Business Advice

3 secrets to creating a thriving business in the face of recession

- May 15, 2023 3 MIN READ

High inflation, increasing interest rates, the weakening of the US dollar, recession is a hot topic as of late. The media, politicians and economy experts are sounding the alarm with discussions of the severity of it all. If you buy into the fearful narrative, remaining optimistic can be a challenge, writes Simone Milasas, business mentor and author of The Joy of Business.

Reports are saying retail spending in Australia is the lowest it’s been since the crash of 2009. What are you going to choose to do with this information?  What action can we all take to support local business?

What if there is a different possibility? What if you don’t have to believe the narrative? What if no matter what is occurring in the world and with the economy, you and your business can not only survive, but thrive?

These are my top 3 tips to create a thriving business, even in the face of recession

1. Have you decided that you cannot handle something that you actually can?

Your point of view about anything creates your reality. In other words, what you decide is so, will be so. If you listen to the news about the problems with the recession and the number of businesses that are failing and take on the point of view that your business cannot survive what is occurring, you will create that. Rather than aligning your point of view with what others are saying, ask, “Can I handle this?”

When you ask, you are not looking for a logical, conclusive answer. When you ask you simply say to yourself, “Yes or no?” You will have a sense of what it is. If you ask, “Can I handle this?” and your intuition is, “Yes” – amazing. Keep going and creating. If you ask and your sense is “No”, ask another question. Is there something I can sell? Is there something else I can add to my business? Perhaps there is a new product or creation that would add the revenue stream you require.

The bottom line is, trust you and what you know. Take on the point of view that no matter what comes your way, you will thrive – and watch what gets created.

2. The world has changed. There are different rules now

Acknowledge that the world has changed and be willing to change with it. What worked for you and your business in the past may not work now. That’s ok! It’s changed for everyone. How can you use that to your advantage? What could you create and institute now that has not been created before? What new business could you create? You don’t have to have just one. What if you could have multiple businesses and revenue streams?

As you are asking these questions, have a look at what is fun for you. Maybe you like walking dogs and could turn that into money. Or perhaps baking is fun for you and you could start selling your goods. Do not limit yourself to one idea or one business. Look at what is changing in the world and what you can create to contribute to that. And remember, even in a recession, there are people with money. Ask for them to show up.

3. Your choice creates your future

Regardless of what is occurring around you, never underestimate your choice. Your choice creates your future. What future would you like to have? What is it you desire to create in the world? Be clear on that and ask for it. When you have clarity on what it is you desire to see in the world and in the future and then choose towards that, the joy and inspiration of what you desire becomes the catalyst that moves you forward.

Ask, “What can I choose here? What new possibilities can I institute?” There are infinite choices and infinite possibilities. When you listen to the fearful narrative, you stop seeing that. When you ask a question, those choices and possibilities become available once again and you keep creating. Ask, “What else is possible that I have not considered?” and keep choosing!

You are the source for creating your business. Yes, there are external factors that influence things. Yes, life at times throws us challenges. None of that needs to define you or your business. Choose a point of view about your business that creates what you desire. Ask questions. Be willing to change whatever is no longer working. Above all, keep choosing. There is always another choice and one seemingly simple choice can change your entire business reality.

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