Business survival may differ from ‘personal survival,” (there are no canned rations or underground bunkers involved) yet it is 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 are not 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 will help your business grow.
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 endeavor 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 is not the time to “put the hammer down” and micromanage staff or business expenses. 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.