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Work the magic of 'what if'
By Louise Woodbury - #66

'What if?' is a question that you should always be asking yourself. And never more appropriate than now.

“What if?” this is the best time to buy the business you always wanted? Or to sell your business?

“What if?” both buyer and seller can prosper from this transaction?

Asking “What if?” will help you look beyond the obvious during these incredibly challenging economic times. This recession is a wake-up call. And if you are postponing buying or selling a business because of fear, then “What if?" can open your mind to options you mightn't normally consider.

So the real question is: are you going to buy into this word “recession” (with all its crushing, depressing connotations) or are you ready to turn it into the opportunity of a life-time?

We're finding that our clients are achieving better than expected business growth and profits. So much so that one is giving substantial bonuses to their team!

Another has opened their doors in America; yet another has launched a new division to cope with increased demand. Again, none of these 
businesses are in what you called recession-proof industries.  
They're all simply refusing to buy into the idea that their business is or will be affected by a recession.

Fundamentally, like any word, it's no more than a collection of letters that represent a given meaning. What really counts is the meaning you give the "r" word. That will become your point of view - which then becomes your reality.

If you are about to buy or sell a business, the first thing you need to engage is your imagination. While knowledge, skills and, sometimes, luck can be useful, nothing is possible unless you have the right mindset.
If you are looking from a mindset of times being tough, then you'll only see the marketplace from that perspective. Human nature being what it is, you will find plenty of evidence to prove you are right.

Not only will you validate your opinion, you will find others who will agree with you. Remember the old saying: “Misery loves company".

Be ready to question reality as you know it. Because, remember, there isn't just one answer to your question. For example, we're taught that 1 + 1 = 2. However, in some cases, 1 + 1 = 6.

That's right: 6. How can this work? Well, we could be talking about sets. And each set may contain three units. So, in this case, one set of three plus one set of three = 6. Therefore, in the example, it's correct to say that 1 + 1 = 6.

Being logical and so-called responsible is the enemy of the “What if?” mindset.

To come up with an answer like 1 + 1 = 6 you need to have a creative bent. You can't come from a purely logical perspective. This might be at odds with what you've been taught. But remember: it's your creative mind that will come up with the best solutions. And it's your logical mind that has been conditioned, by years of experience, to convince you to settle for less - not for what's truly possible.

We've seen this many times with small business entrepreneurs. They lose their spark. It's as if something inside them has died.  Their entrepreneurial spirit becomes suppressed when the entrepreneur starts being “responsible” and playing it safe.

They put on blinkers that conceal other possibilities, finally losing the ability to ask the all important “What if?” questions.

Making the most out of “What if?” planning

When we work with small business entrepreneurs on “What if?” 
planning, many struggle with it. We'll be honest - it can be a challenging process to come up with a variety of different answers. 
That's because people draw answers directly from their own personal experience or knowledge bank. It's hard to think outside the square.

“What if?” is such a powerful question, it deserves your full attention.

So many possibilities, ideas and inventions have stemmed from someone asking this very question. For some people, asking it is easy. Others find it uncomfortable. Many don't want to tempt fate or imagine unrealistic scenarios. Some find it a waste of time - why think about something that can never happen?

Here are few “What if?” questions for you to ponder:

•     What do I need to do to understand my buyer or seller?
•     How can I reverse the possible risks to my buyer or seller?
•     What do I fear most in this transaction?
•     Am I getting the best possible advice?

Depending on your beliefs and world view, you might embrace it or shun it. Sometimes, asking a “What if?” question can seem unbelievably hard because it can feel too big, too vague. Nothing is tangible so you don't have enough detail to bring it all together.

It can be useful to brainstorm ideas with people who are skilled in creative thinking, people with no attachment to the way you do business.

If you don't, the danger is that you will rely solely on your usual frame of reference - the way you've conditioned yourself to think. 
When this happens you often only see obstacles instead of trying  to find the true opportunities. This is the magic of asking “What if?”

And, within the context of buying or selling a business, you would ask yourself what if this transaction could be profitable for both parties?

Suddenly you begin to explore a whole a new reality. If you had not bothered to ask "What if?" in the first place, you would have never considered its countless possibilities.

So, to their cost, most business owners don't ever ask themselves this question. They've been conditioned to accept the status quo. And nothing could be more dangerous - especially in the current economic client.
Instead of being caught up in trying to look for the “safe” answer, let your imagination flow so you can take off your blinkers and explore the possibilities that are really there for those who can see.

Successful entrepreneurs aren't called "people of vision" for nothing.

They never settle for the “safe” answer - they look over the fence to see what opportunities are really outside their normal field of experience, constantly asking themselves "What if?"

So, take a sheet of paper and write down you thoughts to What if?

Louise Woodbury Author of
The Invisible Entrepreneur

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