Most of us will remember the stock market crash of October 19, 1987. Many will recall other dates and eras when our economy hasn’t been quite like what we’ve seen over this last decade. But the one lesson I’ve learned, and a statement I truly believe is the old adage, "What Comes Around Goes Around." It’s unfortunate to see the economic challenge that has occurred and what is happening among some of our region’s- and nation’s more sizeable businesses. There are however, many good lessons that we can learn and grow from—regardless of the size of our organizations. I’ve noted a few ideas that we try and advocate that might be worth considering for your business.

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I’m not "the authority" of running a business, but these methods seem to help us weather storms.

1. Be Prudent With Your Business Practice — Keep an eye on every phase of your operation and make necessary adjustments to sustain a challenged economy— be positioned to thrive once conditions improve;

2. Conduct a Staff Audit — Larger businesses that implement layoffs tend to eliminate entire departments at a time. Most small businesses however, can review individuals within the structure of their organizations and determine who among them can best help to accomplish the firm’s business goals. Build your business on the best team you can field;

3. Prevent Cancer from Metastasizing — A bad apple will rot the bunch. Your dedicated associates and you do not deserve to risk internal erosion by funding a person that in turn causes harm to your business;

4. Take Advantage of the Exceptional Labor Pool— Remember 2000. The same folks who you would do anything to recruit then are knocking on your door now. Consider hiring a few of these skilled, talented and determined people as long as they’re available and fit into your firm’s business culture;

5. Eliminate Non Producing Assets — Top to bottom, question the viability of your firm’s assets. If certain assets don’t produce revenue now or in the near future and they’re not a vital component of your operation, consider discarding them and all others that are not necessary at this time;

6. Live Within Your Means — I’m not the authority on this subject;

7. Snap Out Of It — I believe some people become paralyzed when they face adversity. Snap out of it. Business goes on, and so should yours before you allow competitors to erode your client base;

8. Position for Growth…Implement a Plan — If business has slowed beyond your ability to enhance it, be prepared for when the environment is conducive for progress. Many organizations lack a business plan and an implementation strategy. Get organized and plan ahead — this is your best road to success;

9. Build Market Share — Hold your ground and prevent competitors from taking your business. As important, try and build market share when times are tough. It’s much easier to earn market share in challenged times than in good times. You may not set new revenue and profit records, but your business will be positioned for healthy growth when market conditions lift;

10. Never Quit — Sir Winston Churchill was the epitome of determination with the call to never, never, never quit.

The health and vitality of your business is what you make of it. I’m of the belief that if you stay
focused and build the best products you can, serve your clients as if they’re you’re only one, and operate your organization with a logical business strategy, you’ll find yourself in much better condition than you can imagine. Adverse conditions enable us to make adjustments that ultimately make us better business people. I wish you luck during these challenged times.

Sincerely,