In my 30 plus years in the apparel industry, I’ve witnessed a number of  economic downturns.  The nature of the industry is both cyclical and rhythmic.  The seasons and styles represent the cycles of change and the industry expansions and contractions represents the rhythm of change.

Following each period of expansion, with new companies emerging and established ones growing, there is an inevitable period of contraction, during which some companies may fail and others consolidate. Whenever I’ve observed successful companies that emerge from a contraction stronger than before, it appears that they have one thing in common; they have adopted a positive attitude and not participated in the common conversation of doom and gloom that is pervasive during challenging economic times.

I hear many CEOs talk about finding ways to cut back on overhead during tough economic times.  Rarely do I hear them look for ways to expand on their sale, and when they do, they are invariably more successful and profitable.  Economic downturns are also filled with opportunity, and those who are flexible and have a positive approach will be better equipped to see and seize upon those opportunities.

Some tips to best survive and thrive during challenging economic times:

1. Get creative with marketing! There is always more business available in the market place than is currently being exploited. Explore ALL the possibilities.

2. Maintain a positive perspective.  Avoid the doom and gloom conversations (and the people, if necessary).  Surround yourself with positive people!

3. Remain in the present.  Pay attention on what  must be done today, and do it, rather than looking too far ahead into the future.

Most of the negatives attributed to economic downturn come from fear-based emotions or destructive negative thinking.  The ability to manage emotions and thoughts during such times will likely provide the internal fortitude necessary to survive and thrive during such times.

Robert Silverstone,

President

Silverstone Consulting (CFMS, Inc.)

Empowering Excellence in Business and in Life

www.robertsilverstone.com