3 Reasons You Shouldn’t Freak Out if Your Business Slows Down

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Unless you live under a rock, you know we’re in a recession right now. Sure, the economists can say we’re out of it, or that we were never really in one, but looking at how people used to live day to day and how they now live day to day paints a different picture for me. And, the way that my business used to perform (I’m a DUI attorney) and the way it does now also paints a different picture for me.

When the economy turned, business slowed down. But I didn’t freak out. I stayed calm and steady for three specific reasons – reasons that have kept my business alive and well today. Here they are.

1. Business is Cyclical

You can’t ever really know you’ve got it good unless you’ve experienced it bad, right? I know that’s been the case for me. In the time I’ve been a Tacoma DUI attorney, I’ve definitely noticed that there seems to be a cycle to things. There will be a time when I’m really busy and everything is going great, and there will be times when everything slows down for a little bit (though it seems like an eternity).

Understanding that business is cyclical, and being able to impart that knowledge on your subconscious, will help you through that down cycle.

2. It’s a Great Opportunity to Get Out of Your Comfort Zone

One thing that’s really easy to do in business is get comfortable. You get a couple of marketing ideas that start working for you, a couple of strategies that start making money for you, and then you rest on those laurels and resist going out and looking for more honey pots. Well, a down time in the economy is a great opportunity for you to get out there and try something different (while holding on to what you’ve still got).

For example, in my business, a lot of clients come from the internet. People are too ashamed or scared to ask a friend or loved one about a DUI attorney, or they simply don’t know one, so they look to the internet for help. And for a while that was great. But when that source of clients slowed down, I used that as an opportunity to reach out to other client sources to see if they could produce as good as the internet could.

3. You’ve got to Adapt to Survive Anyway

Five years ago if I’d told you that Blockbuster, Barnes & Noble, and Lehman Brothers would be completely gone would you have believed me? Probably not. But they are in fact gone. Some would say they were a byproduct of bad luck. I’d say they failed because they did not have the foresight to adapt to changing conditions.

To use my industry as an example once again, I know some DUI attorneys who still insist on advertising in the Yellow Pages. Yes, the book the Yellow Pages. It still exists in some areas. And people are still advertising in it. Even though we know when someone wants a Tacoma DUI lawyer they don’t go to the phone book they turn to Google, some people just can’t shake their old strategies.

A downturn in the economy is a sign that it’s time to start adapting.

Business revenues typically wane and swoon over time. That is to be expected. The key is, when you hit that wane, to not freak out, and to use it as an opportunity for growth.

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