There’s No Need To Panic

In an article I read today on CPA Trendlines, the top two factors affecting business during this recession are strain on accounts receivable and reduction in revenue.

Neither one of these factors are particularly surprising are they?  People are taking longer to pay their bills because they strapped for cash, and people aren’t buying for the same reason.

So as a business owner, what can you do?

1. Panic
2. Throw in the towel
3. Tighten Your Belt
4. Leverage the Opportunity

You can do any or all of those, but wouldn’t it be much better to leverage the opportunity to come out on top.  As I was traveling, home from my daughter’s today, I noticed a billboard and all it said was that Microsoft was started during a recession.  I thought that was powerful.  So I say don’t choose 1 – 3, but choose #4.  And here’s some ways to leverage this opportunity:

1. Work on honing and fine-tuning your internal processes to provide better service, more efficiently.  This will save you money and increase your customer loyalty – then ask for referrals.
2. Define your ideal customer, in detail.  Once you have done this, customize your services/product offering to target this customer profile.  Then promote your uniqueness in the marketplace.
3. Consider using social media for expanded exposure.
4. Modify your business plan accordingly.  Your business plan should be a static document, and you should always be tweaking it as your business changes to adapt.

Try some of these and I think you’ll be pleasantly surprised at the results.  Let me know how you do or if I can help in any way.