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Some Food for
Thought on What Small Business Owners
Can do to
Survive the Economic Downturn
 Whether
government officials want to believe it or not, we ARE in a
recession. Gas prices up; real estate down, food prices up;
retail numbers down. While large organizations have the
resources, cash and people to ride out an economy that could get
even worse over the next 12 months, it is the small business
person who is taking a beating and may or may not make it.
Years of work, long hours and customer service could vanish.
It's already happened to tens of thousands of companies around
the United States.
But you
don't have to be a victim. You can keep your business, ride out
the financial storm and not only come out alive but even
stronger than before. Here are a few suggestions you should
take seriously
Don't Overreact
When
things are good, they're not necessarily as good as you think.
When things are bad, they're not necessarily as bad as you
think.
Just
because it's been slow for a few months, or you think it might
slow down soon, don't start making wild decisions or cuts. Keep
a steady head about what's really going on. Look past the wild
swings in revenue (and enthusiasm and attitudes of team members)
that might be caused by short-term factors.
Redouble Your Marketing Efforts
As a
marketing consultant, this might seem self-serving. I don't mean
it that way. I'm simply suggesting that during any economy,
small companies can grow faster and win more clients if they
step up their marketing energy.
Something
about an economic slowdown seems to cause leaders at firms to
focus inwardly. They self-analyze, having meeting after meeting
about strategic direction, salaries and cost structure.
When it
comes to business development they say, "It's tough out there.
I'm getting less action in the market than ever." So both
marketing staffs and professionals who should be bringing in
clients at firms slow down and do less.
This time
and energy is better spent focusing outwardly, working to
improve brand, fill the pipeline, and bring in more clients. If
– for just a moment -- you can stop doubting yourself and your
value, stop whining about how tough it is out there, and focus
the firm on basic marketing and business development, you may
find that's all you need to weather the storm.
Take Advantage of Opportunity for Change
Professional Services companies "embrace change" about as
enthusiastically as the sports community of Mexico embraces
hockey! However, service firms often shed their reluctance to
change and propensity for slow decision making when faced with a
business slowdown.
The halls
at most service firms are abuzz with "what needs to happen to
make this place better" during all economic conditions. When
things are good, unproductive staff are often left to keep
working. Sluggish marketing is allowed to plod along like the
Old Gray Mare. Subpar business units and initiatives keep on
keeping on. And bold, innovative initiatives die in committee
because they're "too risky."
Inertia
can be a great barrier to change. "All is well, why shake things
up?"
If you're
the leader when all is not well, inertia is often replaced with
a mandate for change. BE BRAVE: Take the opportunity to
clean house, tighten the ship, and start new initiatives that
will move the firm forward!
As you
approach making changes big and small, keep the following one
question in mind, "If I make these changes and the economy and
business stabilizes, will we be in better shape or worse when
things turn around?"
If the
answer is "better," make the changes and make them decisively. A
slow time at the company is often the best time to reshape the
firm and make it stronger for the present and future.
For a free
30-minute consultation, please contact me, Mary Ann McQueen
Butcher at
MaryAnnButcher@LVRedCarpet.com. Don't Be the Best Kept
Secret!
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