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The Upside to the Downturn: Seven Ways to Strengthen Your Business During Economic Tough Times
The financial news of the past few weeks has left many a business owner
panicked, anxious, and mentally writing their company’s obituary. Chin
up,
You can actually use the economic downturn to create a better organization.
If you’re a business owner, it’s likely that some of your recent
workdays have gone something like this: You bolt awake (probably after
a sleepless night!), grab the financial section of the paper, and turn
on your TV to get the latest worrisome financial news. Then, once you
make it to work, you lock yourself in your office to carefully examine
your company’s financial projections for the next few months, wringing
your hands as you fret over every possible worst case scenario. Sound
familiar? If so, it’s time for the handwringing to stop—and the smart
thinking to begin.
The word “recession” by itself has been known to send business owners
into a panic. Add in all of the economic postulating by the media, and
you might find it easy to convince yourself it’s time to start counting
down the days until your business’s demise. But all of that worrying is
counterproductive. You can’t get anything done when you’re in panic
mode.
The business owners who use their time to improve their business and
seize every possible opportunity—rather than wasting it on constant
worrying—are the ones who will make it through the economic downturn.
Play your cards right and you may even come out of these financial hard
times with an even more prosperous business than you had before.
Making it through this economic slowdown won’t be a piece of cake for
anyone. But if you know the best steps to take, you will be able to
come out on the other side of this recession with a very sound business
in place.
Here are a few of his tips for steering your business through the economic downturn:
Remember Rule #1: In business, only the strong survive.
During an economic downturn, many business owners overlook the fact
that their competitors are suffering too—and that what results from the
slowdown is still an even playing field. The problems your organization
struggles with due to the downturn also plague your competitors.
Therefore, your strategy for not only surviving the slowdown but
prospering during it remains the same as it should be in good economic
times: Build the strongest business you possibly can. And that means
having a strong value proposition, managing in a fiscally responsible
manner, and providing great service to get and keep important
customers. Don’t let all the hype surrounding the slowdown distract you
from keeping these basic tenets in the forefront of your mind. If
you’re successful, you’ll come out on the other side of the economic
downturn, miles ahead of your competition.
Use the hype to focus your employees. One positive thing about all of the fear-inducing hype scaring business owners, executives, and managers..
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More about David F. Giannetto
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