Aug 08 2009
5 ways to cope with today’s tough economic times
Today’s tough business environment is forcing all of us to work harder than ever just to maintain status quo. We’re running hard, not sure if and when another shoe will drop. But we can’t run wide open all the time or else we’ll blow a gasket. So the question is, in these times, how do we avoid burnout?
Here’s my List of 5:
1. Run the numbers – I once worked with a former CFO who became CEO of his company during a time when the company was in danger of going under. From this experience he gave me one piece of advice that I always turn to in times of business trouble – “The numbers will set you free.”
Running my numbers always calms me down because I now know reality. Not having all the facts allows my imagination to drive me up the wall causing me to constantly chase a moving target. More times than not, running the numbers tells me I only need one more client or something simple to make things right. So run your numbers and get the facts.
2. Stop watching the evening news – Let’s face it, news organizations thrive on the bad stuff. If they can’t talk about someone’s loss they literally have nothing to say. To be sure the events of the day are important, but they reside on a whole other level than where I am. When in survival mode, I can’t impact the changes in healthcare; the only thing I can do is make sure I generate enough cash to afford it.
It’s the old “Garbage in – garbage out” thing, except in this case its “Negative in – negative out.” Stop listening to the gloom and start celebrating your victories.
3. Do what it is that you do – Sitting in my office thinking about the current state of affairs and strategizing how to overcome it stresses me out and wreaks havoc on my blood pressure. So I go out and simply do my job because working with a client or mentoring someone reminds me of why I do what I do and how much I love it.
It also gives me an opportunity to have a positive affect and right now we need as many little victories as we can get.
4. Join a peer group – Being an entrepreneur is lonely, so I recommend you either find a formal peer group (monthly dues to participate) or create one of your own. For the past 15 years I’ve navigated a couple of groups that meet monthly for a half to a full day. Each of us has an opportunity to discuss what’s going on in our world and get valuable feedback because over time we’ve come to know each other’s businesses intimately.
Besides, there’s nothing better than to have a close group of trusted advisors to lean on.
5. Ride my motorcycle – (Bet you thought I’d have this first) I love nothing more than to take off for a 6:30 a.m. ride and clear my head. Sometimes I do it alone and other times I connect with another BusinessBiker or two. We’ll link up and take a 30-45 minute ride to one of our favorite out of the way breakfast spots and talk business.
The cool thing about meeting this way is that the ride over serves to clear our heads allowing us to focus on what’s really important. This makes our breakfast conversation more focused and productive.
That’s my List of 5 – let me know what you do to cope.
D
Dwain – The BusinessBiker
As always – This is just my opinion, I could be wrong. So, if you disagree or simply want to pile on, please do so either here on the BLOG or email me directly at Navigator@BikersGuidetoBusiness.Com I look forward to hearing from you.
