2009 - Will Your Business Be Better or Worse?

Will your business be better or worse in 2009? Read that question again. I did not ask, "Will the ECONOMY be better or worse?" I asked, "Will YOUR BUSINESS be better or worse?" You are probably sitting there thinking that your business depends upon the economy. But does it really depend on the economy ..... or does it depend on YOU?

The economy is one of our greatest excuses and crutches. It is really easy to blame the economy when our business is down. We often hear business owners say, "I am really having a bad year because of the economy." I am willing to bet that you have seldom heard a business person say, "I am having a great year and it is all due to the economy. It has nothing to do with me."

Anyone who is in business should study economic cycles. They should know that the economy always has a recession after a boom period. Yes, I know that the current recession is worse than usual. However, as a business person you should have been prepared. No, I didn't know when it would start or how bad it would be and I don't expect you to know either. But being prepared is an important part of running a business. Read my last posting.

I have an umbrella in my car 365 days per year. I don't know when it is going to rain. However, when it does, I have my umbrella with me. As a business owner, you can't just plan based on the current economic cycle. That is like the defense of a football team planning for every play to be a run just because the first play of the game was a running play.

Don't sit and complain. No matter what industry you are in there will be opportunities in 2009. If you haven't adjusted your business plan because of the recession, DO IT NOW! If you don't know what the opportunities are, get help. Have a special meeting with your board or advisory committee. Have a brainstorming session with your employees, friends, family and any one else who will help you. Meet with other business owners and exchange ideas. Hire a marketing consultant. TAKE CONTROL!!

I know a real estate agent who started his own real estate agency in the late 1970s when mortgage rates were 14%
and moving higher. He was successful and is still in business today. Do you think he is afraid of the current state of the housing industry? No way.

I have taken numerous steps to adjust my business for 2009. I expect 2009 to be a better year for me than 2008. How about you? Will your business be better or worse? It is under your control.

I wish you all a Happy Holiday Season and a Happy, Healthy and Very Successful 2009.

Is Your Business Prepared For Change?

There is one thing that I am absolutely, positively sure of in both business and in life. Things will change. If the economy is booming, sooner or later there will be a recession. If it is raining, the rain will eventually stop and the sun will shine. If all of my equipment is running perfectly, some piece of equipment will eventually break down and need repair. If lapels on coats are wide, the style will eventually change and they will get narrow.

The question is ........ "Is your business prepared for change?" No one knows when the change will occur, but we all know that change WILL occur.

Most businesses do not take full advantage of up-turns in the economy or any good opportunity because they are not prepared for them. Likewise, they are hurt more than necessary by a down-turn or other bad situation because they are not prepared.

Here are some questions that will help you determine if you are prepared.

• Your biggest competitor tells you he is in financial trouble and would like to know if you would like to buy his business. Are you prepared to take advantage of the situation?


• You call a supplier that you have been buying from for the past 10 years to place an order only to find out they went out of business yesterday. Are you prepared to buy from someone else so your business is not affected?


• Your biggest competitor went out of business and her 10 biggest customers called you to place orders. Are you prepared to fill those orders?


• Your biggest customer goes out of business. Are you prepared to replace him with another customer?


• Your two best employees tell you that tomorrow is their last day working for you because they are starting a business together - to compete with you. Are you prepared to replace them and deal with the new competition??

The above questions are not part of a fiction story. They are real situations that happen daily to businesses throughout the world. If you are prepared, you will successfully take advantage of the opportunity or meet the change. If you are not prepared, you may not have to worry because you may end up going out of business.

How about these questions?

• What will deliver the TV signal to our homes in 10 years - cable, satellite, or ????????


• When will the computer keyboard become obsolete?


• What fuel will power our cars 20 years from now?


• What device will carry this blog 5 years from now?


• Will we be concerned about identity theft five years from now?


• When will the remote control for our TV become obsolete?

Many businesses have strategic plans. That plan must be a dynamic, not static document. In addition, it must contain Plan B, Plan C, etc. You can't plan as if everything will stay the same. You MUST plan knowing that things will change. You may not know which things will change or when they will change - but they will change and you and your business need to be ready.

I would appreciate your comments on the subject.