Entrepreneurs Will Survive Economic Storm

Being an entrepreneur for 18 years has taught me that unexpected and potentially crippling circumstances are bound to appear in the marketplace which can threaten any businesses operations. As an instrument rated pilot, however, I learned that if you get too distracted by a storm or commotion in the cabin, you’re in danger of letting your air speed drop and your plane falling out of the sky. So today, amidst the perpetual distractions of negative media reports heaped at small business owners, I offer a message of resilience that centers around one basic principle: keep flying the plane.

Entrepreneurs today must keep a steady hand on their control sticks, make the necessary adjustments, and have confidence in their ability to maneuver through this economic storm and land whole on the other side. To some this may seem like a daunting task, but it’s imperative to remain focused on these four core principles that are the foundation for successful businesses.

1. Focus on the quality of your services. Use this time to examine every detail of your business to make sure you’re as efficient, effective and adding the most value as possible.
2. Take care to assemble the best possible team of professionals in your industry. During challenging and competitive economic times, all errors will be exponentially magnified.
3. Continue basic blocking and tackling and planting seeds. Capitalize on every opportunity.Market your services while your competitors are giving up and your name will remain prominent.
4. Seek innovative and out of the box solutions for your clients. Determine how to reduce the cost of doing business, and pass that saving on to your customers.

Small businesses owners should be encouraged in knowing that we are the backbone of the U.S. economy. We’ve prevailed over economic hardships before and we’ll survive this one. As President Obama stated in the joint session of Congress last week, America will emerge from this crisis stronger than we were before.

Business owners who effectively manage these four basic principles will prevail in these economic times and will thrive when the market returns, because we know that it will come back.

By Darrell S. Freeman, Sr.