How To Survive Current Economic Hard Times

» Posted by on Jul 27, 2011 in Business Growth, Coaching, Management, Personal Development, Sales & Marketing | 0 comments

If you are experiencing a significant downturn in business, remember: you win when you get up one time more than you get knocked down.

To survive a difficult period, we need more than skills.  We need the capital, the time, and a plan.  Practically every successful business sprang from a plan that was created in response to uncertainty or difficult times.

Today, uncertainty is all around us.  No matter how frightened you may be about the seriousness of your business problems, you are not alone.  You can pull out of your situation with such power and grace that your competition, your lenders, your customers, and your suppliers will speak your name in awe.

There are four steps to your survival:

1. Forecast the effects of uncertainty.
2. Create genuine liquidity.
3. Learn back-to-the-wall street-fighting tactics.
4. Create and execute a redirect-and-grow plan.

If things are tough now, anticipate them getting tougher.  You need to prepare now by improving liquidity. 

Here are three things you can do TODAY!

1. Work accounts receivable harder.
2. Terminate that one employee whose lack of results has been bugging you.
3. Delay suppliers’ payments one week.

Don’t put off number two.  That person will continue to drag you down.

I’ll be giving you many more tactics and ideas in future articles. 

If you need immediate ideas or advice, click to contact me now.


 

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