Economic Quagmire Requires A Return To Basic Principles

Doug Marshall
Market Assessment
Published May 14, 2009


Back in January I wrote an article titled How To Survive the Economic Downturn. The Portland Business Journal recently printed it in a shorter version, shown below.
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The downward spiraling of the economy. No one knows where this is heading. What’s worse: there is very little you can do to minimize the carnage. But here are some time-proven principles which, if applied, can help us out of this quagmire.

GO BACK TO THE BASICS
For those in any kind of sales profession, marketing is critical. Success depends almost solely on how many marketing contacts one can make in a week.

So now that the phone has stopped ringing, go back to square one.

STAY FOCUSED
What one thing will best help you survive? Identify it, and forget all the distractions. So-called “important” issues often sidetrack a company’s focus.

WHAT SETS YOU APART?
Consider a brutally honest self-assessment. What core competency distinguishes you from your competition? What do you do that is no different than anyone else?

If you can’t differentiate your product or service from your competition, you’re in deep trouble. You end up being just one of many possible choices for your clients. Focus on things that make you unique.

BE 100% COMMITTED TO YOUR CAREER
I had a friend, years ago, who worked at a start-up. I remember him saying that, if it didn’t work out, he had another lucrative opportunity with a newly established dot-com company. The wiggle room gave him room to fail.

It’s difficult to succeed in any profession if you’re not 100 percent committed to it.

Within a year, my friend was out of the commercial mortgage business and the lucrative job offer with the dot-com never materialized.

IF NECESSARY REDEFINE YOURSELF
Sometimes after you go through the self assessment process, you realize you’re not the problem. The market is.

If that is true, find a new niche within your profession. For example, if you work in the residential real estate market, maybe you can move some business into the reverse mortgage industry, currently a lucrative market.

With every change in the economy there are winners and losers. Find those clients who are in the most financial pain resulting from the poor economy. They are the ones in need of assistance.
STAY POSITIVE
A positive attitude is the most important thing to focus on during difficult times. Here are some suggestions:

• Avoid negative people. We all know who they are. Avoid them at all costs.
• Don’t go it alone. Find someone, or maybe more than one person, with whom you can share your deepest fears. Don’t be a Lone Ranger.

DEEP-SIX WHAT DOESN’T WORK
Albert Einstein once said, “The definition of insanity is doing the same thing over and over again, expecting different results.” Have you been doing the same thing over and over again and expecting different results?

A bad economy can sometimes be a blessing in disguise. It can force you to make decisions that you’ve known in the back of your mind had to be made.

DON’T GIVE UP
In his book, Good To Great, Jim Collins refers to the Stockdale Paradox, named after Vice Admiral James Stockdale. While in a Vietnamese prison, Stockdale encouraged his men to retain their faith that they would prevail. The same is true for us:

• Retain absolute faith that you can and will prevail in the end, regardless of the difficulties you face.
• At the same time, confront the most brutal facts of your current reality, whatever they might be.

When all else fails, that attitude can carry one through many, many difficult times. Don’t give up, no matter what.


Source:
As printed in The Portland Business Journal, May 1, 2009 For the full text of this article go to the Marshall Commercial Funding web site blog, at www.marshallcf.com.