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times have a lot of benefits for those that have that indomitable spirit to
succeed. What many don't realize is that tough times create enormous
opportunities for those willing to seize the moment.
of these benefits include:
costs for rental space. Rental bargains are created if others are
going out of business. Think of ways you can expand now to take advantage of
are more eager to negotiate. You can often negotiate a better
deal when times are tougher with your vendors. They win by getting
much-needed business and you win by getting lower costs for merchandise you
salaries for employees. You can often hire good people for less
during tough economic times.
retention of employees. People are more likely to stay with you
when times are tough and there are fewer jobs available elsewhere.
cheaper and sell where markets are demanding your products and services.
Don't limit yourself to the US only. Use the power and accessibility
of the Internet to reach out to a global market. Think 21st Century
marketing, not 19th Century geography.
times make you stronger. This is one of the best benefits of
tougher times. It burns away the chaff and helps you become a better person.
You can become more of the person that you want to be. It requires more
discipline but then, learning more discipline makes you stronger for the
tough times you get learner and meaner for future growth. You
focus on what is most important and get rid of some of the excess that can
accumulate during the good times. Let's face it; we can get fat and happy
when sales are coming in a bit too easily. Remember way back in 1999?
Tougher economic times help you to refine your thinking and your business to
do more of what your core mission is and focus on profitability.
times force you to be more creative. When money is flowing like
water it can dull your creative juices. When you don't have the ready means
to write a check and have to think twice before slapping down that credit
card, you become more creative. You tap into areas that you wouldn't have
thought of or considered when times are good.
competition. Many of those that aren't as good are weeded out.
You'll have fewer competitors and usually the ones that are gone are the
ones that can give a whole industry a bad name.
to help others in need. We all go through tough times. People
will remember when you were there to help them when times were tough. This
applies to business as well as to personal relationships. If you see a
potential customer that is having a harder time, think of the long-term
value of helping them. This might mean taking smaller orders, giving good
credit risks some credit now or other ways to assist. In the long run, this
caring strategy can pay rich dividends. I remember those that helped me as I
was getting started and stay with them today. Relationships are most
important in today's world.
just cut costs--- optimize costs. Be careful that you don't cut
muscle when cutting fat. You have to focus on those areas that are going to
produce revenue for you now and into the future. Cut out the extra parties
and trips in first class. Don't cut the training sessions that build
critical business skills.
and hold your vendors accountable for performance now more than ever.
You are in a position to make sure you receive what you need in order to
achieve your business goals.
some customers. Fire customers who are too demanding and who are
consistently unprofitable. For those customers that are draining you and
don't provide as much profit, cut them to focus more on those with greater
opportunity. You only have so much time. Use it wisely and invest your time
in those customers that are more likely to help you achieve your goals.
good people. Watch for those that are laid off. There are many
gems out there that you want to employ now while they are on the market.
They will provide the ideas and resources for you to grow in the future. Now
is the time to acquire their services.
tough times are good, if we manage well. Take this short opportunity
(predictions are for the economy to be back strong in a year) to closely
examine your business and personal life and be ready for the great
opportunities to come.
Brock is an internationally recognized professional speaker, consultant and
author in the fields of business productivity, technology and marketing. His
is also a syndicated columnist for Biz Journals across America. For
information on his presentations call 352-438-0261 E-mail [email protected]
More about Terry www.ExpertSpeaker.com/Speakers/brock.htm