Business News: Expert Q & A: Dealing with Tough Economic Times in Small Business
Are you wondering how to best handle the challenges of running your business during uncertain economic times? Jon Gordon, best selling author of The Energy Bus, The No Complaining Rule, Training Camp shares his expertise with readers of American Small Business News in this exclusive interview.
Q. Is it natural for small business owners to feel stressed when doing business in uncertain economic times and why?
Gordon. Of course it is. At the root of all stress is fear and uncertainty is a fertile breeding ground for fear. But I would say that as an entrepreneur the future is always uncertain. Thus the same principles for success apply whether you are in a great economy or a negative economy
Q. What things can entrepreneurs do to make the best of uncertain times and stay focused on the positive?
Gordon. They can wake up every morning and ask themselves one question. “What are the three things that I need to do today to create the success I desire.” Then everyday take actions on those 3 things. Entrepreneurs also should look to history and understand that there were many businesses that thrived during past downturns and recessions. These companies and their leaders stayed positive. They had a clear vision for the future. They outworked their competition. While others were paralyzed by fear they charged forward with business as usual. They gained market share.
Q. What tips do you have for small business owners regarding how they should communicate with employees when times are tough?
Gordon. Small business owners need to communicate more than ever during uncertain times. Where there is a void negativity will fill it and during an uncertain economy it requires you to keep communicating, keep reassuring, keep sharing your positive belief and vision. You need to be a bearer of hope and fill the void with positive energy so negativity can’t breed and grow. Now more than ever you need to be with your people, not in your office. You need to hold weekly meetings. You need to let people know where they stand and where the company stands. You need to let them know where you are, where you are going, and how you are going to get there. Then you need to be a coach and a cheerleader as everyone works to realize the vision you have set forth.
Q. What suggestions do you have for small business owners who find themselves having to make the difficult decision of having to downsize staff members?
Gordon. Be honest, be transparent, be real. Have a town hall style meeting and let people ask questions and be prepared to answer them. It’s not going to be easy especially when you have to layoff good employees who care about the business, but just be truthful and give clear explanations of why the layoffs are necessary. The truth is always best and the people who are not being laid off are watching and asking if they can trust you. If you handle your downsizing correctly this will help you move forward with a loyal team and help you maintain good relationships with those who you had to layoff.
Q. What ideas do you have for entrepreneurs who are struggling to establish and maintain “work-life balance” even when the economy is tight?
Gordon: I would tell them to take time every day for themselves. Even if it’s just 10-30 minutes take a recharge break every day. Know that if you don’t have the energy you can’t share it. The best athletes take short breaks during the competition to recharge and refocus. You must do the same. Short breaks will reengage you and refocus you and will help you get more done in less time. It’s more about energy management than time management.
Q. How can reading your books be beneficial to entrepreneurs and other professionals who are struggling to cope with a difficult economic environment?
Gordon: I am told that my books help people stay positive and build winning teams. 90% of the battle is staying positive and helping your team stay positive. Leadership is a transfer of belief and by sharing your positive beliefs with your team and getting them on the bus you create a team that can win in today’s environment. So my books give people a framework and a plan to approach each day with vision, focus, purpose and positivity and this leads to the actions that generate winning teamwork and sales growth. Positive beliefs lead to powerful actions.



