In his book, “The Seven Habits of Highly Successful People,” Stephen Covey posited that a proactive nature is a more sustainable approach to problem solving than laboring over situations in which there is little, if anything, we can control.
Currently, we are inundated with information about a national financial industry meltdown apparently requiring a federal “bailout.” More than one local business owner has reported a story of an employee walking into the office doorway and asking, “So what does it mean for us?” or “What are you going to do?”
The answer for most local business owners should be, “Nothing.”
When viewed through the lens of the Seven Habits, the financial meltdown changes significantly. What part of this situation can we individually, or even collectively, influence?
We could have written our congressional representatives two years ago when the regulatory agencies and Congress – responsible for their oversight – turned a blind eye to the game playing in our financial markets in favor of increasing federal tax revenues.
At the end of the day, the influence we can have on a national level pales relative to the direct influence we can wield in our own market.
In addition to, (not instead of) holding our congressional representatives accountable, we should focus on the local situation: Who we buy from; who we sell to; how we talk about our situation. All of these are circumstances in which we have direct influence and the consequences of which can mean the difference between an OK year and a fine one.
How many times in the last month have you asked a business associate, “How’s business?” and gotten the reply, “Well, all things considered…”
Many business owners have taken to couching their responses in terms reflective of the national financial issues when business is good and the national situation has little effect on their business.
For most, business is not as good as it was 18 months ago. But on average and in comparison to other parts of the country, most are still having a pretty good year.
Development projects are coming out of the ground across the region, businesses are expanding and new businesses are opening in nearly every neighborhood. Just because the marketplace is normalizing doesn’t mean business is bad – in fact for many it remains strong. Don’t be hesitant to say so.
Our advice: Don’t do anything as a reaction to the meltdown. Do what you need to do to sustain your business, that which supports our local business community.
Whenever possible, hire local, buy local, sell local.
When you focus on the local aspect of your business – your true circle of influence – your circle of influence grows, it doesn’t shrink. Your influence and that of your business becomes stronger.
So have concern about what is happening on the national level, eventually it will affect us. But focus on that which we can most easily impact, our local economy, and we will all grow and become stronger.
