Successful Small Business Strategies In Tough Times

During rough times like these, nothing sounds sweeter than successful small business strategies. Its easy to be scared to death these days. You might be making a lot less money now than you did 12 months ago.Times are tough.Believe me, I get it.

Perhaps like no other time before in your life, now is the time for an adult assessment of where you stand financially – and it may not be as bad as you think.  Sometimes the best entrepreneurial ideas are the simplest.

For example, my income took a major hit when the market started to melt down last year.I lost a chunk of income and it felt very bad. I didn’t have a problem with small business working capital.  But I am in the money management business and as the assets I manage shrank so did my paycheck.To make matters worse, my business expenses are fixed so my net income went down much faster than the market.Believe me, I know what financial pain is.I think I know what you might be going through.

But then I took a look at what those financial losses really meant to me and my family and what I learned may shock you. It wasn’t all that bad.

The first step I took was to look at exactly how much we were spending and how much we could cut.There were things that “we couldn’t live without” only a few months prior but somehow we learned to live without them.It wasn’t a big deal.I took many of the steps outlined in this blog over the last several months.I got my entire family involved in the finances – and it was the first time they ever took an interest.Everyone pitched in.That was pretty good.

We spent more time together as a family doing things that didn’t cost money.We played cards instead of going out to movies.We sat and talked instead of going out to dinner. This was a huge positive and it’s a gift I never would have gotten had it not been for the economic downturn.

I made changes at the office and I did have to readjust my financial plan. It looks like I’ll have to work longer than I had anticipated.Maybe an extra 5 years. But that’s also no big deal.I love what I do and I can’t imagine doing anything different with my time.And this takes no account of the possibility that things could improve.Stranger & worse things have happened.

If you ae worried and have financial anxiety, assess your situation objectively.What is the worst thing that could happen?

The next question is, “Can you accept it?”Can you accept your worst-case scenario?  If you have to cut your expenses or get an additional job, is it really all that bad?  Compared to what?

The last question is, can you improve the situation?In my case, I had no control over the market but I did have control over how I communicated with my clients and how much money I spent in the office and at home.I could control those things and I could take action to improve the situation.What can you do to improve your situation?

Is it all that bad?Chances are you aren’t going to lose your home or family.Can you improve your situation by cutting more?Can you earn more with a second job?

A few months ago I never would have said this but now I have to admit that I’m grateful for this financial fiasco.I’m not happy about the damage its done to millions of people, but it has really helped me focus on what matters and what doesn’t.

How about you?Have you benefited in any way from what’s happening in the financial world?I’d really like to know.