Some thoughts while starting the day today--thoughts about this "down economy" we are in.
I travel a lot and have the opportunity to speak with business people from all around the country. When the subject of this economy comes up, there is something I have noticed that is almost universal in individual attitudes to this subject: people talk about it like the economy is something out of their reach completely, something over there.
To some degree that may be true. Surely there are other forces at work. But is the economy something we can control? Or should we all just throw up our hands and ride it out, hoping it doesn't have a bad ending for one and all?
To answer that question, I think we have to take a peek at this question:
Of what is a an "economy" composed? What is an economy?
One definition I like comes from Merriam Webster:
"A system especially of interaction and exchange <an economy of information>"
If we use that definition, we can take a look at almost any area and essentially see how much exchanging and interacting is going on. That might apply to a whole country or a even just a household.
It also implies something else.
Economies, whether large or small, occur between people. It's the people (even if they are organized as a larger group, government, company, etc.) that do the interacting and exchanging that make up an economy, regardless of its size. Wouldn't you agree?
Sometimes it can be useful to view larger problems in a smaller context when that can be done. So let's bring it home a bit more because viewing the big bad national economy can be overwhelming to be sure.
Our own "personal economy" could almost be boiled down entirely to a couple of things, it seems to me:
A. The state of our contacts--our relationships. Do we have a lot or just a few? What state are those relationships in, really? Warm? Cold? Lots of interaction and exchange, or just a little or none at all?
B. Our own ability to create and foster a state of interaction and exchange between those relationships. How are we doing in that area?
These are both areas that any person can do something about. You can do something about it and so can I.
To the degree that we improve ourselves and others on these two points, we can actually have a positive impact on our economy locally and that, in turn, can assist the broader picture. Good presidents in our nation's history have done this. The Depression in the 1930's came to and end, some would say, because FDR literally created jobs for people. That's a broader view of the two simple points above, but in the end he just had a bigger address book (the U.S. people) and had a bit more power (legislation, gov. agencies, Treasury, etc.) but still used that power to do no more than create a reason for people to interact and exchange between each other.
There is no reason, though, why we should sit around and wait for a President to act--by then the scene will have become so ugly we would all have wished we'd done something while we had the chance.
When I work with my clients, it helps me to keep a simple view of the their economy. A lot of what we do is in the area of A. and B. above and, let me tell you, it works.
It's something anyone can do for themselves, though, to have a more positive impact on their own personal economic situation. If I had to recommend a simple set of steps anyone could follow it would be:
a. First, for your own peace of mind and general good, turn off the mass media hysterics. Stop watching TV and reading the paper for 2 weeks. Nothing they say will likely assist you in doing something about the problem. But if you doubt that, consider the two week off period a test. You'll find you feel less like a victim about things and things will not look so gloomy all the time. If you like how you feel, do what you feel is right. We have a lot of littel kids (four to be exact) and we haven't had cable since the first one was born 7 years ago. Recently we tossed the TV altogether because we couldn't figure out how it was really helping us. But that was our choice. Make your own based on your own level of ethics and courage.
b. Steer clear of naysayers and bad news merchants (people who can't wait to tell you how bad it all is--they can't help it since they are still watching TV, etc.) in your social network.
c. Join a vibrant networking group of some kind. My favorite out there in the world is BNI (not the barter organization of the past, that's a different company). They are the world's largest referral organization. (website: http://www.bni.com). You can also sometimes find a really good Chamber of Commerce in your area, but the difference between these two is that BNI lives and breathes getting you more business whereas the Chamber groups often focus on "networking" and from there it's every man/woman for themselves.
d. Measure your progress. If you can't measure it, you can't control it. So keep track of what you're doing and focus on doing more of "it" each time. Calls, meetings, $ in business gained/lost, etc. Track your whole pipeline eventually, but begin gradually if you have to.
e. When talking to people, find out what they need and figure out a way to get it to them if you can--even if it is not what you do. Find someone who does it and hook them up (to jump start this, attend a BNI meeting). There is magic here. Don't take this approach if you would rather fail anyway have talk about reasons why you did.
Get someone to help keep you accountable in these areas. As a business coach, that is almost half of my program because often folks have trouble in this area the most.
In summary, don't buy the line of bull that this economy is some force of nature or an act of God that we all just have to live with. If you do, it's a self-fulfilling prophecy and I guess we'll all just see each other in the soup line. Let's assist each other in getting off our proverbial derrières and get out there and exchange and interact. Only good can come of it!
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