Business survival may differ from “personal survival,” (there are no canned rations or underground bunkers involved) yet it’s still a critical piece of our longevity. Here are eight important points to remember, to help your business “survive and thrive,” even in the toughest of economic times.
Mentors are Invaluable: Connect and consult with those who have traveled the road before you, and use the resources you have available. Hiring a business coach/consultant who knows your industry is a smart idea for any business owner.
Communication is King: Uncertainty can often breed fear; so if times are tough, keep the lines of communication open with clients, team members and those connected to your business. When in doubt, talk it out.
Fire Bad Customers: This tip may seem edgy or counterproductive, but the reality is that customers who aren’t a good fit for your business will only drain your time, resources and mental energy. Take a hard look at overly needy, overly “frugal” or chronically slow responding customers and replace them with clients who are a better fit and are a pleasure to work with.
Be Innovative: Though “innovate” may seem like an overly-used buzz word, being innovative in your business is the key to continued success. Look for opportunities to expand into new markets or partner with complimenting businesses. “If you don’t like change, you will hate extinction”- Ross Shaffer
Keep Your Chin Up: Attitude is critically important in maintaining and growing your business and brand. A positive attitude and outlook spreads throughout your team and will ultimately be transferred to your customers and clients. A bad attitude or bleak outlook will do exactly the same – but faster.
Keep Tabs on Your Market: Know your market in-and-out, and make it a point to keep tabs on industry changes or updates that could affect your business and your client base.
Manage Consistently: When times get tough in business don’t “put the hammer down” and micromanage staff or business expenses. However, intimately knowing your monthly expenses, income and even which team members are performing well will avoid surprises and moments of panic.
Avoid Fear: Fear can be as crippling to a business as a downward turn in the economy. Understand your business’ situation at all times by keeping the lines of communication open with suppliers, peers, customers, and your team. Separate what you know from what you “think” you know, to avoid pushing the panic button unnecessarily.
We all go through tough times, for many reasons, but how we react to situations during these times can make or break whether experience success or failure. Let’s make sure we sail through them and come out better on the other side!
