The Entrepreneur's Mentor

No Time Like the Present

We could just sit around and bemoan the fact that business is down. We can have lunch with others and share our stories- misery does love company.

Or we could see this time as a perfect opportunity to do business development. Time, or lack thereof, is often our excuse for not doing it. Well, we have the time now. So get out there.

We need to show the world we are still in business. We need to show the market we still want its business. We need to show love and attention to our current customers, those we have lost in the past and those we want to have in the future.

If you set aside marketing during hard times, you are ignoring your future, which you cannot do. I know it is hard to think about the future when the present is so rocky. But you must. If you don't have a marketing plan, create one. You can do it on a tight budget. Just get out there.

In a year's time, you will look back and see what a good move it was.

Tough Love

This has been an exciting, inspirational week in the United States. We have a new President and administration, of a new generation and with a new vision for the future. And as much as his rhetoric can soar, President Obama did not leave us feeling as if we are floating on cloud nine.

To the contrary, the President's inaugural address was full of tough love. He told us straight out of the many challenges he and we face in the years ahead. He admonished us for our past ways and warned us of the sacrifices and changes to come. And in the end, he left us with hope for the future.

Can you do the same in your business? The economy is hurting almost every organization. Sales are down, profits are down, investments are down, and I would imagine productivity is down. Can you, as a business leader, follow the course taken by the President in his address? Of course you can- but will you?

First, you must be honest about current conditions. You must objectively lay out the present situation and what it means. Our employees are adults. They can take the truth and deserve it.

Secondly, you must clarify what behaviors and activities contributed to the problem and indicate precisely what changes must take place beginning immediately. Everyone must understand the sacrifices they must make and why.

Thirdly, you must hold out hope for the future and paint a picture of that future.

You might even ask them for ideas on how to handle the recession in your business. They know their part of the business as well as anyone. maybe they have ideas on how to save money or make money in different ways.

Be presidential. Show leadership. Give your employees a reason to follow you and stick with you through the hard times.

Goals for 2009

We are one week into the new year- just about 2% of the year is over, never to be seen again. What have we done so far? How did we use that 2%?

Remember, those 2%s add up quickly. So, it is time to get moving. Instead of letting the year just happen to us and around us, why not decide what we want it to be? While we cannot control world events or the economy, we can control how we are going to function. We can decide on what we can and what we must control.

Many of us know that our businesses may be in jeopardy. So we know that we must do something to keep them going. They are our source of income, our livelihood, and in may cases, our identity. So, if we must keep them alive, we need to identify what the biggest and most critical success factors are. And then we must set goals for each of them, and act on those goals. This isn't going to happen by itself.

The President-elect spoke today and talked about his huge stimulus package, and all of the jobs it will create. How can we position ourselves to help in some way, as an act of national service, but also to help our businesses? Opportunity exists- go after it.

Many entrepreneurs find their biggest opportunities in the wake of disaster. Instead of putting our collective heads down and rolling around in self-pity, we need to get up and take advantage of whatever conditions exist that might provide opportunity. Find them - they are there.

2009 can be a great year, even if you have wasted the first 2%. We have 98% of the year left to do something meaningful.  Assess the conditions, set goals and get moving. The ones that do will be here one year from now. The ones that don't.........