No Bailouts for Small Business…So What's Next?
Well, the reality is that you’ve got to evaluate where you are. Your business might be at a critical precipice, and you need to be aware of it. Many economists are suggesting that this is the time where many poorly run or fly-by-night small businesses are going to be losing their shirts and going out of business.
On the other hand, there will be lots of businesses that are going to thrive. They are finding new opportunities, partnering with other businesses and finding ways to move forward.
Where are you, and what will make the difference? Is it time to sit down and review those processes and systems? If you need to cut costs, do you know where those costs are?
Think about how you might cut costs without compromising the integrity of your organization. That means that you don’t cut marketing, training, insurance, etc. You cut out the gourmet coffee service, the gourmet lunches and other luxuries. Take a look at your organization’s want/need matrix. If you don’t have one, do it now.
Lastly, evaluate your organization’s SWOT. Identify some new opportunities. Maybe, by taking your company virtual, you can increase some efficiencies and cut some costs. If you switched from land line service to VOIP and mobile services, could you still offer the same great quality products and services your clients come to expect from you? Maybe there is a struggling organization that would expand your organization’s capabilities or capacities at some great efficiencies.
Remember – this is business. The immutable law of business is just when you think you understand the situation, the situation changes.