Surviving and beating this recession is like exercise…no pain, no gain!
By guest columnist Howard Hauben, Editor, The Centurion What Jewelers Really Think Newsletter and President of the Centurion Show.
Until you’ve stared into the face of devastating challenge and adversity and come through the experience ready and able to go forward, you haven’t received the true benefit of surviving and beating this amazing recession. The true gift of the downturn to business people in fine jewelry (and any business for that matter) is that “I’ll never forget that” feeling one gets when they realize that they truly are stronger and better for the experience.
Here are several suggestions on how to harness the power of the recession to improve yourself and your business:
Seek the Pain—If you have an idea for a product you’re sure will sell in your store or in your line, and there is a real financial risk involved, don’t recoil and decide “this is no time to take this kind of risk.” Instead, feel the fear and force yourself to analyze the business opportunity carefully and find its stress points. Then determine if you can afford to fail or if you can afford not to try. When/if you green-light the idea, face the natural fear of failure with an aggressive, can-do attitude that turns that very fear into adrenaline. When the chips are down and it’s looking like you’ve made a poor decision, keep pushing and keep on believing.
Visualize that success is the only option and outcome, even if you have doubts. When you begin to see that the mission is really going to succeed (akin to making it through Holiday 2009 ahead of 2008 numbers when the whole year was down), internalize the feelings and try to understand them. Feel the joy of facing down huge and very real adversity and coming out okay and what that does for your confidence in your abilities as a business person.
Above all else, remember the fear you had to face to get there. The designers and retailers who laid low didn’t feel that pain, but now you’ve added 20% to your market share because you were willing to face it and you’ve learned a lot about yourself in the process.
Communicate empathetically, throughout the experience, with your team, customers and other stakeholders. Courage is key here. Allow yourself to be human. If selling high-quality, larger diamonds was your gamble, let your “insiders” know about the risks and upside and the essence of what it meant to go forward regardless of when you knew it would be hard to accomplish. Staff and even customers love the idea of being part of a “team” that rises to a challenge. It evokes that beloved, come-from-behind, Underdog spirit. And it’s these kind of emotions that can power you through these treacherous, recessionary times.
Conclusion—If you’ve come through the recession unaffected because you hid from adversity, you missed a chance to grow more capable.
Howard Hauben is the editor of The Centurion What Jewelers Really Think Newsletter, as well as president of the invitation-only Centurion fine jewelry trade show. You can sign up for the newsletter at www.centurionjewelry.com Hauben has been involved in business media and trade shows since 1977, most of which time has been spent serving the fine jewelry industry. You can email Howard directly at hh@centurionjewelry.com
By Fruchtman on January 19, 2010 :: Filed under Think
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