Things you can do when times are tough - part one (CDCD Volume 3, Issue 3)
Chris Davidson
It is possible to acknowledge reality, without buying into its consequences. My Mum used to describe it as being in the world, without necessarily being part of it.
What do I mean by this?
I mean that it ought to be pretty obvious to any business owner right now that times are tough. However, that doesn't mean you have a ready excuse for slack behaviour or rubbish business results. Don't buy into the gloom and doom that's going around.
Here's stuff you can do to get your business on a growth path, even through tough times.
1. Get some extra help - spread the load
There is a great temptation when the going gets tough to slash costs, left, right and centre - bring everything back in house and do everything yourself. You'll die trying. The shear weight of the business will crush the will to live from you. You'll end up fighting the fires that need to be fought and doing nothing to growth the business. It's the beginning of the spiral of doom. Get help. Define specific, tightly targeted marketing projects, preferably where the output is linked to the level of investment you have to make.
2. Accept that you don't know it all
Doubtless you started your business because you are good at something - but probably not everything that's involved in running a business. Be honest with yourself - acknowledge the areas where you're not strong and get help them. Conserve your efforts for playing your strong cards - stuff you're really good at.
3. Don't be greedy - prove your ideas first
As the world's economies slowly recover from this latest recession it may come as a surprise to you to know that many banks expect business failures to increase. Why should that be? Because businesses will expand too quickly, believing the recession to be over and will wrap up their cash in staff, stock and other assets. Cash that they would otherwise use for paying bills. Don't be greedy. Grow at a sensible pace and get some money in the bank. Resist the temptation to take over the world before the end of first quarter...
4. Get some trusted advisors
I started a "master mind group" with two local friends and colleagues a few years back and it's proved its weight in gold since then. It's very easy running a micro business to end up all by yourself, sweating over every single difficulty. Having other people with similar sized businesses that you can talk to - and be 100% honest with - will help you create new directions that you just wouldn't think of on your own. if you're not in a master mind group, then I really think you ought to think strongly about joining one, or creating one.
Part two next week, with some other stuff for you to have a go at.
As usual, please do keep in touch and send me your thoughts, comments and questions directly.
Best wishes to all.
Chris Davidson
Editor, Professional Speakers Journal
editor@professionalspeakersjournal.com
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