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Join Me In Out-Creating this Financial Crisis
An invitation for small business owners
By Richard Hilton

The heart of the financial crisis is a lack of confidence. Too many investors and lenders have lost the certainty that conditions will improve, or even stay the same. Without confidence there is fear and distrust.

I experienced an earthquake in Los Angeles some fifteen years ago. I saw the earth rise and fall in waves traveling toward me. The lawns and pavement actually rose and fell in a wave pattern, and then the first wave arrived under my feet and I was on the ground. For two days after that experience I didn't trust the earth. It wasn't solid like it used to be, I couldn't walk or step on the earth with confidence.

The dollar is supported only by confidence. Once there was the gold standard, and then the silver standard. Now there is only the confidence in the financial system. Confidence in America and the productivity of the United States. We have had earthquakes on Wall Street, and around the world, and confidence is low.

But if the core of the problem is lack of confidence, then the remedy is to add confidence.

If you're a business owner, you've probably gone through some tough times. You know with some certainty that you can handle almost anything life throws at you. If you had to, you could shift gears and run the whole operation by yourself. You probably did it once, and you could do it again. You have had to learn new subjects in the past and you can learn new subjects again.

When a problem seems too huge to do anything about, there's a tendency for people to shrink back and throw up their hands. Wrong response. A situation is overwhelming to the degree that you can't do anything about it. If you can fight back, just a little, then the situation can be faced and improved.

So what can you do?

First of all, believe in yourself and your ability to make good decisions. This country has been comfortable for quite a few years; your survival hasn't been seriously challenged. Well the times they are a'changing. You will have to adapt and probably you'll have to be less comfortable. But have the confidence that you can make it through this rough patch. Just wake up and realize that you can have control over your situation. Remember how you survived in tough times, and have the confidence that you can do that again. No calvary is going to arrive to save you, but you can get through on your own. You can.

Second, seek to improve the situation of your customers. Ask what you can do to help them. You have resources they do not have access to. If you genuinely seek to assist them, without asking for payment up front, you will be well repaid in the long run. I had a friend who made a fabulous living as a bellhop in an expensive hotel. He told me that if he put all his attention on service he didn't need to worry about money. But if he put attention on money, it wasn't there. Your customers need you to be there for them. Maybe you need to sharpen your pencil and find a price point which will overcome their fear of buying, or maybe you've got some extra bonuses you can add to your product without lowering the price. Maybe your customers just need some information without buying today. Find out how you can help.

Third, recruit the full support of your employees. They have to understand that you're all in the same boat, and seas are rough for everyone. If you've got an employee who is actively not helping, a bloody termination scene should inspire full support from the rest of the troops. But the key is to engage their complete cooperation in customer satisfaction, and their understanding if hours have to be cut.

Fourth, OUT-CREATE the crisis. This is the most important idea. Realize that every problem offers an opportunity or two, if you look at it from another angle. By playing a lot of poker I learned that one profitable path is the one which nobody else is taking. If everyone at the table is betting, I fold. If everyone is checking, I bet. This current situation will open up some spectacular opportunities if you can see them.

Find ways to attract new customers in this new economy. The tractor beams which pull customers to you have changed. Maybe this is a good thing. Maybe the new buttons are better than the old ones. If you realize that you must shift gears, then perhaps when you examine the new landscape you'll see things which weren't visible before.

You can inspire confidence in your customers, your associates, your employees. You can create an "I can handle this" mentality in everyone you meet. Yes, you can.

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