In case you haven’t noticed, most people have been suffering through a pretty severe recession over the past couple of years. Especially here in Phoenix, Arizona, where the housing bubble has hit us hard. To paint a picture, I read somewhere that over 30% of our economy was dependent upon the housing industry at the peak of the bubble. When that crashed, so did a lot of unrelated businesses that saw massive drops in customers once the demand for housing went away. Recently, we’ve also suffered through the current illegal immigration issue. While most of the country seems to be heading towards a recovery, in Arizona a lot of money has departed our state that was previously made and spent locally by illegal immigrants who are no longer here. Yes, the recession has been very real and very damaging to this city.
However, In these hard economic times, I have personally met and spoke with a lot of business associates who have done well for themselves. These companies have grown, and a few have been fortunate enough to experience incredible success. What sets these companies apart from the rest? I think the story is the same for all. These are the businesses that did not buy into the idea that the end of the world was about to come. They didn’t fire their marketing team and trim production staff. They didn’t start socking away all of their money for ‘hard times’. Quite the opposite. These are the businesses that took tremendous risk and, instead of burying their heads in the sand, started spending money. They spent money to hire new workers, they spent money on marketing, and they spent money to improve core operations.
I have a close friend who has several impressive marketing degrees. She repeatedly told me when the news of the recession first hit, and when things really started to turn down, that smart companies don’t stop marketing in hard times. Smart companies increase marketing. At the time I didn’t fully buy into that philosophy but now I have seen the truth of those comments first hand – someone hand that girl a medal! It doesn’t really make a lot of sense, does it, to spend money when the economy and the country is crumbling down all around you. But strangely enough it IS the best way – not just to survive, but to prosper.
Now, I’m not saying the solution is to run out and start spending without care, that’s foolish. You should always invest wisely and look for the most cost effective solutions to match your needs. However, the point is to remain optimistic, keep pushing forward, and keep expecting growth. When you adopt the attitude that you are going to be successful, recession or not, it’s easy to ignore what the media is telling you and instead begin focusing on ways you can thrive under existing circumstances.
Business can prosper under virtually any situation given the right attitude and mindset. This is a fact! While we are not yet out of this recession, if you are not as successful as you think you should be it could be time for you to examine your thinking. If your business has not been successful, why not? What could you be doing differently and, more importantly, how can you be thinking differently to make that change? Attitude is everything and companies that have adopted the attitude of defeat in the face of tough economic times will most certainly face it.
But life is fruitful, and I am lucky to share my experience with great people, loving friends and family. Most importantly, it’s very nice to be your own boss, even if that means you have very little free time – it usually does.
