The Economy is Not Getting Much Better, but Some Businesses Are Doing Great. Why?

I see it in many markets... one business is doing very well while another in the area is doing very poorly. People waiting an hour for a table in one restaurant while another across the street is empty. What are the secrets to success in this recession?

1) Recognize that if your context is all about negative response to a bad situation then you will be one of those who fail. Your greatest fear will be achieved as that is your context. Likewise, if your context is one of excitement because change always brings opportunity---a chance to gain market share, an opportunity to develop a competitive edge. If your context is one of success you will succeed, if you do the right things.

2) Be the last man standing. As the market declines, more marginal businesses will be weeded out; you may be the last man standing. If so, you may enjoy a larger piece of a shrinking market size. That's good for you and bad for those weeded out.

3) Reinvent yourself to be what your customers want. Understand what your particular market wants and deliver it with superb customer service and a perceived value. If you market using current media and procedures (internet-based not newspaper-based) you will win. If you reinvent your business to remain at the front of the business paradigm you are currently in, you will expand rather than contract.

4) Do your debt workouts! How many times can I expound on this fundamentally necessary strategy? Do not ask questions, do not balk, do not think you have an option. Just get them done... with the help of experts.

Those that follow this advice will succeed in a down and declining market. Those that go with the negative flow will perish. Do not get caught in this trap; your customers must want to shop or buy your services. Figure it out. Pretend you are writing a new business plan from scratch based on your current business. Like a new startup, redesign and implement with the joy in your heart that entrepreneurship warms. This is the energy that will attract new business. Follow with superb service, deliver perceived value, and you will win.