From the Don: 5 Things You Need to Know to Prosper in our Current Business Economy
1) In a slow economy, smaller is usually better. This is good news for new entrepreneurs, who can begin a business with less trouble than established businesses can stay afloat. In general, recessions hit bigger businesses harder – they must often do damage control to keep their cash flow positive.
2) Technology is your friend. Not too long ago, businesses spent millions of dollars on travel with no other option available to negotiate deals, communicate with clients, or explore new opportunities. These days, as the price of gas reaches historic highs, travel is often no longer a viable business expense – in fact, as gas prices rise, it can be viewed as an increasing tax on those businesses that must rely on face-to-face contact. The good news is 21st century communications allow you to conduct business via e-mail, fax, IM, Internet, phone, cell phone, virtual meeting, message board (and the list goes on and on…).
3) Geography matters. Recent statistics show that while business might be currently slow in one area of the US, many other areas report maintained or even increased business. If you discover that you aren’t reaching your goals in your current location, you should research other places to see how business is going.
4) Stay optimistic and realize that no one – no one – can accurately predict the future. It can be easy to fall into the trap of despair, especially when every cable news network forecasts gloom and doom for American industry. Still, the economy will change depending on factors that have not even been imagined yet. Stay optimistic, focus on only your business, and don’t be drawn into a negative mindset. That way you’ll be able to take advantage of business opportunities that others would only see as “sour grapes.”
5) Your customers can tell you what you need to know. It seems simple, but everything you need to know about the economy that will affect your business can be learned by speaking to your customers. Listen carefully to your customers, and you’ll be able to make the right moves for your business no matter what the US economic forecast.
As an entrepreneur – business owner or business professional, in what ways can you see creating value for those who you serve? What kinds of innovative “recession busters” can you develop or work on that are still within your mission and vision? What will you do to create your next great Aepiphanni?
At Aepiphanni Business Solutions, we are dedicated to serving the needs of small business owners. We specialize in helping you develop strategies for your organization, and are committed to your success. If you have further questions about creating your strategy or developing your vision, please give me, Rick Meekins, a call at 678-265-3908, or email us at [email protected].