Community as a strategy

I feel like my head is spinning most days. One article tells me the economy is strong as the market continues to grow and more jobs are added. Another article tells me inflation is rising. Then an email from a software provider announces a significant price increase. I end the day with a client needing to delay payment as they wait for their client to pay. How can the official measures say the economy is fine and my P&L tells a different story?

The gap between what the economy is supposedly doing and the feeling in our businesses is real. It is not a sign we are doing something wrong. Costs, from software subscriptions to labor, are climbing faster than we can change our pricing. Our clients are feeling this too, so passing on a price increase will not solve the problem.  We absorb the price increases, knowing that raising prices for clients or switching to a lower cost software will cost more in time and disruption than paying the increase. We are all doing good work and it still feels like running into a brick wall.

The thing to remember as you deal with the emotional roller coaster of building a successful business is that it is not just you. Almost every small business owner we talk to is navigating some version of this squeeze. This point matters because your discouragement will be heavier when you think it is only you. It gets lighter the moment you realize the person down the street, or in your industry group, or on the other end of a referral call, is fighting the exact same math.

Enter your community as a strategy.

Often, the businesses that weather economic weirdness or rebound faster are the ones with the strongest relationships. When the owner talks to other owners, comparing notes and providing support, they position themselves to stay positive and move forward. Whether it is through a professional association, mastermind group, or a long-standing group of contacts, you will find that what may feel like a personal failure to you is actually a shared moment. Seeing it as a shared experience makes things seem less heavy.   

The other nice thing about community as a strategy is that it can be a great resource for persisting. Referrals come from your community. Reputations are built when you engage with community. Word of mouth travels through a community and then extends beyond who you know.

Community, fortunately, is not more expensive when the economy is good and business feels otherwise.

As you experience the emotional roller coaster of things not going the way you want, consider putting effort into your relationships to relieve some of the pressure. Show up for other owners. Refer people when you can. Stay visible and stay in touch.

If it does not feel like the economy is good when you look at your business, you are in good company. And connecting with that company can help you weather the “good economy” without increased expenses.