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With corporate CFOs expressing worries that 2020 could bring a recession, businesses small and large know they need to hope for the best and brace for the worst. But as important as business savvy and financial expertise can be in riding out difficult times, other traits also come into play and may be just as essential.
One of those essential traits is courage. Thirty years ago when I started my company, I probably would never have said it takes courage to lead a small business, but without it, I assure you, you'll fail.
Like many businesses, my firm endured tough economic times after the 9/11 attacks. Revenue dropped and bankruptcy loomed as a real possibility. I had to figure out how to turn my company around, which took courage, endurance, and perseverance. I knew I could not go back, so I had no choice but to go forward.
Courage is just one of my "5 C's" - the guiding principles I've learned through the ups and downs and all the mistakes - for building and maintaining a successful business, large, medium, or small.
Caring. First, care enough about yourself and your dreams to believe you can achieve success. Just as important is caring about your staff and creating a positive work environment for them. Be supportive when stressful situations arise in their lives. Finally, a good business leader cares about customers. Be willing to listen to their concerns, take responsibility for mistakes, and correct them.
Confidence. Most people have faced and overcome challenges in life. The confidence that allowed them to prevail over those challenges must be brought into play in business. Believing you can reach for and achieve your short-term and long-term goals is essential to getting you there.
Competence. It's critical to stay up on the trends and disruptions in your industry. But you also need to recognize your limitations and not take on jobs within your company you're not qualified to do. You'll make yourself miserable and your business will suffer. Instead, for a small business, hire an accountant to handle the financials. Get marketing help if that's not your thing. At a larger company, those people are already in place. Hire competent people you trust, learn to delegate, and then trust them to do their jobs.
Commitment. Stay dedicated to your goals no matter how difficult that becomes. There are times when this will not only be difficult, but downright painful. That was the case for me during those tough times after the 9/11 attacks. I had to make drastic cuts, including letting go beloved employees. Then, for more than a year, I ramped up marketing efforts, diversified our services, and took other steps to get the business out of the red. In 2005, I succeeded - and it has been upward and onward ever since.
If you've recently launched a new business, stepped into a leadership position at an existing business, no matter what size, know that you'll encounter challenges. But don't panic. When times get tough, if you rely on the 5 C's as a sort of compass, you can guide the business back to smoother waters.
Marsha Friedman, author of Gaining the Publicity Edge: An Entrepreneur's Guide to Growing Your Brand Through National Media Coverage, is a public relations expert with nearly 30 years of experience developing publicity strategies for celebrities, corporations, and professionals in business, health, and finance. She is a sought-after advisor on PR issues and strategies, popular speaker, author of Amazon best-seller, Celebritize Yourself, and is the founder and president of News and Experts.