Charles Darwin gave us the “Survival of the Fittest” theory, but when you read down into the text, what he is really saying is it isn’t the fittest who survive, it is those who can adapt. Applied to what is going on in business today, the companies (large and small) that weather this recession are those who can best adapt to it. Ok, so we got that down, now – how do we adapt? Let’s focus on four areas:
Protect the core
It’s pretty clear that businesses aren’t going to grow their way out of this trouble, so we need to go back to the basics, the tried and true blocking and tackling that keeps the wheels on whatever business we’re in, going. For most, this means working hard to keep the customers you have coming back and putting hard effort into getting new customers to offset any that you may lose. Right now, this is going to feel like you’re shoveling out the sand as quickly as it slips back in the hole – and that’s ok. Any money spent on the business should go to support these two efforts.
Act early – NOW
The quicker you act, the more flexibility you have. It’s like an ocean liner headed for an iceberg, the closer you get to the ice, the harder it is to turn and miss it. You want to act in an organized manner, with a plan, not reacting to a situation with your back against the wall.
Cash on hand
Try to unlock some cash in your business to support the above efforts or divert cash into these efforts by eliminating some other initiatives. Believe it or not, there is cash all around you. For example, consolidate your inventory and focus on lines that sell the best rather than having a broad representation of a few of this or that. Join your manufacturer’s loyalty program – the more you spend with one or two manufacturers, the more rewards you’ll earn and can pump those rewards into your business.
Seek out good advice
You’re not alone in this situation so don’t try to solve it alone. Ask for help. A great first step is reading this blog! Also, network yourself with peers or look to industry associations. Plagiarism is encouraged! If you hear of a great idea, use it. Every business, big or small, needs a board of directors. This can be as formal or as informal as it needs to be. Their insights, ideas and support are very helpful. Talk to your staff too - it helps even to use them as a sounding board for your ideas and get them on board with supporting them.
Take a look at your business, apply these ideas and come up with your plan. Adapt your activities around these concepts and you’ll be sure to not only survive, but thrive when we come out the other side of this economic situation. We have to say thank you to Charles - he thinks the future is going to be so bright, he's wearing shades! Good luck.
Protect the core
It’s pretty clear that businesses aren’t going to grow their way out of this trouble, so we need to go back to the basics, the tried and true blocking and tackling that keeps the wheels on whatever business we’re in, going. For most, this means working hard to keep the customers you have coming back and putting hard effort into getting new customers to offset any that you may lose. Right now, this is going to feel like you’re shoveling out the sand as quickly as it slips back in the hole – and that’s ok. Any money spent on the business should go to support these two efforts.
Act early – NOW
The quicker you act, the more flexibility you have. It’s like an ocean liner headed for an iceberg, the closer you get to the ice, the harder it is to turn and miss it. You want to act in an organized manner, with a plan, not reacting to a situation with your back against the wall.
Cash on hand
Try to unlock some cash in your business to support the above efforts or divert cash into these efforts by eliminating some other initiatives. Believe it or not, there is cash all around you. For example, consolidate your inventory and focus on lines that sell the best rather than having a broad representation of a few of this or that. Join your manufacturer’s loyalty program – the more you spend with one or two manufacturers, the more rewards you’ll earn and can pump those rewards into your business.
Seek out good advice
You’re not alone in this situation so don’t try to solve it alone. Ask for help. A great first step is reading this blog! Also, network yourself with peers or look to industry associations. Plagiarism is encouraged! If you hear of a great idea, use it. Every business, big or small, needs a board of directors. This can be as formal or as informal as it needs to be. Their insights, ideas and support are very helpful. Talk to your staff too - it helps even to use them as a sounding board for your ideas and get them on board with supporting them.
Take a look at your business, apply these ideas and come up with your plan. Adapt your activities around these concepts and you’ll be sure to not only survive, but thrive when we come out the other side of this economic situation. We have to say thank you to Charles - he thinks the future is going to be so bright, he's wearing shades! Good luck.
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