It hasn't been a pretty picture. Like most Americans, some of my retirement savings were wiped out. Like you, I seemed to find nothing in the media except how much fear we ought to be in - to the point that many Americans are in a panic mode. Fear not. The biggest lesson in all of this: Don't turn yourself into a victim. Here are some ways to coax, encourage, and inspire yourself:


• Be clear about what you can control - Of course you can't control Congress, Wall Street, the media, or public sentiment, but you can control yourself. For example, while most Americans were spending, spending, spending (there's a -2% savings rate), others chose to save up for the rainy day. Guess who's doing a better job of weathering the storm? Here's the point. Reduce your lifestyle or company overhead to a point that you can save 10% of all that you bring in. If this means moving to less fancy offices or purchasing used vehicles, then so be it. Do what has to be done now, so that you can begin saving for the rainy days ahead.

• Prepare for the worst - I just did a series of CEO talks for an excellent chair in Charleston. He had all of his members run their numbers as if revenues were down 20%. Many took his advice and are in much better shape for it. Here's my advice: Do the same thing for your personal life. What if your company had to cut payroll by 20% across the board? Would you be able to handle it? If not, begin preparing yourself for that possibility today.

• Don't try to figure it out by yourself - One of the advantages the CEO groups have is their ability to discuss their situations with each other openly and candidly, with valuable financial and emotional feedback. The point is this: You don't have to suffer alone! Form your own "mastermind group" and support each other.

• Become an efficiency freak - I'm a nut about not wasting time. I take it easy when my main goal is to take it easy. When it comes to work, I suffer no distractions. How much time are you wasting every day? Whether it's texting a friend, downloading songs from iTunes, checking your MySpace, or chatting over nonsense with a fellow employee - cut it out! If you're "at work" and your activities aren't focused on making money - cut them out. Make this the mantra for you and the entire workforce. Now is not the time to waste time.

• Work in your highest and best use - Now that you're working efficiently, get smarter about what you're doing. You should be doing work that only you should be doing for your company at least 80% of the time. All of your $10 and $15 an hour work should have been delegated by now. Your value is related directly to your ability to help grow the bottom line. This is business and in the end, nothing else really matters. Here's the point: Know your numbers. Know how you impact the bottom line and be able to communicate that back to ownership. If you are ownership, make sure your employees can do exactly that for you.

• Don't just think in terms of survival; think in terms of success - Even in down economies, some companies and executives do very well. Even if profitability diminishes, there are always opportunities to grab market share. Help clients and customers survive in this economy and you'll have a sure winner.

• Lastly, know that this too shall pass. I have every reason to believe that slow business times will be with us for the next two or three years at least. As ancient wisdom has it "a time for everything". There will be lessons to learn and then we will grow again.


So, downsize your lifestyle, save for a rainy day, become ever more valuable, and you will not only survive, but thrive, in tough times.