| 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 behavior of large institutions around the world... You are about to find out how
good your business really is.
The Paddlers
In any financial storm there are lots of shipwrecks, but
you will always see three groups of people during and after the storm:
1) Those who freeze and drown
2) 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
3) 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:
1) Get very very clear on what your Core Business is, and
what your competitive advantage is... and focus on it... totally.
2) Slash overheads, slash debt, wherever you can.... Cash
is king
3) Collect, collect, collect and collect some more... Cash
is king
4) Ruthlessly Cut away the dead wood, the hangers-on, the
time servers... but…
5) Really generously and personally look after the people
you want to have with you when the storm clears.
6) Make it as easy as possible for your favorite Customers
to continue to support you (that doesn’t mean groveling by the way!)
7) 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 favors.
8) Don’t panic... take your time... assess calmly...
negotiate.... everyone is going through the same storm.
9) Plan for the future, Planning is key.
10) 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. |
