| How quickly things change...one minute we're | | | | business you may be better able to realize |
| talking about managing growth in the face of a | | | | opportunities. It's also helpful to remember the 80 |
| tight labour market and the next we're in the war | | | | 20 rule. The 80/20 Rule roughly stated is that you |
| room devising strategies for surviving an | | | | do 80 percent of your business with 20 percent |
| economic collapse that threatens our very | | | | of your clients. So, shore up those relationships |
| livelihoods. Believe me when I write that the irony | | | | and focus on selling more to them. |
| isn't lost on us. The suddenness of this about-face | | | | Preserve Cash and Join a Trade Bank or Barter |
| in fortunes would be funny or at least ironic if it | | | | Group |
| wasn't so real! So after the "shock and awe" of it | | | | Trade Banks are a great way to meet potential |
| all had subsided, what are some of the strategies | | | | clients, and contract for goods or services your |
| you can use to not only survive, but continue to | | | | business needs now, but may not be in a position |
| thrive and grow during tough economic times? | | | | to purchase. Participants in a Barter Group issue |
| Communicate | | | | certificates that operate much like any hard |
| Small business tend to operate like extended | | | | currency. Contact your local Better Business |
| families and as a consequence benefit from little | | | | Bureau or Chamber of Commerce to inquire |
| separation between management and staff. With | | | | about barter groups in your city or region. |
| that said, call a meeting with staff to discuss the | | | | Continue Marketing |
| general situation, and allow them to be part of the | | | | Marketing budgets are often one of the first |
| solution. You may be surprised at just how | | | | things to be cut when money becomes scarce, |
| perceptive everyone is and you stand the chance | | | | but you should look at increasing your budget |
| of being surprised by a suggestion you'd have | | | | instead. It's safe to assume that your competition |
| never thought of. | | | | is ramping up their marketing campaign. If you |
| Reach Out | | | | don't have a comprehensive marketing plan, now |
| Start talking to clients and suppliers to gauge the | | | | is the time to make one. |
| general feeling in the marketplace. Renew and | | | | Look for Opportunities |
| strengthen relationships within professional | | | | Even in tough economic times opportunities will |
| associations for your particular industry. A system | | | | present themselves. It's so important to not be |
| of support is essential in navigating choppy | | | | so absorbed with bad news that you fail to |
| waters. The expression "A problem shared is a | | | | recognize the good opportunities that will just as |
| problem halved" rings true. | | | | surely present themselves. Swimming against the |
| Focus on What's Working | | | | tide is difficult under a normal business, but this is |
| By focusing on what is positive or working in your | | | | where fortunes are made. |