5 survival tips for overcoming the tough economy

June 26, 2009 | Edited by Ken Beaulieu
Permalink: http://www.fuelnet.com/?p=3561

How many Americans actually believed, only a year ago, that the U.S. economy could sink so far so fast? But the unthinkable has happened, leaving a lot of companies without a suitable business development plan.

As hard as the economic crisis has been on Americans’ collective psyche, now is not the time to heed stories of defeat. Here are five survival tips for owners of growing businesses that should be taken into account during the business plan development process:

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1. Consider changes. You’ve been successful for a reason. You can and will prosper again, and this time you’ll do it with two assets you didn’t have when you started: experience and perspective. Think about the company you want to be when the downturn ends. Now is the best time to make changes to a business plan development strategy.
2. Regard the downturn not as a setback, but as a gift of more free time. This, too, will not last. Take a deep breath, and use your free time to take stock of the people around you who are important (colleagues, employees, clients, and, especially, neglected family members), and focus on solidifying more meaningful relationships with them. It does wonders for the psyche.
3. Reach out to customers. Schedule a part of each day to pick up the phone or pay personal visits, when possible, to your best customers. Your company begins and ends with you. Answer the phone, leave your friendly voice on the company answering machine to welcome customers, and if someone calls and inquires about your services, make sure you call back and ask them if they have any further questions. People love hearing from the boss.
4. Give thought to how big you want to be on the rebound. Seriously, does your business development strategy call for you to immediately scale up to where you were prior to the economic collapse? Be smarter and more methodical. You’ve just learned a valuable lesson in forced efficiency, taking actions you might not have done otherwise. Apply the knowledge to your strategic advantage.
5. Just be happy. Money and profits make the world go around, but it’s important to rediscover the passion for what you do and why you do it.