Hard times - What now?

“Start where you are. Use what you have. Do what you can.”

– Arthur Ashe

Ways to improve your business during hard times.

1.   Start where you are right now – rethink on how you are doing business. Evaluate. What do you have that is valuable? What are your strengths, what do you have to offer?

2.   Use what you have – what do you have available right now? Are there new ways of doing things? Can you adjust your marketing model, pricing structure? Have a new look at your business plan.

3.   Do what you can:

3.1        Consolidate your debt; look at your overheads, where can you cut? The time is now to be lean and mean.

3.2        Cut your expenses. Go through every single expense. Is it necessary? Can you go without?

3.3        Cut loose from unproductive assets. If it is not bringing in money, let it go.

3.4        Maintain your current customers, stay in contact. They might feel just as bewildered as you.

3.5        Think out of the box. New marketing ideas. Fresh initiatives. Try something, anything!

3.6        Cut the dead wood. Unproductive staff or staff that is not fighting for the survival of your company – time to let them go. Rather be flexible and right-size your staff component, the ones to assist you and to see you through these difficult times.

3.7        Align everything you do with the purpose of your business vision and mission.

3.8        Focus and get back to hands-on management. You are needed at your business – every single day.

3.9        Negotiate with suppliers, as they are also going through tough times. 

3.10    When the going gets tough, the tough gets going! Now is your time to look for gaps in the market, keep on looking. Never give up.