5 ways to prep for the bad times in business while enjoying the good

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This year is starting out like gangbusters, and it’s easy to smile as we enjoy the incredible tailwind created by this economy. However, as every experienced entrepreneur knows, business runs in cycles, and it’s not if we’ll see tough times again but when. So, at the risk of being overly pessimistic, how do we enjoy the good times while also staying prepared for the bad?

Here are a few tips to help:

  1. Protect your goals – Have you crushed your original goals? Has your timeline of events shortened? Remember why you’re doing what it is that you do and where satisfaction and happiness lie. Set new goals if you must, just recognize when the original finish line’s been crossed.
  2. Never lose sight of the fundamentals – When the pace of business increases, so does your tendency to take short cuts—just don’t let them become habit. It’s important that you maintain your process because the success you’re enjoying today is the result of tactics you employed months ago.
  3. Dance with the one who brung ya – Loyalty is earned over time, so don’t forget about your long-term relationships while wooing the new. There’s always someone out there waiting to make them their newest client.
  4. Know thyself – Just because your growth is leading you into new areas of business doesn’t mean you’re good at it. Shiny objects and distractions abound, so understand when you’re outside of your core competencies and re-focus. A very wise and successful entrepreneur once said “The key to success isn’t recognizing opportunity; instead it’s recognizing those opportunities you elect NOT to chase.”
  5. Remember, you’re not that good – It’s OK to pat yourself on the back for a job well done, but don’t drink the Kool-Aid. We all have flaws, and just like jagged rocks that lie below the water’s surface, they can sink you when the tide drops.

So ride this wave and enjoy every minute of it! Just know that at some point we all have to bail.

As alwaysThese are my thoughts, I could be wrong. So, if you disagree or simply want to add to it, please do so. I look forward to the conversation.

Dwain – CEO Rider 

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