10 Business Tips for a Down Economy

 

1. Stick w ith the core business. Not the time to try some fringe idea. Do what you do well and do more of it.

2. Try to control costs as much as you can. Postpone unnecessary spending.

3. Stay connected with others in your industry—link together to be stronger.

4. If you are slower than normal, use the time to clean up, plan for the future, rewrite your business plan, take inventory, take a class, plan.

5. Control worry and stress by exercising, connecting with people that make you feel good, and reading positive things.

6. Take your banker to lunch. They have a lot of time on their hands.

7. Take the old customer list and make follow-up calls and book appointments. Look at current customers and find what else you can offer then—other services—other divisions or locations.

8. Don't buy into others' fears.  Really monitor who you are listening to.  Don't freak out. 

9. Use Innovation to get better—how can you improve yourself and your business with new and fresh ideas? How can you help your customers and partners?

10. Make sure you only hire top performers.