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Surviving the downturn and coming out of it stronger

Guest post by: Nicholas Fraser

Article Overview: Surviving the downturn and coming out of it stronger I discussed in another about being trapped in your business and ways you can approach that issue. This was in response to my bell weather phone calls to businesses in June where some businesses were expressing concerns about business prospects. I am sure there are no doubters now with the various news stories or “Recession Porn” as I heard Tom Vose of National Australian Bank call it “We know it’s awful and it makes us feel bad but we cannot help reading it!”

Surviving the downturn and coming out of it stronger

Surviving the downturn and coming out of it stronger



I discussed in another about being trapped in your business and ways you can approach that issue. This was in response to my bell weather phone calls to businesses in June where some businesses were expressing concerns about business prospects. I am sure there are no doubters now with the various news stories or “Recession Porn” as I heard Tom Vose of National Australian Bank call it

“We know it’s awful and it makes us feel bad but we cannot help reading it!”

So what to do? Batten down the hatches is one response but perhaps that is not the best way. First things first let me remind of one of my key adages learnt from my oft quoted Robert Townsend

“If you’re not in business for fun or profit, what the hell are you doing here?”



So having reminded yourself of that you should set some clear objectives for the business to be fun and profitable! Make sure they are realistic, honest and market driven.

Next, write a plan to make these objectives happen and involve your team – it’s their business too!

Then look outwards and see what is going on and test the plan. Make sure you are selling what the market wants to buy, not what you want to sell! Focus on the opportunities and there are opportunities out there I am sure.

Now do the financials – look at Cash, Costs and Profits and review constantly!

Having finalised the plan communicate it to everyone and I mean everyone. Shareholders, investors, banks, suppliers, press, your team and your customers too might be a good idea! I wrote last year about a client who went bust because he did not talk to his investors enough and they pulled the plug. No cash, no business so make sure you communicate. Communication as you know doubt will see is the topic for my monthly business tip and I give four examples there.

Then JFDI – you know the acronym – get out there and make the plan happen.

But do review performance daily, weekly and monthly with your team. Change the plan if the market tells you too.

Oh and perhaps finally you might like to think about getting some outside help from someone like me!

A fresh perspective

I am assisting one client to look to see if he can acquire competitors; another I am helping with an aggressive plan to attack the market to take market share whilst his competition is suffering. This latter client came up with the line of coming out of the downturn stronger – I hope you can do the same

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