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How businesses can rise to the top during a recession

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|Aug 10|magazine9 min read

You’ve undoubtedly heard the rumors and your  fears are most likely adequately placed—the Canadian economy isn’t doing too well. Specifically, small business owners throughout the country believe that a recession is taking place. But if this is in fact true, then what can CEOs and company executives due to rise to the top despite this spout of bad luck?

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While many small businesses in Canada have yet to be harmed by the recession, economists do believe that trouble could be on the horizon.

Regarding the issue, Ted Mallett, the vice-president and chief economist for the Canadian Federation of Independent Business has this to say: “Certainly the impacts start at a very regional level, but as the impacts cycle through the economy, they create their own impacts, and those impacts have other impacts.”

 Therefore, to assist small business owners with a potential struggle, Business Review Canada has put together a few tips—no matter what type of company you’re currently running—to hopefully disregard the recession and still make a profit.

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First things first, it’s imperative to have a positive attitude and outlook on the recession. Your negative beliefs and concerns can creep into your business plans and motives, ultimately harming your overall agenda. Don’t let fear take over—your business can still grow during tough times.

If there is a particular threat on your company, then simply turn that threat into an opportunity. It may be time to get a course in crisis management. However, if you take the circumstances of the recession and use them for your advantage, you may find growth and long-term prospects coming your way.

Despite what you’ve been told in the past, change is good—or it can be good! Most companies that have a high success rate are those who have been able to take changing dynamics in the marketplace and turn them into a profit.

Therefore, don’t be so concerned with how certain changes can hinder your business, but more so how they can help your business grow.

While this is definitely all a learning process, it’s vital to no sweat the small stuff. Again, don’t let those negative feelings creep in and fester—that is what can and will destroy your business!

Be as prepared as you can possibly be, but don’t be afraid to use each new experience as an opportunity to learn and grow. Simply put, be aggressive!

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[SOURCE: The Globe and Mail and Business Know-how]

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