I was reading a blog about how most people tend to panic and focus on the one thing (or multiple things) that are causing problems during difficult times. I’ll quote Seth to make it a little easier… He says, “We talk ourselves into hysteria about how, ‘none of our customers have any money,’ or, ‘in this bleak economy, we’ll never make a sale.'”
This couldn’t be any more true. Take a look at Cramer’s recent advice to everyone to take their money out of the stock market. Wall Street is going through some tough times as our economy adjusts to some irresponsibility in the financial markets… and what do most people do? SELL SELL SELL. They panic and take all their money out. I think they’re missing an opportunity. Why not ride it out, and while the market is down, BUY BUY BUY? The market is down over 40% from a year ago. Sure your portfolio might take a hit SHORT TERM, but it’s an INVESTMENT, remember? That means growth over time. Time…. Short of a Third World War and the obliteration of all man kind, I think it’s safe to say that the economy will eventually cycle back and move forward. Too many people have too much riding on it for it to fail — so why panic? (Now that I think about it, a Third World War may just be what we need to get this place on a fast track to growth).
And why not apply the same principal to your business or your life in general right now? Sure times are tough financially — but now is the time to really take a look at all of the other opportunities out there.
Instead of focusing on lower sales or income, why not take some of that cash you’ve been sitting on and upgrade your studio equipment. Have a lot of free time at the office because your custom music clients aren’t calling as often? Write new songs and build up your library. Look for ways that you can produce more efficiently. Explore different means of personal productivity. Learn new technology. Rewrite the track descriptions that you rushed through at 2am last year. Research different potential markets where your services might be needed. Catch up on that pesky accounting project that would really give you a clear picture of where you are right now. CLEAN YOUR DESK.
Personally, I’m looking at this time as a time of growth, and an opportunity to get into more markets cheaply and effectively because other businesses are panicking and offering their services for DIRT CHEAP just to make the sale. I’m starting new projects, taking on new “inventory” that will ultimately enhance our business’s bottom line, and getting in at ground floor rates.
And you should, too. The point is to stop whining and focusing on the one negative that you think is holding you back, and find the 5 positives that you can build on to ensure your success in the future. Be forward thinking, and don’t get stuck on today.