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Recession-Proof Your Business

Table of Contents:  

1. Welcome
2. Recession Proof Your Business and Life
3. "Book Ends"

1. Welcome:

Welcome back to "The Success Files." As the year 2001 rolls along, there is uncertainty with the economy and the stock market has experienced some serious corrections. In other words, you may have lost your shorts in the market in the last twelve months. I actually know some folks that have had to go back to work to recover their losses. The "talking heads" on TV keep using the word recession. So, in this issue, I will offer some comments about recession proofing your business and your life. Get ready, cause it ain't pretty if you don't do these things. 

2. Recession Proof:  

Here are my top ten ways to "recession proof" your business and life.

1. Be realistic. Sticking your head in the sand won't make it go away. Understand that historically, our economy has always experienced ups and downs. Did you think it was going to be boomtown forever?

2. Strengthen your relationships now. Strong business and personal relationships are the key to repeat customers and "add-on" business. Your personal relationships need constant nurturing, too. Make it easy for people to support you when you most need it.

3. Diversify. Create a new product. Take on a new market. Expand the market you have. Move laterally in your industry. The key to successful diversification is to expand into areas where your natural talents and abilities are best used.

4. Beef up your marketing. Now is not the time to pull in the reins. You better get more aggressive with your promotional strategies. The time to accelerate your marketing program is now, when other less lion hearted persons may pull back.

5. Store your acorns. A corny metaphor, I know, but real. Put your cash away for a rainy day, as your mother preached to you all those years. I don't like taking a lesson from squirrels any more than you do, but the reality is that when you have cash reserves, it is easier to operate in a mode of prosperity.

6. Have an attitude of prosperity. If you believe that you will suffer in a recession, you will be right. If you believe that you will thrive in an economic slow down, you will be right. Got the point?

7. Stick to your long-term vision for success. At some point you decided to be in business for the long haul. Stay attached to this vision and your brain will search for ways to make you look good and be right. Constantly remind yourself of your long range goals, dreams and rewards.

8. Be 'techno' savvy. Listen, it is here to stay and it has changed our lives. Use advancing technology to serve you, your clients and your professional relationships. Stay in touch with your loved ones via regular email. Get educated on-line and share your knowledge with others.

9. Strengthen your team. Continue to train your employees and educate those you hire for contract services. Sure, a slow down may mean that you need to trim some "fat", but the people you keep need to understand your commitment to success. They need to feel as much a part of your team now as they do when you are 'high rolling'.

10. Be dedicated and persistent. There is no substitute for good ole' sweat on the brow. Walt Disney said, " Get a good idea. Stick with it, dog it until you get it right." (or something real close to that) The point is persistence and patience will pay huge dividends. 

3. "Book Ends":

Dig Your Well Before You are Thirsty. This is one of the best books I have ever read on the power of networking. Harvey Mackay outlines hundreds of strategies on how to network, the value of networking and where to find the best networking opportunities. Mackay masterfully uses stories and examples to illustrate his points. Building a large and meaningful Rolodex is the key to success in business, according to Mackay. Published by Currency Doubleday. 

May 25, 2001

Paul Montelongo

"America's Construction Industry Motivator"

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