Element Fusion

The weakened economy is all the talk here in the US. You can turn just about any direction and find someone who will belabor the woes of our nation, rising oil prices, inflation, the credit crisis, and the like. But curiously, I find very few people talking about ways in which these weakened economic times can actually help us. So, here's a thought on how to proactively make use of weakened economic times.

It seems to me that the tougher economic times remind us of what is most important. It's like automatic prioritizing. This applies to our personal lives and to our businesses. After all, if money gets tighter, you simply have to start cutting, and most everyone has a natural ability to recognize the things they can do without when times are tough (it's curious how we somehow loose this ability when times are good).

As an individual, I may cancel my cable subscription, sell a few possessions that I can do without, consolidate my driving into fewer trips, or any number of other cost-saving measures. What does this tell me? Well, it tells me that I can live without cable and the other things I feel inclined to drop in order to brace for tougher times.

As a business, you might focus in on your core competencies and limit the amount of time, effort and money spent on new, experimental endeavors. When times are good, maybe you're willing to try out a new business direction, but when times are uncertain, you're driven back to what you know is proven to produce. What does this tell you? It tells you what is most effective and productive about your business.

I think uncertain, difficult times are there to teach us about what's important. Whether in your individual lives or in your business, be sure to listen to your instincts as things get tighter. Make notes about what you discover. Then, when things turn around, try to hold on to what you've learned. Don't let yourself snap right back into how you operated before. Do it better, more productively, and more efficiently based on what you learned from yourself about what is most important.