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Small Business Growth Tips to Overcome a Slow Economy

Is your business feeling the crunch of a slow economy?

Last week a client of mine, Kim (name changed to protect the innocent) told me that her business had slowed almost 40% over the past 18 months. As we talked, she explained that she’s doing nothing different with her advertising and marketing – “what worked 18 months ago just isn’t working as well now,” she said.

The reason, Kim felt, is that people have less money to spend.

That certainly makes sense. All our living expenses are on the rise. Groceries cost more, utility bills have increased – in some places dramatically – and the price of a gallon of gas is through the roof. So it only makes sense that consumers have less to spend on what they may perceive as ‘non-essential’ services.

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Why You Shouldn't Be Afraid of The Economic Crisis

If you’re paying attention to the media you know that we’re are headlong into some hard economic times. Banks are failing, investment firms are in financial trouble and the housing markets across the nation are suffering.

Things are so bad here in Michigan, the state with the worst economy in the nation, that General Motors is talking about buying Chrysler – the Big Three become the Big Two.

So are these such terrible time economically? For some, yes. For others, and I’m not talking about the extremely wealthy, no. But that’s not how it’s being talked about. If you just pay attention to all the Henny Pennys writing for newspapers, magazine and the web and listen to their banter on TV and radio, our economic sky is falling.

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Small Business Management Tips: The Art of Being a Small Business Owner

Running is a small business is as much an art as it is a skill – perhaps even more so.

Certainly you can approach your business as though it’s a set of skills you learn and then implement. Yet I’ve found, for myself at least, that running my business like this has no life. You can create success and make tons of money, but what’s the end game?

For me, having my own business is about living life. I utilize my business to aid me in creating the lifestyle I want. My life is not, however, my business just as my business is not my life. What my business gets me is an opportunity to live the life that I – and my family – want. And for us, that’s the end game.

So I tend to approach business as being from part of my lifestyle. Which means I bring everything I know into my business. Certainly that includes marketing strategy, business development, and sales. Yet it also means I look at business with an eye toward spirituality, life purpose and philosophy.

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Business Management Advice: Why Your Small Business Needs To Fail

We all want to talk about success in our small business, don’t we? How we overcame this obstacle to come out the other end successful. Or how we fought for our vision to create the business we want. The media is filled with stories of how ‘one man (or woman) beat the odds and became success.’

Yet what we seldom hear about are the business lessons that led to that success. Lessons that weren’t born from knowing exactly what to do and succeeding. But business lessons that were forged out of trying something and having it not go the way you want. Business lessons that come out of failure.

Failure provides an immense opportunity.  Sure, success provides opportunity as well. But I’ll venture to guess that if you consider the most valuable lessons you’ve learned in your business, they come from things that didn’t work. Or at least didn’t work the way you expected.

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Small Business Advice: Learn How to Change Quickly

People ask me all the time how do I grow my business?

The answer is always quite simple, really. So simple that it can be answered in one word – change.

Albert Einstein defined insanity as “doing the same thing over and over again and expecting different results.

Yet how many of us can say that we’re not doing something insane with our business? How many of us keep trying the same things again and again hoping that somehow the results will be different than before?

Well, the only way to different results is to do things differently than before. If you want to grow your business, you have to introduce something new into it. You have to do something, even ever so slightly, different. In other words, you have to change.

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What Rocky Balboa Can Teach You About Business

What does it take to be successful in business?

I’m guessing you can begin listing a dozen things right off the top of your head. I know I can – clear vision, business plan, marketing plan, metrics, proper positioning in a highly refined niche market, branding, marketing message, growth strategies, solid business structure, etc. The list just goes on and on.

But one thing is missing from my list – and maybe yours. Rocky Balboa knows what it is. It’s what made him successful as a boxer – and yes, I know he’s a fictional character. That one thing…perseverance – steadfastness in doing something despite difficulty or delay in achieving success.

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