Don't Go For Broke
In the last six months of 2001 many businesses took a direct
hit that rocked the foundation of their financial business
security. Different mentalities have emerged in reaction to
the shift in economy from "go for broke" to "just give up."
Rather than dig the hole deeper or give up the years of hard
work you have put into your business change the paradigm in
thinking. Review your current business strategy and consider
what actions need to take place to stabilize your business again.
Once you have stabilized the foundation of your business you
can begin to grow again. Consider the following strategies
to regain control.
Act…Don't React
The strangest things happen to people when they get scared,
but the worst is the reaction of business people that think
their hard won business is going down hill and they begin to
react. Reaction cause calamities such as the loss of
additional much needed funds as we throw money at any marketing
ploy that looks like it might work. During a time of
uncertainly, hold tight to your funds and take extra measures
to research advertising before making an investment. Learn to
take a deep breath and be pro-active, not reactive to the
situation at hand.
Reign In Expenses
Most businesses expend money is areas that are not needed
during difficult times. Although these expenses might bolster
a business image they are not needed for strict survival or
stabilization of the business. If you have luxuries in your
business that are not absolutely necessary now is the time to
cut them out. Items like cable Internet services, high rate
cell phone services, (option for the lower plan), etc.
Strengthen Your Networking
Now is the time to make all those phone calls to business friends
you haven't had time for in the past. Reconnect and start
nurturing the networking process again. Do not, I repeat,
do not advertise your business hardships. Maintain your
positive attitude. Let your business friends know about your
plans and offer them a commission for any business they send
your way. Make it
worth their time and they will be worth your
time.
Make A Six Month Survival Plan
Give yourself some peace of mind by making a six-month survival
plan. Once you know exactly what you will need to stay on top,
your anxiety will lesson and your creativity will increase.
This is a perfect example of being pro-active instead of
reactive.
Understand The Ebb and Flow of Your Business
Keep exact records of sales week-to-week and month-to-month
every single year. By doing this you will begin to understand
the busy times and slow times of your business. In turn this
will allow you to plan financially for the slow times. Every
business has a slow period during the year, it's important that
you know what yours is in order to plan for the success of your
business.
Diversify Your Marketing Techniques
Do not depend on one marketing avenue to get you through tough
times. Perhaps this one marketing technique has worked for you
in the past, but obviously something has changed, and now so
must you. Make a list of possible marketing avenues and begin
researching which methods are most cost effective in relation
to results.
Get Professional Help If You Need It
Smart business people understand when they need outside help.
Do you? If your business is doing more sinking than swimming
it's time to seek a professional to help you put your business
on stable ground. Many, many businesses have filed bankruptcy
when it wasn't necessary. Professional financial mediators can
help you with creditors and get your business moving in the
right direction again.
A downward shift in the economy can cause heart-stopping
reactions where your business is concerned, but once you learn
how to work through the situation you soon realize you and your
business can weather any storm.
About the Author
Peter Robben is a professional business mediator who helps
business owners find solutions to debt, creditor problems, and
financial insolvency. If your business is struggling, contact
him today by first visiting www.WeSolveDebt.com
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