WORKING WELL IN A CHALLENGING ECONOMY

Anyone who knows me well will tell you....I am petrified of heights. Last summer, I went hiking in the mountains with my husband, and we chose a previously unexplored trail. It sloped downward pretty steeply toward some body of water we could clearly hear. When we reached what I thought was the bottom, it meandered along next to a tame creek for a bit until the trail evaporated on a tiny ledge jutting out over a roiling chasm. I had a panic attack and feared my imminent demise.
My husband had other plans, though. He wanted to hike to the bottom of the roiling chasm, basically along the side of a sheer drop that offered little for me to hold onto. Gamely, I inched my way along, looked down, and then gripped the side of the mountain with all my might and cried, "I can't move! You're going to have to leave me here!" (Yes, people, I was literally crying.)
Well, I eventually made it to the bottom thanks to much forbearance from my husband. It was worth every second of terror as the rocks opened up into a pool facing an exquisite waterfall. We spent the afternoon there, mainly because it took that long for me to amass the courage to climb back out.
Doing business can feel this way sometimes, particularly in today's uncertain environment. What worked well two years ago may not produce results today. Many small business owners are just waiting to hit bottom and hope they make it from there. In this issue, I've outlined a few things a small business owner can do to cushion themselves and even continue to grow.
Make smart decisions. The margin for error is not what it was two years ago. A bad decision can mean the end of business today, as the credit markets tighten and customers are harder to come by. Clearly evaluate what you want to accomplish, budget for how to get there, set benchmarks, and enlist help when you need it.
Get rid of all dead weight. In a robust economy, many small business owners put off cutting fat because it is hard. Today, we don't have that luxury. Most of the hard decisions are ones that have been postponed. Make a list of the nagging problems you've had over the past couple of years, along with concrete actions to deal with them.
Evaluate your business mission, objectives and product/service mix. Your offerings may require small tweaks or serious adjustments to weather this downturn. Listen to what your customers/clients are telling you by what they choose to purchase today. Make adjustments accordingly. You will likely find a better, more efficient way of doing business for the long-term.
Keep on promoting your business in a proactive manner. Jettison any advertising that does not produce results. Refocus those resources on things that have historically led to more revenues, keeping in mind the changes you made from earlier paragraphs.
Focus on the positive and celebrate small successes. Your competitors are likely still staring at the chasm and having their panic attack. Remember that any change, well navigated, can lead to strength and many rewards. We're here to help, every step of the way.