The downturn has created two classes of business owners. Those with the drive to keep their business growing despite the difficult economic scene, and those who are struggling. Research firm Anchor Advisors dubbed them "movers" and "head-shakers."
In a newly released study, Anchor talked to more than 130 mostly founder-led small businesses, the majority with under $10 million in revenue. The goal was to identify the common traits of thriving small business owners, and the behaviors that might be preventing the head-shakers from doing better.
So what does it take to be a recession-era mover? Anchor found five important differences that set movers apart:
- Work hard, play hard. The movers worked more hours than shakers -- but also took more vacation time.
- Keep talking to customers. Movers spent more time in direct contact with their customers.
- Don't stop thinking about tomorrow. The movers spent more time reviewing company performance and planning for the future.
- Avoid time-wasters. At the thriving businesses, the owners also spent less time in meetings and resolving employee issues.
- Think and grow rich. The movers were more likely to read business and personal-growth books in an effort to improve their business-management skills and their level of satisfaction with their life.
No surprise, the movers made a lot more money than the head-shakers. We all know meetings can be a big time waster.
I think the one factor the study may not have quantified that I've noticed in entrepreneurs who're still doing well. It's an attitude of "I'm not going to let this beat me" instead of one of "well, the economy is hurting, so business is down."
Are you a mover or a head-shaker? Leave a comment and tell us your attitude toward the downturn.
Life insurance as low as $14/mo for $250,000 or $21/mo for $500,000 of coverage. Contact MetLife®
Comments:
This is good article...seld development or improvement in my opinion should be done everyday...we must compete only with ourselves to become a better versionof ourselves everyday.
Love this kind of stuff. Personal development is huge. It's the fuel to keep your brain moving forward.
I agree!
Thanks for this post. I definitely agree with what you are saying. I have been talking about this subject a lot lately with my mother so hopefully this will get him to see my point of view. Regards, la movers
I work hard but i don't play hard(i'll definitely work on this one),i am in permanent contact with my customers,i can't stop thinking about tomorrow,i am a recordman in short meetings(5 to 10 mn)and i love skimming through books to become a better businessman and a better person.Guess who I am...My business has been doing quite well in spite of the bad political,economical and social environment(i am in ivory coast,a country which was in crisis from 1999 to 2011).During the crisis,i managed somehow to get through,i wouldn't let it go,i had to strive to survive,it wasn't easy but it was very exciting.i would get money from friends,relatives,from wherever i could...it's a long story but if you love your business,you won't let it dye,you'll fight against every kind of odds that come in your way.Today,the environment is better and has brought opportunities and i am trying to get the most out of this situation,and the business is growing,slowly but surely,my employees are happier and i know there is more good news to come and i am very excited about it.Thanks and all the best to all of you,the article is great,take care.
This is something that everyone has to understand, this article is a great help, thank you for taking out time to share this, I am excited to be around.
Mover, smiling at the head shakers :)
im a mover. 3 months ago i took over a food unit and refreshed the brand. now wr are taking the rest of the chain of 16 shops. fantastic opportunities out there for those willing to roll there sleaves up
where you can have it and satisfy this term through better preparation.
move the way you are where in you can set the best part for you to have on.
I think I'm a move :P Unfortunately always trying to improve on the 'time-wasting' aspect.
I am also mover. I always plan for new things and try to implement them.
Oh, gosh. So, we're lead to believe that movers "spent less time in meetings and resolving employee issues" but found time to "to read business and personal-growth books". My guess is that real movers won't waste time to take part in two bit surveys.
to spent times in a great thing very important things to carry on , well that place , in that term you are being consider as a good mover.
take the place where you can step a good step through better way of planning to have and make that move always good enough.
i am a mover ,i keep planning always for my future....i am a student that time but we should a student all the time and keep learning from the life always and move on...
I am a mover... Yes I do work many, many hours and I love it. I have been on 3 holidays overseas this year and am taking the entire family on another at Christmas. I still have too many meetings but I feel most are for the right reasons. I listen to more audio books than I read just to take advantage of driving time and I am absolutely driven with a passion that is infectious.. All of this put together make building business fun, hard work but fun... I encourage all other business owners to get to this level and then shoot for the moon.. (if you miss, you'll fall some where amongst the stars... :-) )
We are definitely movers and excited to be so!
I quite agree that headmovers are well determined to succeed
Heard a great story on NPR about a head shaking head of a town in Japan, where many stores had closed, is now re-invigorated after the tsunami. They're building new housing and tourist destinations and saying future tsunamis, bah humbug. Really inspirational story about local economies taking charge of their fate.
This relates well to Jim Collins' new book, Great by Choice. He identifies a trait among highly successful companies as the "20 Mile March." No matter what, they all had benchmarks they reached every year: not growing too quickly or too slowly, but just right. And if they weren't making those benchmarks, they adjusted quickly to changing conditions.
My business doing very well at the minute as as my clients. I just assume much of my competition will be depressed and am chasing the business that is out there, hidden behind the black clouds in their minds.
Movers do all the 5 things - recession or no recession. Different is these differences becomes more prominence during recession time as market shrink. Movers are highly focus - they have a 'Not to do List', besides a 'To do List'.
These are excellent points, but here are some more common traits: 1. Movers kept up the innovation stream in products and services 2. Movers kept up the marketing pace, frequently rebuilding their sales forces 3. Movers redid their websites. Want to be a mover? We have courses that you can take. John Heinrich, Chief Mentor American School of Entrepreneurship www.theasoe.com
Carol; You are right that attitude plays a big role, but some with good attitudes didn't follow that up with the actions that lead to success. The one thing that stuck out to me (outside of what you covered) was the danger in getting caught up in employee issues. The Head-Shakers spent a lot more time dealing with challenges inside their business, while the Movers spent their time with customers. Thanks, Brad
great things were you can be able to have it as you move through having a great plan for the good of yours.
your moving days could be great through movers company that can set you a good move.
I'm definitely a mover. In a downturn economy, it's tough for anybody in the clothing industry to sell goods, however with the right mindset, proper branding, and strong work ethics, I've seen my company grow stronger each day. It's that positive attitude and willingness to move forward that can keep any brand/business afloat and I've seen that first hand with my company. Cheers to all the movers out there keeping their head up.