Tweet

Crossing Your Street Of Success

Guest post by: Dave Ferguson

Article Overview: Regardless of what we read about in periodicals or hear on TV, none of us really know where our economy is going. While I have studied economics and on occasion have made some sound economic predictions, I am not an economist. Therefore, I cannot, nor am I going to, predict when we will see an upturn. I will, however, go way out on a limb and predict we will see some form of an upturn soon, followed by what could be many years of peaks and valleys.

Crossing Your Street Of Success

There is no doubt that these past few years have been tough on many people, both professionally and personally. I speak and listen to many people daily and many remind me of the young boy that goes to cross the street, looks both ways, see’s its clear, but can’t decide if it’s safe to cross the street. Then, by the time he decides to cross the street, it isn’t clear anymore. He missed his opening.

Regardless of what we read about in periodicals or hear on TV, none of us really know where our economy is going. While I have studied economics and on occasion have made some sound economic predictions, I am not an economist. Therefore, I cannot, nor am I going to, predict when we will see an upturn. I will, however, go way out on a limb and predict we will see some form of an upturn soon, followed by what could be many years of peaks and valleys.

The overall nervousness about the economy is real, I agree. But we as business owners and/or managers are paid to take some risk. I’m thinking there are openings right now! Let’s talk about how to take advantage of them:

1. If you don’t have a real strategy…get one. A true strategic plan is all about tactics, techniques, and implementation. If you’re going to beat the competition out of the gate and down the stretch you need a strong strategy. If you have a business plan, dust it off and update it. If you don’t have one, find someone (like me) that can help you develop a real working business plan. If you aren’t planning, you’re planning to fail!

2. Get creative: There is no time, like the present, to be creative. Innovation is one of two things that make money for companies. Before you leap, spend time brainstorming with your employees, other professionals, friends, and a good business coach (I’ve created Synergy Circles to do just that). Get everyone’s juices stirring around products, services, and processes.

3. Get your relationship house in order: Start spending time with your customers, even with the ones that aren’t currently buying from you. Let them know you value their businesses, as well as their business. Then ask them how you can improve.

4. Find out your strengths and weaknesses as an organization and then work on them. If you don’t know them, ask your customers or hire someone to assist you in the evaluation.

5. Get your financial house in order: You’ve got to create a firm foundation for growth if you want to participate in the next upturn. While I’m not a big fan of debt, have all the necessary documentation ready for the bank if you might need to borrow at the onset. When the lending departments reopen, there could be a race for the funds and you’ll want to win that race! Try the community banks first!

6. Invest in your business and your team. Invest in your productive employees and manage the unproductive ones up or out. When the upturn comes, so will the war for talent. If you’ve got good talent and want to keep them, invest in them now. Help them prepare themselves to be the best they can be. Provide them more training as well as, developmental opportunities. Investing in your people now will demonstrate a commitment from you that will factor big time if and when the competition attempts to steal them away. Consider sales training or just a motivational tune-up for them. Call me, I can help.

7. If you don’t have the right people on your team, get them: Evaluate your team and if you have doubts about anyone, consider replacing them. There are a lot of free agents on the market and you can use this time and their talent to upgrade your team. I highly recommend you bring in an objective third party to help with this process, especially around interviewing and selection.

8. Be a leader. As a leader you must be positive about your organization. Spread that throughout your organization, as well as to your vendors and customers. Don’t let your employees dwell on the negative; rather help them see the positive. Find ways to energize and lift them. Spread cheer and get them pumped. Consider bringing in an inspirational speaker. If none of that works, remember this, “You’re not in business to make them happy, you’re in business to make a profit!”

Making it through an economic downturn is not easy, but who said business ownership was easy? I’ve attempted today to give you a small amount of advice, based on my experience in and with other businesses. Take some time today and think about what could be on the other side of the street for you. If you look long enough, I believe you just may see the business goals and objectives you strive for. Don’t miss your opening. If I can assist you, please call me.

Related Articles
  Airheads
  How to use Bollinger band in automated currency trading
  Fear of Success Keeps Many From Traveling the Road to Success
  How Travel Helps Your Sales
  Gold Medals? Or Alligators?
  Lessons from the Pink Brigade: 7 Tips to Inspire Going the Extra Mile (or 12 miles!)
  Bottom Line: This is Not the Bottom of the Financial Crisis
  Enchantment hits the bestsellers lists
  Know Your Market: Sell Umbrellas When It's Raining
  Personal Branding: Do You Need To Shift Your Focus?
  REAL Teamwork: A Leadership Lesson from the Dugout
  Urban Rethink
  Who do you believe?
  Best Automated Forex Trading Strategy
  Swim Against the Tide
  How Much Is Failing To Communicate Regularly With Your Existing Customers Costing You
  Create an Outrageously Healthy Environment at Play
  How Bright Lights and Dancing Penguins Reminded Me It’s Christmas!
  Slippage

Article Tags: business, coaching, economic prediction, economics, economy, leadership, management



Related Forum Posts
New Office - Hi Kevin - I'm right on Yonge Street between 401 and Sheppard - For those not from Toronto, Yonge Street is our most well known street and our most well known highway. I'm also right on the subway which makes it a convenient location.
What not to name your business - For about 15 years, a print magazine was published called Scarlet Street. Dealt with mystery, horror and science fiction movies, books, etc. Well..the publisher died, and his co-workers want to keep publishing a magazine in his honor. The pub's long-time companion doesn't want it to be Scarlet Street, so they've decided to call it.... Scarlet The Film Magazine And I think that's just about the worst name in the world! It doesn't say what the magazine is, or anything. Book store people will have a heck of a time figuring out where to place it on their magazine shelves. And... there's already a magazine called Scarlet, based out of the UK. A woman's magazine, which gets plenty of hits when one searches for it on Google. So any website they do is bound to get lost in the shuffle. I just think it's a terrible business decision all around.
Re: If It Ain't Broke... - [quote="mphcoach":1267m13e] Sometimes, changing a thing like the name or (my favorite) the logo (at enormous cost, way too often), is easier than looking inside at what might not be working as well as in the past. [/quote:1267m13e] In this case, they were forced to change the name, because the guy's long-term companion owns the rights to the mag, and wouldn't let them use the title. Indeed, he's upset that they're calling it Scarlet, and it's certainly true that any long-time readers of the mag may see that first "Scarl"... and think, oh, it's Scarlet Street.... when actually it's a new mag (for all that it's worked on by the same people as Scarlet Street, except for the publisher/editor who founded it.) What's even funnier, 2 of the 3 guys who are the publishing/editing triumverate - who post about this on a certain messageboard - have said that they don't care for the name - they just couldn't think of anything better! I could think of dozens of better names.... Scarlet Screen, Scarlet Scream, Frankly Scarlet, and so on... Frankly, I don't hold out much hope for the mag...
Re: THE SECRET TO SUCCESS IS ALL IN YOUR HEAD...RIGHT NOW!!! - Success = Thinking (Head) + Heart (Feeling / Interest) + Hand (doing/ action). Success - H3 Robert
Re: Why Did You Become An Entrepreneur? - I didn't want a limit on what I could make. I grew up in the 60's and you didn't have the money making possibilities you have now. I came out of college and went to Wall Street in 1974 as a stockbroker/commodities broker. People were doing well but not the crazy numbers we see today. All I knew was that the people making big money were the people who were in their own business.


Share this article with your friends. Fund someone's dream.

Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.

Newsletter

Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!

Name:
Email:

Popular Articles

When Your Smiling

Top Ten Home-Based Businesses

Starting A Set of Books

Suggestions

Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.