How Small Businesses Can Survive and Thrive in a Downturn

After reading a few business books for the operations of our small
family business, I learned that in an economic downturn, it is
often the service industries that survive and thrive, while the
industries related to luxury items are really challenged to
survive and thrive. In the present global economic downturn, it
is quite alarming to see that even the service industries are much
affected. A concrete example are the two fast-food service stalls
I patronize. Both sell inexpensive and very affordable food
items, and the service they give is always accompanied with a
smile. Now both these food stalls have closed down! With the
food service businesses also affected, and food being a very basic
need, also affected by the rising deluge of instability,
pessimism, and falling profits, our local food service industry
is really called to make a quality of difference in these times
to survive and thrive in the downturn.

What quality of difference is the service industry (of which many
small family businesses are part of) challenged to create? Now
this is something that really needs quick but careful study,
research, and analysis. We can source our study from the classic
books on business. If we review the book "In Search of
Excellence" by Thomas J. Peters and Robert H. Waterman Jr., they
list down eight attributes that characterize excellently run
businesses. These eight attributes are:

• A bias for action
• Close to the customer
• Autonomy and entrepreneurship
• Productivity through people
• Hands-on, value driven
• Stick to the knitting
• Simple form, lean staff
• Simultaneous loose-tight properties

These are eight basic attributes that can spell survive and
thrive or fall and disaster for our small business. We can refer
back to these basics, but if we already apply them and still our
small family business is shaken in their underpinnings and
foundations, then something else probably needs to be added in
our present crisis. Every crisis is unique, and the solutions
to one crisis may not be a solution to another crisis.

Another book that can help us discover solutions that can help
our small family business operations to survive and thrive during
the downturn, is the book of Scott W. Ventrella, "The Power of
Positive Thinking in Business". Scott Ventrella's ten ideas for
positive in business are:

• Optimism
• Enthusiasm
• Belief
• Integrity
• Courage
• Confidence
• Determination
• Patience
• Calmness
• Focus

These are very good positive traits and attitudes to have in our
small family business. What we can do to double and strengthen
the positivity of these ideas of Ventrella is to quickly and
roughly find a "Christian" equivalent of these positive traits
and attitudes. This Christian equivalent I can think of are the
following:

• Hope
• Zeal
• Faith
• Fear of the Lord
• Fortitude
• Trust in God
• Desire to do God's Will
• Longanimity
• Equanimity
• Single-mindedness

If we use these Christian virtues in combination with the ten
ideas given by Ventrella, then perhaps small family businesses
in the service industries, will have a greater chance to survive
and thrive in the downturn. The reason may be attributed to the
fact that we would not only be relying on our own strength and
life, but also sourcing it from a Higher Being, God. Ideally,
therefore, our small business can employ this strategy of not
only thinking positively on our own, but doubling its strength
by seeking a limitless source of strength and life from God.