Adjustments for Today’s Business ClimateApril 19, 2023
Our business leaders discussed current recessionary trends and evaluated their responses to the recession in their Round Tables this month. If you would like to join a Round Table, see our website for a location near you https://thebusinessrt.org/round-tables/.
Highly Blessed and Favored
One Round Table leader gets asked frequently by clients, “How has your business been affected by the recession?” “Have you felt struggles in this economy?” She always tells them, “No; we are always highly blessed and favored.” She speaks that into existence. If her staff heard her say, “We are struggling here, their mindset would be altered.
Negative responses produce negativity. “Don’t pay attention to the 10 spies’ network (the media).” The media is going to push a deeper, more difficult expository of current events than what God’s Kingdom does. One Round Table member has been tempted to look at the negative as he has seen a slowdown in the volume of business requests. He can see that the behavior and decision-making have changed with customers. The temptation is there to complain. The response is the attitude we have between ourselves and the Lord. Do we trust him? When the temptation comes to complain, he reminds himself to change the discussion to something positive.
One member was reminded of Nehemiah re-building the wall with a sword in one hand and a bible in the other. They kept winning over the opposition because their mindset was on the mission of rebuilding the wall. We will come against a lot of distractions during a recession. There are plenty of people that need our services. Even if your business contracts, contraction doesn’t mean you are destroyed. It just means the battle is changing slightly. Take the attitude that it is time to move forward and build.
One business owner watched a program on the training of our special forces. On day five of sleep deprivation and hunger, they asked them to climb a very tall ladder, then they had to rappel on a pole at a high elevation. They are put through extreme duress and under extreme conditions. The question becomes, “Can they continue? The brain will shut down to preserve energy and preserve emotions. The goal of the exercise is to get people to move beyond their initial defensive mechanisms of self-preservation. This owner is trying this training model with employees he knows are C players but could be B players, or B players he knows could be A players. A lot of what holds them back is their attitude about themselves, and not about their skill sets. It is important and it has been communicated that this leader is pushing forward and not retreating or going into self-victimization during this period.
One business owner has always prayed, “Lord, you know the people and the companies you want to prosper, you know the ones you want us to help.” We pray for those clients. In every economy, there is always someone doing well. We can be open to those who need our work.
One leader is putting up bumper rails on his company during this time. He is working with a contract CFO to address pricing models that will benefit his company and his customers. He is also working with another consultant on employee performance, attitude, and other types of employee behaviors that are required for a company to excel. When employees understand and embrace these expectations, it changes the culture.
One business leader’s company is doing very well due mainly to diversifying its offerings. If you have not experienced a recession, properly diversify. Acknowledge the recession but don’t dwell on it. It can force you into bad decisions if you are just reacting to the news.
One leader was looking to get rid of two people who were underperforming. He then decided he did not want to give up on them and asked two leaders to mentor these individuals twice a week. It came out that one of his employees had been assaulted at the beginning of the year. He was unaware and it made him realize that your employee’s attitude may be a result of what is going on outside of work, or inside their home. We need to be attentive to our employees.
One manager starts his weekly meeting with, “Tell me something good that happened this weekend.” He is trying to change the tone, then people start to open up a little and change their mindset.
Protect your company against inflation and raw materials increases by implementing price escalation clauses in your contracts.
The commercial real estate market is crashing, watch for deals.
Please mark your calendar for our Kalamazoo Leadership Event featuring CEO Jeannie Henderson, leader of Jeannie Cleaning. Jeannie will share her experience in creating a rewarding and fulfilling business culture. Enjoy breakfast, networking, and interactive discussion.