Theresa Bassett, CEO of The Diamond Group, believes small businesses can grow in any economy, if they know how to focus. With over $550 million in client transaction experience, she’s seen what works and what doesn’t. What is her advice?
Create Your Own Economy
“Racehorses wear blinders for a reason,” says Bassett. “They run faster when they’re focused.” She applies the same principle to business owners overwhelmed by market uncertainty. Instead of reacting to fear or distraction, she urges leaders to double down on the value they deliver and the people they serve.
Zig When Others Zag
Recessions, she says, are ripe with opportunity. “When everyone else pulls back, that’s your chance to push forward.” Bassett encourages businesses to increase sales and marketing investments, not cut them, during downturns. “The cost of inaction is often far higher than the cost of action,” she explains. “And the marketplace is quieter, so your voice stands out more.”
Be Real, Not Robotic
One of the biggest mistakes she sees in business is playing it too safe. “Sterile, professional messaging is forgettable,” Bassett says. “People do business with people.” She advises clients to show personality, be human, and build trust with authentic content.
For example, even imperfect video can outperform polished silence. “It’s often risky to play it safe,” she warns.
The Bottleneck Might Be You
When it comes to learning important new things outside of your comfort zone, “You have to be willing to be bad long enough to get good.”
Bassett sees a common pattern in companies stuck just below the seven-figure mark: the founder becomes the bottleneck. “They rely on their own charisma or network for growth,” she explains. “But to scale, they need systems that work without them.”
That shift involves leaning into technology, standardizing sales and marketing, and letting go of perfectionism. “Progress equals happiness,” she says, encouraging leaders to empower their teams with clear tracks for development.
Churn Kills Culture
Hiring in a hurry leads to regret. “You can’t build a great culture if your people are gone in 30 days,” she notes. Her advice? Hire slow, fire fast, and make it hard to get through the door.
Once someone’s in, guide them with growth tracks, trails of progress that turn roles into careers. “Treat your people like internal clients,” Bassett says. “They’re the gold.”