2009 - Will You Flourish or Perish?

 I think by now, everyone has heard the not so good news!  2009 is going to be a very tough year for business owners.  Already people have stopped spending their money just in case their job security isn't as good as it used to be.  Luxury spending by the average income earner is often the first thing to feel the pinch as consumers are holding on to their earnings for a rainy day.  This can, and often does, lead to a loss of jobs or at a minimum,  full time jobs becoming part time jobs or even worse, casual jobs.  And so the cycle is repeated with money being saved and not spent by those who fear for their job security.

 If you are a small business owner, now is not the time to sit back and hope for the best.  Those of you who embrace this philosophy may quietly slip out the back door while your competitors, who are prepared to make vital changes in the way they run their business, will pick up the reins and survive the tough economic downturn and still be in business when boom times return (and they surely will).

 So what needs to be done?  Now is the time to take stock of your business and make some firm decisions as to how you intend to keep making money for the next 12 months and beyond.  You will need to look at the efficiency of your business through new eyes to see what needs to be updated and perhaps what needs to be thrown out!  What out of date procedures have you been hanging on to because you haven't reviewed them for years? What new innovations have you been considering but have been either too tired or lazy to introduce? It's time to take pencil to paper and start thinking about some positive actions to keep your business fresh and appealing to your customers.

 Your staff are going to have to perform better than ever as the ever more demanding customer is looking for more "bang for their buck".  Customer service is going to have to skyrocket and that isn't going to happen by itself.  It's time to invest in making sure your staff have the means to offer the very best to your customers if you wish to survive the tough times ahead.  This means making sure they not only have the expertise to deliver great customer service but the necessary equipment and tools as well. Expect your customers to be more fussy than ever as they come to realise that they are in great demand at the moment and they can choose to take their business to whomever is looking after their needs in the best possible way.

 And what about expenses in your business?  How long has it been since you have done an in-depth review of your money colander?  You know what I mean - it's the thing that you put all your hard earned money into and watch it drizzle out all of the little holes around the sides and in the bottom.  It might just be time to look at new ways to block off some of those holes and retain more of your money.

 If you are not currently getting professional help with your business, now is the time to make that move. It may be time to drag out the business plan (if you even have one) and review your original goals.  Are the actions you are taking today going to get you to where you need to be by December 2009?  Perhaps it's time to stop procrastinating and get all the help you can.  A small investment in business coaching should return you a minimum of five times what it costs.  It's not even a gamble when you look at it like that! 

 So, are you still going to be around in 2010?  I hope so, but it's all up to you and the changes you are prepared to make NOW in yourself and your business.

 

This newsletter consists of general advice and is not intended for you directly.  If you need assistance, you can contact me to discuss your business needs further.