Can Your Business Survive the Economic Slump & High Gas Prices?
Almost every business feels it when the economy takes a down turn and we all hear the little voice that says, “what if ?” But taking a cue from those companies that have sailed through the Tsunamis, not just once but many times, just may hold the key to your survival.
Kimberly-Clark, Philip Morris, Walgreen’s, Kroger, Gillette, Abbot Laboratories, Wells Fargo, Pitney Bowes, Wal-Mart and Walt Disney are only a few companies that have sustained growth through good times and bad over the last fifty to more than 100 years.
- They all became and were known as the best at something.
- They all focused on hiring good people and then not micro-managing these people.
- They all had very specific goals for the company and everyone knew those goals by heart.
- They all had core values that went beyond just making money.
- Every decision that these companies made were determined by their goals and their core values.
When times get tough, it may be more important than ever to find something in which your business can become known as the best.
Look for ways to reach out and help others who are also going through trying times. You don’t have to spend a lot. This is good for your company’s reputation, good for your company morale and good for your soul.
Tighten your belt if you must, but do not kill the golden goose. Try not to panic and start cutting on areas that help define your quality or on that one thing in which you hope to become known as the best.
Believe it or not, there are opportunities created in bad times and many of our clients are too close to spot these opportunities. The increase in gas prices may be bad. However, people will be staying closer to home and that could be good for your business. When people can’t afford to buy new cars, they repair the older ones. This is good for automobile repair shops. When food prices go up, there are more opportunities for people selling at Farmers Markets. If people are lowering their thermostats to save on utility bills, they may be buying more blankets, sweaters or long underwear.
Every business is different. But as a business owner, your first reaction should not be panic. Instead, look for ways to use your current resources to take advantage of the opportunities that are now arising. Believe or not, more successful businesses have been started during rough times rather than during great ones.