Leadership is critical in tough times because employees take their lead from their leaders. Forty-seven percent of executives say that communicating and motivating are the most important thing they can do in tough times. Leaders incite others to act. They provide the momentum for employees to execute. Leaders guide with their heads and their hearts…. Read More
How To Thrive During The Next Recession
Do you ever get the feeling that things are going too well? Unemployment is dropping. Consumer confidence is rising. The economy is humming along. Business is good, if not great! The next recession is probably the last thing on your mind. Not to be a downer, but there are economic indicators that show a slowdown… Read More
Tough Times Attitudes For Sales People
Doing business in tough times requires a tough attitude. Half of the battle is in your head, and the other half is on the streets. Customers will object to price—that’s what they do. First, they test your price; next, they test your resolve. Being prepared to sell in tough times is the mental game of… Read More
3 Mistakes People Make During Recessions
Based on years of research, we’ve identified the biggest and costliest mistakes that salespeople make in tough times and tough markets. Understanding these mistakes will give you an edge in your market. Salespeople reduce face-to-face calling by 38 percent According to a purchasing management study, during recessions, salespeople call on customers at 62 percent the… Read More
Leading Through Tough Times
In the summer of 2002, I started my first business: a painting company. The business concept was simple. As a college student, I could learn how to run a business and make a little money. It was an incredible experience and I learned valuable business lessons I still use today. One of the most important… Read More
Would You Welcome Tough Times?
Before answering, consider this story. In 1907, Bill Klann was working for a Detroit ice company. Hard work and low pay, but he was happy to have a job. However, Bill was laid off later that year. Out of work and out of patience, Bill reached out to his previous employer—an automobile factory. It was… Read More
Recession This Year (Or Next Year, Or The Year After That)
Since the Great Depression, we have experienced thirteen domestic recessions and four global recessions. Although the future seems bright, there will always be another recession…followed by greater economic expansion. There are some indicators that a slowdown is coming. For example, the JP Morgan Global Purchasing Managers’ Index dropped to 50.7 in January. A number above… Read More
Are You An Explorer or Exploiter?
In uncertain times, are you better off exploring new opportunities or exploiting existing opportunities? Before answering this question, consider this analysis of nearly 2,500 fishing expeditions. In this two-year study, researchers Shay O’Farell, James Sanchirico, and Orr Spiegel analyzed the fishing behaviors of 2,494 commercial fishing trips. The researchers analyzed the tradeoffs between “exploiting” the… Read More