The L-Word in Business during a Recession

The L-word in Business during a Recession

Wow, Have you ever heard so much bad news about the economy in your life? Honestly, turning on the financial news is enough to make someone throw in the towel. Capitalism doesn't work anymore! Stocks are plummeting, Real Estate is a bad investment.

Stop, please.

When everyone is selling, stop and ask yourself “Who is buying?” Now, just because you and I can’t imagine who would be buying doesn’t mean they aren’t. They are. Entrepreneurs, and people who can see the future.

Imagine if, in 1970 you had bought a small 10 unit apartment building. Back then, that investment would have been an astronomical $300,000 ( or less). Today, in this down market, a building like that, in a fire sale is 1, 000,000 - and you'd still have the cashflow coming in.

What if you bought that building today for 1 million? How much will it be worth in 3 to 10 years from now? It will be "more" - and if you bought it today, you'd earn the difference!

Deals are still happening - someone has to BUY for someone else to SELL.

That is the kind of thinking that builds wealth. That is smart, tactical thinking.

Really, that’s how a coach thinks. Here is a glimpse into the psyche of a business coach a la Brian Tracy.

In one of Brian's books (FocalPoint) he talks about the Grand Slam formula. This is more about the “L” word, the Leveraging of Resources to reach new goals.

We aren’t just talking about your own skills…if each of us was limited to the success our own talents could bring, we would eventually hit a ceiling. But when we leverage the resources available from our connections to other people, that’s when things get exciting! That’s the kind of business strategy that keeps building success, even when Wall Street says “give up!”

So, let’s do a quick rundown of the resources Tracy assures us are available to every business person (and team).

1. Other People’s Knowledge – the crucial information we’re missing that other people can supply to propel us to the next level
2. Other People’s Energy – the ability to delegate activities that bring low return on our investment of time
3. Other People’s Money – the money other people are willing to invest in our efforts, resulting in more income for them and for us
4. Other People’s Successes – the ability to learn from others’ successes and make their strategies our own
5. Other People’s Failures – the willingness to look at what hasn’t worked in your field and avoid the same mistakes
6. Other People’s Ideas – what great idea is out there waiting to be combined with your particular skills before it can succeed?
7. Other People’s Contacts – what introductions or referrals can other people make that can help you reach the next level?

A day in the life of a business coach is exciting, because we get to work through these steps with motivated businesses.

We know that, sooner or later, the light bulbs will start going on and the leveraging phase will go into overdrive. That’s because, as business coaches, we’ve learned it only takes the right questions and the right feedback to help move a great team into new territory.

Listen to the news if you have to, but don’t fall prey to the “doomsayers”! With a little leverage, you and your team are going to reach your goals and start setting new ones.

Can’t wait to prove me wrong? I’d love to hear your comments! Keep talking to me, and keep reading. We’re going to make this your best year yet.


Steve Thompson,
President,
FocalPoint Coaching, powered by Brian Tracy