer to your business problems most likely revolves around your personality and your attitudes, chosen or not. In a business world where changes are constant, the traits most needed to succeed as an entrepreneur have also stepped up a notch.

Never one to be afraid of competition, you now have the international community to think about when you are updating services. While past entrepreneurs were told to rely on themselves but also to take the opinions of others into consideration, those outside ideas may just be the ticket to innovation now and what turns around the momentum of your business growth.

Do you come across as a hustler? The persona that you show the world may just need to be turned down a little now, otherwise you may come across as someone who is trying to scam others. The risks that were once a given as a business owner, now should be a little less risky, and the expenses just a little bit less. Frugal business is the newest way to compete and succeed. While your customers still expect you to be confident in yourself and what you offer, you had better be able to back up every word since now they are comparing your products to a multitude of others that are available.

The new entrepreneur needs to be flexible in how they run their business and what they offer their customers. Resilience is more important than ever and many small business owners realize this as they take courses in their spare time and prepare for other opportunities. Their vision isn’t as one sided as it was at one time and their sense of self has expanded to include seeing themselves wearing many hats. The flexibility that has always been so important has grown to include other ideas of how to run their business and when to decide this is no longer what they wish to do.

The patience and goal oriented way they have lived has paid off, in that they now know there are many ways to run a successful business and that what once worked has changed tremendously. The successful entrepreneur does not get frustrated easily and they don’t make a big deal of the little things, for there will be many little things. Their business manner has relaxed into a more personable way of dealing with the public – one on one, rather than just business owner to consumer.

As a long time business owner, you realize that self-discipline has always been an important part of your life, within your business and also outside of it. You know that to stay grounded, living in the present is the most important thing you can do and being realistic is one trait you have always possessed. The business world may be changing and some of the traits needed to survive may also be changing but knowing within yourself what you, personally, need to run your business successfully, is the most important trait you may ever rely on.

© Chris Draper, DemGen Inc. 2015

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  INFLEXIBLE

rigidly firm in will or purpose : unyielding

not readily bent : lacking or deficient in suppleness

incapable of change : unalterable

Small businesses are caught up in the ever changing trends and economies that now make up our world. Quite often, business owners will need to respond quickly to changes in their market if they want to keep up and compete with others.

Becoming flexible in your way of doing business has become a necessity. Can you offer your clients choices, based on their needs and preferences? We all like having options and your customers will want to deal with someone who thinks quickly and can tailor a product or service to their needs.

Figure out what works best for you. Try a variety of marketing options and communications. What may work best for a fellow business owner, may not be what works for you. When you feel comfortable with what you’re doing, you will be more likely to see your customer’s viewpoint when it applies to them. Never forget that you have an unknown number of competitors out there and if you are unable to offer choices or refuse to offer choices, there is always someone who will. Most people are still looking for good quality and though they may also want a bargain, the majority are willing to pay that little bit extra to have you provide exactly what they need.

Niche markets in particular have to pay attention to what they are offering. Though your market may be smaller and the variety of products or services also less, this doesn’t mean that the less you offer, the more customers you will have. Balancing quality, selection and options will mean more success for your business.

Challenges will always be part of running your business. Flexibility in the way you run yours can help you weather almost any storm, especially in the present economy. Keep an eye on market demands and if you need to shift your focus to another area of service, be willing and able to do it. Adaptation and flexibility go hand in hand. It has always been those who are willing to adapt who survive.

Just as when you started your business and felt you could do anything, your attitude will help. Listen to what your market wants and needs, their suggestions for possible changes. Realize that you are totally capable of changing, as much as you may resist it. Change can be enjoyable and a breath of fresh air that keeps you interested in what you’re doing. It also can be just what your business needs for continued success.

© Chris Draper, DemGen Inc. 2015

Successful momentum in any part of your life depends on your mindset. It relies on your ability to not replicate former actions but choose to do things differently. The result is based on learning from your mistakes and deciding to do things in a new way so your business can continue to grow and reach its potential.

Learn to look at your product from your customer’s perspective. Knowing your customers will help this immensely but you are trying to extend your business reach, so this is the time to look at every aspect of how your product could be what people need. See what else is out there. Many of us live in our own little bubble and don’t take the time to really look around to see what’s available that could be our competition.

Have you updated your website and marketing products lately? Email marketing, social media and other advertising methods should all be looked at closely every six months. What can you add to your information that will draw in new customers and what is out there that isn’t needed? If you are seeking to expand your age demographics, what is it about your services that could appeal to a broader audience? Many niche business owners don’t realize that their products can be appealing to a wide group of ages with just a little tweaking. Don’t forget to be visual. Your customers like to see pictures of what you offer.

Sometimes, to get your business moving again, going international is the answer. While this can come with its own group of concerns, such as various taxes, it can also be the answer to a flagging business and a business owner’s growing lack of interest in their products. Most of the world’s consumers now live outside of North America and neglecting to take your market to where it’s needed is one of the worst faults of small business owners everywhere. Again, there will be obstacles to overcome, such as language barriers but the difference it can make for your business is worth it.

Timing the growth of your business is important. There comes a time when your business may outgrow you and once you reach that stage, you’ll need help. If maintaining a one person business is important to you, this is where you’ll have to make the big decisions. Take on an assistant and continue with the growth you worked so hard for or scale back/maintain the status quo.

Either way, you have to realize your own potential, whether it be as a small business, run just by you or a slightly larger small business, that lets you take advantage of all of the available opportunities. Trust your instincts, realize the possibilities for your own personal growth and give yourself the gift of reaching your highest potential.

© Chris Draper, DemGen Inc. 2015

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Owning your own business provides a livelihood, financial security and the opportunity to increase your knowledge as well as meet people outside of your regular sphere. But many business owners don’t take into consideration the face that it should also be enjoyable. Running a business was a choice you made and part of that choice should have revolved around how much better you knew you would feel by owning your own business rather than working in someone else’s business.

Shortly after starting your business, you realize the feeling of freedom that has come over you. With all of the responsibilities business ownership entails, it’s still done mostly on your terms. You decide when to start every day (or night), the dress code is all yours, and more than anything else, the ideas are all yours, completely yours.

You have hit upon the only complete way to be happy at what you do. Creating is a major part of business ownership and having the ability to take your ideas and then morph them into something completely new and different never feels like work. Entrepreneurs realize that the best type of competition is with themselves, not others and they constantly try to dream up a bigger and better idea than the last successful idea.

Every minute of every workday can involve activities that you enjoy. If there’s certain parts of your business that you find you avoid, either hire a virtual assistant or fix the ways these activities are done. You don’t have to follow anyone else’s rules. As long as you complete the necessary tasks and your business is moving forward, do it your way.

Many new business owners love the idea of creating their own “corporate culture”. They define the best environment for themselves, one that results in excellence. They learn that yes, they really can be a leader instead of a follower and the resulting confidence pushes them to go further.

As a business owner, there is no such thing as climbing a ladder and only going so far. The sky is the limit and it’s up to you. It’s much like being a child again, where your imagination pays off big time. You aren’t concerned or kept back by the social values of others, except where it pertains to good business practises. Your ideas can result in innovative products that are needed by your customers and you choose who to work with or not work with.

Running your own business will be one of the most challenging and also the healthiest things you ever do. Flexibility results in a more tranquil way of life and gives business owners the space to branch out and make a difference in their community through their original ideas. Don’t forget that when you made the choice to run your own business you also made a choice to enjoy it.

© Chris Draper, DemGen Inc. 2015

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