How Bad is it Going to Get?

It is hard to tell these days what is earthquake and what is after-shock. The hits just keep on coming. The housing market, the credit market, the stock market, the auto industry and then.....Unemployment numbers are starting to ramp up, bankruptcies are on the rise, including big companies like Circuit City. Many small businesses will follow.

It is definitely scary.

Banks are cutting credit lines, even for companies that have always been good credit risks. This can jeopardize their continued existence.

General Motors alone spends $600 million per year on advertising, sponsorship and endorsements. Those dollars are definitely at risk, and even Tiger Woods may lose his endorsements. GM's retirees and employees are in jeopardy, as are their suppliers and businesses that have located close to their plants to sell to their workers. What a ripple effect.

We can do everything right in our own business and still not survive. Law firms are laying off, as are insurance companies. Successful restaurants are seeing a decline and are looking for less expensive dishes to serve their patrons. The entertainment industry can't be far behind.

We can do everything right and still not survive. We can believe that as we close our doors and turn our keys over to the bank. Or we can fight hard. We can cut expenses to the bone. We can work creatively with employees to keep the business going on less hours or with less people. We can look for new sales opportunities, new uses for our products and services that might be more recession-proof. We can model ourselves after organizations that have found solutions.

We can do everything right and still not survive. Or we can reinvent ourselves to survive or even thrive in a bad economy.

What makes one a great entrepreneur can be utilized to make one a great solution finder in these times. Use the same competencies that put you into business to keep you in business.

Comments

[Shawn Lim]

Very true that the economy is bad
right now. However, if you can
survive in this down economy, after
this when the economy start to
gain back on it's track, you'll
be able to do better.

So for me, it is always a great time
to strive for success, especially
in a down economy.

Too many people put the
economy as a blame and excuse
for not striving.

The responsibility is in you,
for things to change, you must
first change.

Thanks for sharing this post.

Shawn
http://www.goal-setting-activities.com/