As a business executive, you've probably seen good times as well as a few bad days. If not, count on it some day. Few of us run a business on auto pilot without a blip in the road. Cash cows are great, but most of us never discover them in the marketplace.It's your business. Our goal is to run successfully all the time and never slow down. A nice dream, but sometimes we have to pull the purse strings tight. Trim the FAT. Decisions must have executive approval to stop the cash drain during slow periods.Often, business owners buy "stuff" on a whim without thinking
about the day bills come due. Wise owners run in survival mode
in good and bad times. Never wasting resources that can later
be needed to stay in business.Set your sights on economic indicators that may affect success
down the road. Study Industry trends. Look for specifics and
take action in advance of your competitors. As the Boy Scout
motto says, "be prepared".INTEREST RATESThere was a time in our early days when interest rates were
20-22% to borrow money. No choice! Payrolls, rent,
insurance expenses are constant. These were BANK rates
not the SHARKS. Any opinion you have of banks is a mute
point. At the time, we were grateful to be favored with
a loan.Add inflation and the gross national product along with
the interest rates. You've got a big WOW! Real issues
to deal with. Many small business firms have never
experienced a recession during the last 10 years. Then
you have the dot.coms! Change happens!IMPACTConsumer confidence is a BIG factor. Your profits and
sales dollars respond accordingly. No one is buying.
Not in the mood. Many of us take the WAIT and SEE train.
No hurry! You suffer in the meantime while the marketplace
refuses to spend money.Layoffs become rampant. Thousands lose their jobs. You
may even have to reduce your staff. Payroll is an issue.
Taxes. All of us in TOP jobs carry real people burdens.
Most of us know the heartache of laying off an employee.
Maybe several or even hundreds for the big employer.It's even worse in the public arena. Stockholders today
have a 90 day mentality. "First Call" seems to predict
the success or failure of the publicly traded companies.
Have a BAD quarter and you are history. Get us a NEW chief
executive. Replace the losers.VENDORSAre you on good terms with your vendors? Have you been fair
with your suppliers? Reasonable expectations (not a PAIN
in the touche') and paying on time will be important factors
in your future.An old saying is... "what goes around, comes around". What
you give out returns back to you. "Boomerang" style! Just
remember that GOOD vendors can make or break you.Good times and bad times come and go. Business never stays
constant. Change happens. However the good relationships
that we have with vendors pays off.CUSTOMERSDuring periods of economic GROWTH you should never take
advantage of your customers goodwill. Why? Change is coming.
You will be remembered as ALWAYS a fair "player" or you're
not trustworthy. A "Gouger" never wins in the long run.You've experienced it. Airlines are notorious for "gouging"
the traveler where competition is weak. Grocery Stores seem
to "magically" reduce their prices when another store arrives.
Movie theatres do the same. Watch gas prices plummet when a
low-ball competitor arrives on the scene.SMALL BUSINESS WINNEREconomic decline has some real benefits, too. Smart players
can "see" the opportunities. Small businesses can adapt to
change much faster than the BIG guys. You can outsmart the
competition.Gain market share by out-serving, out-shifting, out-manuvering
your competitors. Stay liquid. Maintain a strong cash position.Run lean and "mean" (in a nice way!). Be cost-efficient in
running your business.Be aggressive. Use your imagination. See beyond today. Now
is a wonderful time to innovate. Discover new ways of doing
business.Don't kill the "goose" for short-term gain. Panic is one of
our worst enemies. Across the "board" decisions are seldom
"smart" in the long run. Temporarily "maybe" but the future
cost more often outweighs the present.THINKShooting from the HIP and FIRE/AIM belong to the same family.
Neither gives TOP quality results. You miss the target most
of the time. Few of us have all the answers. Put your mentor
team to work. Get help with major decisions.It's great to be "right" most of the time but a good mentor
team can bring insights that otherwise are missed when we
try to go it alone in our business.==============================================================
Action Tip: Keep your business under control. Hold the reins. Build consumer confidence in the new marketplace. Watch expenses carefully. Treat vendors and customers with care. Look for the competitive advantage in the present. Make decisions AFTER weighing the facts. Ask your Mentor Team.
==============================================================Don Monteith spent 32 years as co-owner of several franchises and a personnel/staffing business. Every year, his firm placed hundreds of job candidates in their dream job. Today, Don shares his business and career expertise through his newest websites on the Internet. Lots of FREE ideas - suggestions - ready for your perusal and study.http://www.Career-Coaching-Central.com
http://www.HowToGetYourDreamJob.com
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