Is it time to be cautious? Probably. But being cautious and being paralyzed with fear aren’t the same things. Unfortunately, paralyzed is often how businesses react to negative economic news.
Too many businesses react by doing nothing because they fear anything they do may be wrong. In reality, doing nothing is the worst mistake they can make.
As businesspeople you aren’t responsible for a sluggish economy, spiraling costs or many other business problems you may face now or in the future. You are, however, totally responsible for the steps you take to address these problems.
First, you must not become overwhelmed, or start to doubt your ability to cope with downturns.
If things get tough for your shop, take a minute to stop and think. Can you remember a time when running your business was easy?
During all the years I’ve observed this industry, I have yet to meet a shop owner who started the easy way and has always had it made.
The vast majority (76 percent) of shops in this industry are family-owned businesses that were built from the ground up. It took a lot of struggle and hard work to get them started and keep them operating.
So, what did you have then that you don’t have now? Nothing.
In fact, you’re definitely more experienced and probably even smarter now than you were then.
For those of you who managed to start your businesses, you can indeed manage to stay in business.
To survive in an unhealthy economy, it takes determination, innovation and lots of hard work. If you think back, that’s exactly what it took to get you started.
My father always told me, “Never be afraid to climb out on a limb because that’s where you’ll find all the fruit.”
As entrepreneurs, you weren’t afraid to go out on a limb when you started your collision shop. Your record proves you have the ability and know-how to climb.
Even in a sluggish economy, the fruit is still there for anyone willing to reach for it.