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Half Full or Half Empty?

Written by: Dave Ferguson

Article Overview: Despite the economic turmoil opportunities exist. The challenge is to find those opportunities for your business. No matter what's happening around you, there are still things you can do to improve your results.

Half Full or Half Empty?

Many of the business owners I'm talking to have seen a decrease in activity - people spending less and being even more careful about what they buy. We are bombarded by news stories that portray a nation in financial turmoil. Some of the people I talk to refuse to read the paper or watch the news on TV for that very reason. They want to see some good news. Is your glass half full or half empty?

For those of us who have lived through the economic slowdowns of the past, who have been unemployed, we know that this too will pass. It's part of the constant ebb and flow of economic cycles. But that doesn't make it easy.

Remember, it's not all doom and gloom. Sales of fuel- efficient cars is so strong that there is actually a shortage of some models. In the flood ravaged areas of Iowa realtors are active because there is a shortage of homes available for purchase. For people with cash in the bank, real estate and stocks can be purchased at sale prices.

As a business owner you always have choices. You can choose to sit around waiting for something good to happen, or you can take action to improve your results. The fall is an ideal time to do just that. The kids are back in school. Families have new routines and people spend their time in new ways. Now is a great time to get back to work on your business and prepare for the coming year.

Spend some time reviewing your results to date. Look at your sales. Where did your revenue come from? What services or products did your customers buy and why? Look at your customers. Who were they and why did they choose to do business with you? Look at your expenses. Are they reasonable and appropriate? The object, of course, is to determine what's working and what's not. Based on that information you can adjust the mix of products and services, address your expenses, revise your marketing plan (you do have a marketing plan, right?) and get ready to grow your business as we move into the new year. You might not be in school, but you still have homework to do.

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Article Tags: business owner, business owners, choices, doom and gloom, ebb and flow, economic cycles, financial turmoil, fuel efficient cars, great time, homework, iowa realtors, marketing plan, models, new ways, new year, news on tv, news stories, real estate, school families, stocks



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Half of 2011 is gone - Half of 2011 is gone. Did you achieve your goals? If not you can look at your mistakes in the past six months and concentrate on what to do in the next six months. Before we know it, we will be greeting each other Merry Xmas and everything still remain the same.
Re: Half of 2011 is gone - [quote="ideasuniversity":3ru9gf0f]Half of 2011 is gone. Did you achieve your goals? If not you can look at your mistakes in the past six months and concentrate on what to do in the next six months. Before we know it, we will be greeting each other Merry Xmas and everything still remain the same.[/quote:3ru9gf0f] Yes, let the 1st half of this year be a lesson to help us succeed in the 2nd half of the year!
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