Is the
uncertainty about the much publicised credit crunch
deterring you from preparing for the inevitable
turnaround. Michael Gerber (E-Myth Revised) says
that the best way forward in a period of instability
is to focus on fundamentals. Continued retraction in
the credit industry and financial markets has deeply
shaken the business world. There is not a day goes
by that we don’t hear another horror story from the
media. So, what's a wise and savvy business woman to
do?
The following tips are based on an article written
for the E-Myth website entitled ‘When The Going Gets
Tough’
Preparation -
Gerber suggests that we prepare for the inevitable
upswing. Take this time to use our strategic radar
to identify opportunities ahead and document plans
to enable our businesses to reach specific goals.
Now, he says, is the time to clean house, re-tool
and seek training that will deliver major
competitive advantages. Use any slack time in your
business to make your business better. Here’s how …
Innovate, Quantify &
Orchestrate: Repeat - Work on innovation,
product development and building your brand. These
efforts are not top-line, discretionary cost
centres, but integral structures supporting your
business. Working consistently in these fundamental
areas, like doing regular exercise, can improve the
strength of your business.
Innovation, Quantification and Orchestration, are
cyclic processes of successful businesses. Commit to
this disciplined routine of inspection, measurement
and iterative improvement to keep your business
solidly on track.
Reward Excellence -
Tough times may not seem like the best times
to give bonuses, but if one of your departments is
truly excelling, you can build great staff loyalty
by acknowledging successful efforts monetarily.
Also, listen openly to your employees and
communicate honestly about business conditions.
Simple courtesies like these can have long-lasting
positive effects.
Listen To Your Customers -
Ignore your customers' opinions at your
peril. Seek out your best customers' opinions, and
then act on the knowledge. Difficult times are
changing times, and you need to be able to adapt to
new conditions.
Improve Your Business
Skills - An economic downturn may be
financially uncomfortable, but a slow time is also
an excellent time to deepen your business acumen,
broaden your management capability and strengthen
your self-discipline.
It goes without
saying that one of your strategies should include
continued networking. Get specific about your
requirements
Louise was a
finalist for the Prowess Awards 2008 for Outstanding
Contribution to Women's Enterprise. This
successful event was the 4th Prowess Awards Ceremony
and attended by many equally
deserving ladies. 
Is
it time to take charge of your future and really be in
control of your destiny? If you’ve thought about
business ownership, or setting up an additional
business, – but something has stopped you from moving
forward. Was it lack of experience? Couldn’t think of a
unique concept that would compete with established
brands? Fear of the unknown? If so, you are not alone.