“Preparing for the upswing.”
I read that somewhere and thought it was a fantastic saying, especially with all the doom and gloom of the business news today. Instead of ducking for cover and waiting for this financial storm to pass, we should be trying position ourselves for the future. Here’s how:
- Clean house now-take a look at your costs and wring out the extraneous ones that are bogging you down
- Look ahead-what will you need in 6 months, what will you need in 1 year, what will you need in 2 years? Think ahead and make sure that in your conservation efforts now you aren’t hurting your chances for growth in the future.
- Think positive-while your competition may be ducking for cover, you should be out there in full force marketing your business as if there is no recession. While it may seem difficult to see past the immediate crisis think of what you your business will look like when these troubling times pass.
- When things are good, we let loose a little bit. There is nothing like a recession to get people to review their personal spending habits-and the same goes for business. Review your expenses, cut back-office expenses before customer facing, and you’ll be better positioned, more streamlined, more apt to finding a way to improve margins in the future when the upturn does come.