how your business can survive hard times
54Create a Silver Lining When Economic Storm Clouds Gather
When the economic storm clouds start to gather, those involved in small business dealings often abandon ship and run for shelter. What ends up happening is the ship sinks. A business can ride out all but the worst of storms with the right mindset and a bit of planning. A seasoned ship’s captain prepares in advance. He maps out the safe islands and ports along the way. Knowing he has a safety plan ready, he remains confident, sticks with the ship and navigates through the storm to safety. When the rain has stopped and the clouds cleared, he continues on his way. The ship may be a bit battered but it is still afloat.
Finding the islands
Customers are a business’s safety net. The more you have, the better your chances of succeeding through difficult times. Plan time in your weekly schedule for recruiting new customers. Offer incentives, increase advertising or venture into new areas of advertising. A business owner who shows confidence in his business will transfer that confidence to both employees and customers.
Navigating around the rocks
Weak spots can be found in even the best-laid plans. What are your business’ shortcomings? Look for these areas and actively work to strengthen them. Ask the advice of those closest to the day-to-day dealings in your business—the employees. Listen to what they have to say and let them know their input is valuable to you. Find out if they have any solutions in mind. Captains don’t sail their ships alone.
Keep you eyes on the waves
Just as the waves can indicate where the worst area of the storm is, payment habits of customers can let you know if the economic storm is worsening or what areas are creating the most problem. As the economy worsens, people won’t pay their bills on time, or at all. It is wise to be suspicious at these times of any extremely large customer orders. It is possible the order comes from a troubled business that may not be able to pay. Having a policy in place where at least part of the payment is made in advance will help lessen any losses from non-payments.
Head for the safest island to wait out the storm
If you find yourself in a position where you are unable to pay all your bills, prioritize. Employees and employee taxes take top priority. You want to do all you can to insure your staff sticks with you throughout the storm. They need to survive. After the people are taken care of, next comes anything on which your reputation is at stake. When the sky clears, you want to be guaranteed you are still considered someone dependable enough to work with
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