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April 03, 2009

5 Things to Smile about in a Recession

5 Things to Smile about in a Recession

Jill Fehrenbacher

CEO, Founder, Inhabitat

Summary

There's a silver lining to every cloud, as the old adage goes. The Chinese character for 'challenge' also means 'opportunity'... There are a

There's a silver lining to every cloud, as the old adage goes. The Chinese character for 'challenge' also means 'opportunity'... There are a number of sayings (cliches some might say) about how to find the positive side to adversity, but we all know that it is important to seek out the opportunity in any challenging time. For many small business owners, the recession is feeling very scary right now. Retail sales are down, advertising is down, loans are hard to come by, and it's still not clear if we've seen the bottom yet. Nevertheless, there are some bright spots in for a small business owner in an economic recession:

1. Talent is easier than ever to find?

It's never easy to find talented employees and business partners, but with so many companies shutting doors and laying people off, the pool of available talent has gotten a lot bigger recently?

2. The dollar is stronger!

3. Amazing travel deals are springing up everywhere.. making it easier than ever to take that retreat…

4. Your competition just got smaller?

Recessions separate the wheat from the chaff. Since it's harder than ever to succeed in business right now, all those competitors with weak ideas or unsound business models will be feeling the pressure. Take the time now to hone the core of your business and emerge from this recession leaner and stronger.?

5. A recession forces you to prioritize and focus

Maybe you were focusing your energy on side projects and pie-in-the-sky plans before this recession came along. The turning economic tide forces self-discipline on those of us who have a tendency to get distracted, demanding that small business owners clarify priorities and get lean and mean with their businesses.