No one really knows what will happen next. It is important to preserve cash, to exercise a calculated expense management, to not indulge yourself with unnecessary spending. Yes we are living in tough and uncertain times and the media is not helping, if anything, the media channels make it look worse than it is. My grandfather said to me once, in a similar economic condition; “If you do not read the newspaper or watch TV, life is pretty good” The reality is that you can’t “save” your business into success. Your business is like your car, it needs gas. The “gas” for your business is money and resources, if you dry out your business it will not move. And if you are not moving forward in business your are moving backwards.
Clients, friends and family often ask especially now, what should we do? Well instead of giving you advice or coaching, here are some power tips on what we are doing with our own business given the current market conditions:
- Plan your work and work your plan – Focus on your core business and your value proposition, create your own reality, it sure beats the alternatives.
- Up-grade and Top-grade your infrastructure – It is a buyer’s market. It is time to buy, invest in any upgrade or to-pgrade that your business may need. Your dollars will stretch a long way in today’s market condition.
- Take care of your clients (Customers) – They are dealing with the same circumstances, exercise the reciprocity law, and give them as much as you are able to, for less. In the long run, it will pay off tenfold.
- Spend your marketing dollars – it is the fuel of your business, although the conventional wisdom is to cut the budget, I say do not. Your marketing dollars will buy much more, especially now.
- Get your next year plan ready, the sooner the better – Most of us are too small to worry about the global economy, and frankly there is nothing we can do about it after all, so why worry. It is the perfect time to focus your time and resources on innovations, improvements and conditioning.
I can’t guarantee that it will work for each and every one of you; it sure worked for us as we are on track to have 2009 be 182% over 2008. So there is good news after all. Have a safe, enjoyable and creative holiday. I look forward to seeing you on the court in 2009.Read more