The Invisible Mentor

How to Thrive in Tough Times

September 7th, 2009 |

With most things in life there are peaks and valleys, ups and downs, and the economy is no different, it expands and contracts and the cycle continues. How can individuals work with the natural order of life to thrive even in a contracted economy?

During a recent interview with Linda Hollander, The Wealthy Bag Lady, I asked her to share five tips for things that individuals can do to thrive in tough times. The Wealthy Bag Lady is qualified to answer this question because she started what turned out to be a successful company during a recession.

Hollander is in great company – Microsoft, Hilton Hotels, FedEx, IHOP, GE, CNN, MTV Networks, and Burger King are a few of the companies that started in tough times. To thrive in tough times she suggests:

Be creative
Run a lean and mean operation
Concentrate on sales and marketing
Have an advisory team
Practice lifelong learning

Be creative: During tough times you cannot operate as if it is business as usual. Look at ways you can be more effective by doing things differently. Necessity is indeed the mother of invention. When Linda wanted to start her Small Business Expo for Women, she did not have the funds so she got sponsors instead. Onlookers were surprised that a small business could secure large businesses as sponsors, especially during a recession.

Run a lean and mean operation: Look at areas in which you can save and cut costs. Do as many things that you can by yourself so that you do not have to pay to get them done. One of the things that Linda did was buy used furniture instead of investing in new ones.

Concentrate on sales and marketing: It does not matter what type of business you operate, you are in the sales and marketing business so it is imperative that you learn how to market and sell yourself effectively.

Have an advisory team: Have a group of people you can always call on. Always ask for help and never go it alone. Your advisory group should consist of individuals who will assist you in holding fast to your vision. These people are your mentors, so surround yourself with mentors that you can learn from.

Practice lifelong learning: School is always in session so take the time to improve your skill set. Assess yourself to determine your strengths and weaknesses. Build yourself up where you are the weakest. The economy will rebound so prepare yourself, invest in yourself. This puts you in a stronger position than most.

Doing these five things will help you reap the benefits when the economy rebounds. But looking back at the interview which I conducted over a month ago, I realize that all the things that Hollander recommended are things we should be doing all the time, not just when the economy is slow. What are your thoughts? What are you doing to ride through this current economic environment?

Photo credit: Avil Beckford