More and more we hear, "The economy stands in the way of our businesses." But isn’t this the country where entrepreneurs painted rocks, added little eyes, noses and smiles (or frowns), and convinced the masses they needed one as a pet? There certainly was no value proposition. But even those with a small disposable income owned a pet rock. Times change, and we need to adjust our approach to business.

We face an unstable economic future. Placing our professional futures in the hands of big businesses didn’t work out well for many people. The security of a W-2 job didn’t prove so secure. Doing business is less secure. Business owners see that old methods of building a company are less effective when others are hunkering down for a recession. We need to face facts and rethink our businesses, putting aside certain aspects as we begin building for the future. This is fertile ground for entrepreneurs, who, rather than relying on old methods and slowly fading into the crowd, are staying at the forefront through innovation and bringing value to their customers. 

Rethinking the Business 

Business owners with the best chance for success are those who don’t panic. Instead, they clearly redefine their goals and markets, fine-tune their businesses, conserve their cash and provide exceptional value to their customers. To sell to these owners, you need to support their goals as if they were your own. Taking into account that there are fewer buyers who are also less willing to spend, what is your plan to satisfy these needs? Asked another way, what is your value proposition? What service or product do you provide that helps a company save money, increase sales and navigate through economic uncertainties? How do you set yourself apart from the competition and turn the cost of doing business with you into a significant gain for the client? Write down your value proposition. Then rewrite it. Now condense it. Include it in your 15-second elevator pitch. Include it in discussions with potential clients. Explain how the results you bring outweigh the cost of your services. Make the adjustments necessary for survival in a slow economy with fewer potential clients. Define your market, establish a well-considered plan and identify the characteristics and actions necessary for success. Accomplish this in difficult times, and you will almost certainly excel when the economy resurges.

Re-engineering the Rock

Getting back to that pet rock, I doubt that old business would draw significant sales these days. Consider devoting your time to building a new pet rock factory -- a re-engineered pet rock that attracts a new generation of customers. Let’s go with a pet rock with fuzzy hair and rocket boosters, loaded up on steroids and under investigation for a Ponzi scheme. Ah, but this doesn’t build the trust and value needed for continued success. Instead, take this concept, strip out the unsavory items and apply the rest to your business. Keep the fuzzy hair and rocket boosters, but replace the steroids and Ponzi scheme with integrity and the desire to provide exceptional value to clients. Set yourself apart from the competition.