Throughout history some of mankind’s greatest achievements have happened in the most challenging times. That being the case, 2009 should be a great year for many smart small businesses…and these business survival skills should make it easier.
In today’s battered economy,
smart small business owners the world over are searching for ways they can not only survive the recession, but thrive.
And why not? Throughout history some of mankind’s greatest achievements have happened in the most challenging times. For some strange, wonderful reason, we humans are often our brightest when times are darkest.
Armed with courage, determination, and the following small business survival tips, you can lead your company into what’s sure to be a roller coaster new year with hope and optimism.
Adjust your attitude.
I’m not saying you have to be thankful for the crashing stock market, or be glad that the economy is in a shambles. I’m just saying you have two choices: You can either look at it as a challenge or as an opportunity. Those who view the tough economy as a challenge will undoubtedly find a great many things to worry about. And worrying requires energy that you could spend finding new and creative ways to build your business. Which is what the people who view today’s economy as an opportunity will do. I don’t know about you, but given the choice between spending my time worrying, and spending it building my business, I’m going to go with the latter.
Face your fears.
When you fear something, you give it power over you. You think about it. You stew on it. And little by little, it grows in magnitude until it consumes you. Face your fears, however, and they shrink to their proper proportion. What would happen if your biggest client decides to cut business by half, or worse yet…folds? What will you do if you can’t make payroll? Identify the things that keep you up at night, then develop a contingency plan. If you know what course of action to take if the worst happens, then you can put your fear aside and get on with building your business.
Improve customer service.
You may think you have good customer service already, but if you want to grow in 2009, you better make sure it’s outstanding. Where to start? Start by listening to what your clients are saying. Ask them what they need from you, and then give it to them. Do they need flexible credit terms, layaway, friendly advice? How can you make yourself indispensable to your customers? In 2009, you need to find new and creative ways to help your customer succeed. If you approach every situation with the attitude of going “above and beyond,” you’ll not only survive, but thrive in 2009!
Cut costs.
One of the few good things about a down economy is that it forces us to take a long, hard look at our finances. Smart companies don’t wait until the cash flow dries up…they scrutinize their expenses and scale back wherever they can. Only you can decide what costs to cut…it all depends on your individual circumstances. But as you’re going through your expenses, look at each one and ask yourself if there is any way to reduce the expense, or eliminate it altogether. Are you running as efficiently as you could in all facets of your business? Do you really need that fancy coffee? Do you have the heat cranked up too high? Remember, little things add up to big savings!
Focus on the future of your business.
Sure, you have to do whatever you need to do to survive the crunch. But you don’t have to go around waiting for the other shoe to fall. Those businesses that refuse to panic during these tough economic times, and focus instead on how to move forward, will be the ones perfectly positioned when the rebound occurs. Why? Think about it…while everyone else was wringing their hands, you were taking care of business in a calm, cool, and collected manner. You kept your head and your business benefited from it.
Build your business.
That’s right…I said build your business. Look at the parts of your business that may be weak, and figure out a way to improve them. Is your marketing
weak? Now’s a good time to start formulating your plan and getting your campaign together. Or maybe your weak link is sales. Invest some of your down time while sales are slow in some additional training for your sales force. The point is, use this time to your advantage and you’ll be that much more ahead of the game when the economy bounces back.
Head up, shoulders back. All set? Then go out and conquer the world. Or at least your piece of it.
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