Changing Mindset for Trading Successfully Through A Recession
Posted on 7th August 2020 at 10:23
The global pandemic has hit everyone hard, the knock-on effects of which will be ongoing for the years to come. So how do we make it through? How can we keep trading successfully through the recession? While there are many changes and improvements you can make, the most underrated one by far is your mindset. By simply choosing the right mindset, you can not only survive in the recession but you can thrive in it.
How to change your mindset to successfully navigate the recession
It’s very easy to dwell on the doom and gloom when it comes to the current state of the economy, but what does that do? How does that help us to navigate through the recession so that we can come out of it stronger and more successful, and ready for the economic upturn? In short, it doesn’t. Here are a few ways that you can change your mindset to a more positive one. One that facilitates growth and success in a time where we need it most:
1. Remember that the economy is cyclical
It’s important to remind yourself that the upturn will come. The economy is cyclical. Yes, we are currently in a downward spiral but there’s still business out there. Businesses are still doing business and they are looking for help. That’s an opportunity for you to try and grab some of that opportunity. Be creative – how else can you offer value? What does your target audience need help with the most?
2. See this as an opportunity to review and improve
It may be difficult to see but the recession is an opportunity to put everything under the microscope and see whether you can do it differently. In some instances, you could even find a way to do things better. This is a massive opportunity for businesses and one that will go as quickly as it has come.
3. Appreciate that recessions are cleansing times
It might not feel like it now, but recessions are cleansing. If you find yourself less busy, is it because you’ve just weeded out the time-wasters? Many businesses have reported that the recession has forced them to focus on what really matters and as a result, they are focusing on their core business and what they are good at. They’ve found that the clients who were producing the most ‘noise’ have gone and they actually have time to focus on tasks that help their business to grow.
4. Reconnect with your "why?"
We’ve been forced to look at our businesses in a different way so re-evaluate. Why are you doing this? What is it that you are doing it for? What does it actually mean? Reconnecting with why you started is a great way to re-ignite the fire. It’s a great way to self-motivate and to start being proactive.
5. Surround yourself with people who support you
The last way to get the right mindset is to appoint a war cabinet. What we mean by this is surround yourself with people that you trust, people who you can lean on and who can advise you to get through this time. If you choose the right people to have around you, who you can vent to and laugh with, and who can lift you up, it’s really easy to choose the right mindset and to make positive changes.
Believe that you can and you will
Mindset is really all about attitude and you can choose it. If you think you can, you can, but if you think you can’t, then you can’t. It really is that powerful. If you think that you can grow through this recession, you will, not because of magic but because of the decisions you make and all the things that you’ll put in place. So how can you change your mindset during this recession? How can you innovate and offer more value so that you can grow?
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