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The state of the economy is always on our minds, but it’s especially prevalent during periods of extreme uncertainty. At the time of this writing, small business sentiment is at a 48-year low. The NFIB’s chief economist, William Dunkelberg, said, “The uncertainty in the small business sector is climbing again as owners continue to manage historic inflation, labor shortages, and supply chain disruptions.”
Emotions can undoubtedly influence actions, but that is also when cooler heads must prevail. There are four types of actions, ranked here from worst to best:
1) Inactive –
When fear and anxiety grip a person’s heart, they are more likely to simply do nothing. This is a “We’re just gonna make do with what we already have” mentality, which eliminates any new initiatives that could make a business more money. When a leader decides to freeze up, a lot of other things also begin to freeze.
2) Reactive –
Those that simply react are often at the mercy of whatever external stimulus exists. We can’t choose what happens in life, but we can choose how we react to what happens. How have your reactions been lately? Positive reactions can help you be timely and relevant to those you regularly interact with, including your customers.
3) Pro-Active –
When you demonstrate initiative, you’re showing you have creativity and guts. It shows you’re a dreamer that’s willing to work, aligning around a purpose instead of circumstances. Pro-activity is generated around a vision, which in turn generates enthusiasm.
4) Interactive –
Visions are important, but they can easily exclude the very people you’re looking to benefit. What’s the point of being proactive if you’re tone-deaf to the needs of others around you? Leaders that make it a point to engage with their team and customers on a regular basis create visions that are authentic.
I recently talked to a client who is thrilled about what’s going on in the economy. He said, “Listen, when everyone else gets scared, I get greedy. When my competitors do nothing, that’s my cue to do everything. I’m going to take the ground they’ve given up.”
Interesting point, right? What’s scarier — what may or may not happen with the economy, or losing your momentum to a competitor that simply wants it more than you do?
The client went on to say that his sales are down for the moment, but that is inspiring him to try new initiatives. He continued, “When sales are low, that means the communication I have with my customers needs to be higher. I may give it a bit of a rest when sales get back to normal, but right now I’m talking to them all day, every day, and they know it.”
Beyond this one particular client, I see this same dynamic demonstrated in multiple industries. The merchants that are making a point to be interactive with their team and customers are the ones making headway during challenging times.
Put another way, when merchants meet the needs of others, they find their own needs are met. As Zig Ziglar said, “You can have everything in life that you want if you will just help other people get what they want.”
P.S. There are plenty of ways we’re seeing our clients get interactive with their customers, including regular marketing and content updates. Let us know if you’d like some ideas on how you can take your customer communication to a new level.