Business leaders have expressed worries that 2020 could bring a recession. As a result, businesses, large and small, hope for the best and brace for the worst.
While business savvy and financial expertise are important entrepreneurial qualities to manage difficult times, other traits also come into play and are just as essential, according to Marsha Friedman, a public relations entrepreneur who leads a business she launched three decades ago.
“One of those essential traits is courage,” says Friedman, founder, and president of News & Experts, a national PR firm. “Thirty years ago, when I started my company, I probably would never have said it takes courage to lead a small business, but without it, I assure you, you’ll fail.”
Friedman, author of Gaining the Publicity Edge: An Entrepreneur’s Guide to Growing Your Brand Through National Media Coverage, understands this first-hand. Her firm, like many businesses, endured tough economic times after the 9/11 attacks as revenue dropped, and bankruptcy loomed as a real possibility.
Courage
“I had to figure out how to turn my company around,” she says. “It took courage, endurance, and perseverance, but I knew I could not go back, so I had no choice but to go forward.” Courage is one of what Friedman calls the 5 C’s for building and maintaining a successful business. “They’re the guiding principles I’ve learned through the ups and downs and all the mistakes,” she says.
In addition to courage, Friedman’s other C’s include:
Caring
First, care enough about yourself and your dreams to believe you can achieve success, Friedman says. “Just as important is caring about your staff and creating a positive work environment for them,” she adds. “Be supportive when stressful situations arise in their lives.” Finally, a good business leader cares about customers. Be willing to listen to their concerns, take responsibility for mistakes, and correct them.
Confidence
Most people have faced and overcome challenges in life. The confidence that allowed them to prevail over those challenges needs to be brought into play in business, Friedman suggests. “Belief you can reach for and achieve your short-term and long-term goals is essential to getting you there,” she says.
Competence
It’s critical to stay up-to-date on trends and disruptions in your industry. “But you need to recognize your limitations, and you shouldn’t take on jobs within your company for which you’re not qualified,” Friedman says. “You’ll make yourself miserable and your business will suffer.” Instead, she says, hire an accountant to handle the financials. Get marketing help if that’s not your thing. Hire competent people and trust them.
Commitment
Stay dedicated to your goals, no matter how difficult. Friedman says there are times when this will not only be difficult but downright painful. That was the case for her after the 9/11 attacks.
“I had to make drastic cuts, including letting go of beloved employees,” she says. “For more than a year, I ramped up marketing efforts, diversified our services, and took other steps to get the business out of the red. In 2005, I succeeded – and it has been upward and onward ever since.”
“If you’ve recently launched a new business, know that you’ll encounter challenges, but don’t panic,” Friedman says. “When times get tough, if you rely on the C’s as a sort of compass, you can guide the business back to smoother waters.”
Marsha Friedman, author of Gaining the Publicity Edge: An Entrepreneur’s Guide to Growing Your Brand Through National Media Coverage, is a businesswoman and public relations expert with nearly 30 years’ experience developing publicity strategies for celebrities, corporations and professionals in the field of business, health and finance. Using the proprietary system she created as founder and President of News & Experts, an award-winning national public relations agency, she secures thousands of top-tier media placements annually for her clients. The former senior vice president for marketing at the American Economic Council, Marsha is a sought-after advisor on PR issues and strategies, who shares her knowledge both as a popular speaker around the country and in her Amazon best-selling book, Celebritize Yourself.
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