The economists say the recession is over, but many business owners I talk to don’t share this belief. They continue to struggle to get customers and close sales. Their costs, such as health care premiums, continue to rise but can’t be easily offset by raising their own prices for fear that they’ll lose the precious customers that they do have. NFIB's Small Business Optimism Index showed a slight gain over the previous month and the best reading since September 2008, but still a long way from the level of optimism that would support a strong economy. Still, some businesses are managing to do well, even growing; some are stars glowing with success. Why? I think there are three categories for successful businesses today, and you need to find your fit.
Businesses benefiting from tough times
As the old saying goes, “one man’s loss is another man’s gain,” allowing some businesses to profit from the misfortune of others. Some types of businesses that thrive when things are tough include auto repossession, debt counselors, pawn shops, and makers of pay-day loans. Jerry Silberstein, president of Corporate Turnaround, a New Jersey-based company that helps businesses get out of debt and avoid bankruptcy, says business is booming.
Businesses benefiting despite tough times
Not all winners in a down economy benefit from the misery or misfortune of others. Some have found ways to be profitable even though the economy continues to limp along. These are companies that capitalize on the fact that the economy isn’t great and people are doing things differently than they did before the recession; these companies are providing recession-proof or recession-tailored goods and services.
Inc.com identified some upbeat businesses that are thriving today, including mobile application designers, environmental consultants, craft and hobby stores, bakeries and bagel stores, healthy beverage companies, and self-storage leasing facilities. This article indicates that those pursuing interactive technology, wellness, and small luxury items can do well despite a lack of health consumer spending.
Businesses that have adjusted to the economy
Just about any business can find ways to be successful even though the economy hasn’t recovered yet. Rethink, Reinvent, Reposition is a new book that provides 12 strategies to renew your business and boost your bottom line. These strategies are designed to help any business in any type of economy grow by recognizing the normal business cycle of business innovation (startup), emerging/growth (coming into your own), mature (aging) and either opting to renew and continue or decline and possibly die. It is especially helpful for businesses today trying to find their way in a tough economy.
A number of local restaurants I patronize have moved to reinvent themselves by providing special menus with attractive pricing. One even closed for two months to remodel and change its image from swank (which wasn’t going over in tough times) to friendly but economical. These companies have found a way to continue to attract and retain customers, even though these customers may be spending less each visit.
The definition of insanity, according to Albert Einstein, is doing the same thing over and over again and expecting different results. Don’t go crazy; go at things in a new way!

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