Position for Tomorrow

If you watch any news channels, ready any newspaper or just listen to the chatter at the water fountain at work, you are going to hear the bleakest news of the US economy since the Great Depression.

Owners and executives of businesses both small and large and working day and night to manage through this crisis. Businesses are streamlining operations to conserve cash (major layoffs), and cutting back in every expense category possible. This isn't enough. Crisis time is also the best time to reposition your business for the needs of tomorrow.

The strong get stronger during difficult times because they know how to get ready for the turnaround. Study your markets and find the niche that has been created by the new crisis or that will exist when the turnaround comes. If you can't find one then make sure you are ready to handle the increase in business when the economy stabilizes. Invest in keeping the great people in your organization, improving your processes and communicating your efforts to your clients. Keep your ear open to your clients, they will tell you if you should be doing something differently or different things.

During these times, basic business management techniques are critical. Keep your operation simple, manage inventories, manage accounts receivable, collect, collect, collect and watch the key performance indicators for your business http://economy.aicpa.org/business-industry/.
Make sure you keep your staff involved and informed of your plans and how they can help. Your staff can be the best resource for ideas and the extra energy needed to make it through these tough times. They are more loyal than most realize. Stay positive and keep the focus. We are a great nation and the capitalistic nature of the American people will prevail. You are that people...Good luck!