Global crisis… Local Bonanza
10 Golden rules to survive the Global Crisis
Ominous Clouds gather on the Horizon, the talk is of Doom and Gloom, an enormous Storm is heading this way, and one thing seems quite certain… there are no certainties for the coming year in small business.Anyone can make money and have a successful business during the good times, but now that the rug has been pulled out from under us, courtesy of the insane behaviour of large institutions around the world… You are about to find out how good your business really is.
In any financial storm there are lots of shipwrecks, but you will always see three groups of people during and after the storm:
- Those who freeze and drown
- Those who cling on to a piece of flotsam hoping they will be rescued
- And then there are those who go looking for the upturned rowing boat, manage to right it, find something to bail the water out with and paddle to shore by themselves.
Who do you want to be?
The paddlers don’t just survive; when the sun comes out again they are the fittest, the healthiest and they may even have gained strength through the ordeal. The paddlers are best able to take advantage of the new opportunities when they arrive back on shore.Long term successful businesses have usually come through several storms, not by clinging on and hoping for the lifesavers to arrive, but by making it happen themselves.
How do you get to be one of the strong survivors?
These are 10 Golden Rules to ensure you come through the storm as one of the paddlers:
- Get very very clear on what your Core Business is, and what your competitive advantage is… and focus on it… totally.
- Slash overheads, slash debt, wherever you can…. Cash is king
- Collect, collect, collect and collect some more… Cash is king
- Ruthlessly Cut away the dead wood, the hangers-on, the time servers… but
- Really generously and personally look after the people you want to
- have with you when the storm clears.
- Make it as easy as possible for your favourite Customers to continue to support you (that doesn’t mean grovelling by the way!)
- Be on the lookout for Opportunities to expand after the storm…there will be plenty of competitors who are dying for a helping hand…. give it to them… it is the right thing to do and there is nothing wrong with building up your stock of favours.
- Don’t panic… take your time… assess calmly… negotiate…. everyone is going through the same storm.
- Plan for the future, Planning is key.
- And finally… don’t try and do it all by yourself…now is the time to get all the support you can get… Now is the best time to talk to your accountants, your mentors and to get a business coach by your side.
Please contact me to arrange a valuable free consultation about how to prepare for the heavy weather ahead, and how to ensure that you will be one of the Paddlers.