Circle of Control | Circle of Influence in an Economic Downturn

In small business, sometimes it's the uncertainty that does the damage - not even through a thousand paper cuts, but through that constant sense of something hanging over all of our heads. So how do we own the uncertainty? How do we manage our energy and still make good decisions in business when we're unsure about the future? Welcome to Don't Waste a Good Recession, episode two. Last week, I talked about the three different ways that small businesses respond to an economic downturn. If you want to thrive, not just survive, a key part is how you respond. Not just reacting, not just going in blind. This week, I'm going to share a key framework you can use to stay in control and take ownership of the outcomes in your life and your business. I'm talking about the Circles of Control framework by Stephen Covey. And in particular, in the "Before" phase of the current economic downturn, I talk about Cash. Revenue is Vanity, Profit is Sanity, and Cash is King - a fact that is most true at the point of maximum financial opportunity, the depths of a recession. The individuals and businesses who will benefit most at that time are the ones who are focusing right now on how they build cash in their Circles of Control and Influence.