The L-word in Business during a Recession

Have you ever thought of the power certain words have on your life? Take, for instance, the word “zero”. Who wants to be a “zero”, really? I think most of us would prefer to be seen as “tens”! I want to talk today, though, about how the word “zero” can be the most important one you add to your success-building vocabulary this year.

Wow, Have you ever heard so much bad news about the economy in your life? Honestly, turning on the financial news is enough to make someone throw in the towel. Capitalism doenst work anymore! Stocks are plummeting, Real Estate is a bad investment.

Stop, please.

When everyone is selling, stop and ask yourself “Who is buying?” Now, just because you and I can’t imagine who would be buying doesn’t mean they aren’t. They are.

That is the kind of thinking that builds wealth. That is smart, tactical thinking.

Really, that’s how a coach thinks. Here is a glimpse into the psyche of a business coach a la Brian Tracy.

In one of Brians books ( FocalPoint) he talks about the Grand Slam formula. This is more about the “L” word, the Leveraging of Resources to reach new goals.

We aren’t just talking about your own skills…if each of us was limited to the success our own talents could bring, we would eventually hit a ceiling. But when we leverage the resources available from our connections to other people, that’s when things get exciting! That’s the kind of business strategy that keeps building success, even when Wall Street says “give up!”

So, let’s do a quick rundown of the resources Tracy assures us are available to every business person (and team).

 

  1. Other People’s Knowledge – the crucial information we’re missing that other people can supply to propel us to the next level
  2. Other People’s Energy – the ability to delegate activities that bring low return on our investment of time
  3. Other People’s Money – the money other people are willing to invest in our efforts, resulting in more income for them and for us
  4. Other People’s Successes – the ability to learn from others’ successes and make their strategies our own
  5. Other People’s Failures – the willingness to look at what hasn’t worked in your field and avoid the same mistakes
  6. Other People’s Ideas – what great idea is out there waiting to be combined with your particular skills before it can succeed?
  7. Other People’s Contacts – what introductions or referrals can other people make that can help you reach the next level?

A day in the life of a business coach is exciting, because we get to work through these steps with motivated businesses.

We know that, sooner or later, the light bulbs will start going on and the leveraging phase will go into overdrive. That’s because, as business coaches, we’ve learned it only takes the right questions and the right feedback to help move a great team into new territory.

Listen to the news if you have to, but don’t fall prey to the “doomsayers”! With a little leverage, you and your team are going to reach your goals and start setting new ones.

Can’t wait to prove me wrong? I’d love to hear your comments! Keep talking to me, and keep reading. We’re going to make this your best year yet.

 

Steve Thompson,

President,

FocalPoint Coaching, powered by Brian Tracy

Comments

I agree wholeheartedly --

I agree wholeheartedly -- it's as if a few people on the news started remarking about how bad the times were, and everyone followed suit...and then people just started using the recession as an excuse. Businesses out there have still managed to succeed during these times...the recession is no excuse!

Leveraging what you have is the smart thing to do in any situation, whether there's a recession or your business is exceeding expectations.

Great post! Keep up the great work :)

Stephanie

http://www.businesscoaching.com

I agree

I agree wholeheartedly...people on the news started hyping the recession and comparing the economy to the Great Depression, and all of a sudden, everyone was blaming the recession for their businesses going badly. But really, businesses managed to stay in business and most even succeed and improve from 2008/2009 to 2010. 

Leveraging resources is a key strategy that should be done whether in a recession or whether the business is wildly successful.

Great post, keep up the great work :)

Stephanie

http://www.businesscoaching.com

Great Post!  The starting

Great Post!  The starting comments especially are a paradigm shifter for most people.  It is amazing anyone even listens to the news anymore as it's always negative.  Being a glass 10% full person, I've just stopped listening and reading the news as I choose not to participate in the recession/depression/whatever they're calling it these days.  There is always opportunity out there and if you look at the deepest recessions/depressions, there are people who do quite well and get very rich from the environment because they choose to think differently!  Somone still wants to buy in any economy ... just have to figure out how to sell them what they want!

One of the best things we, as coaches, can bring to the party is perspective.  We can help our clients think differently and keep questioning why it should be so bad.  If we do our jobs well (and the testimonials prove that we do), our clients can take advantage of the opportunities out there and really drive their businesses forward  (this applies to turn-arounds and taking successful businesses to the next level)!

Chris Allen, The Business Spotlight, Inc.

Cincinnati, OH

www.TheBusinessSpotlightInc.com

513-272-6224

Post new comment

CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.
Image CAPTCHA
Enter the characters shown in the image.