Tuesday, June 30, 2009
Business Planning during a recession
Business owners are faced with unusual circumstances and decision making during a recession. Survival, growth and opportunities come with a price. We have witnessed the fall of the auto industry once viewed as ever lasting, we have witnessed the fall of great Wall Street brokerages. Five years ago these events could not be conceived. But they happened. So, what do business owners ought to do during these times? One safe approach is to rethink budgets, liabilities and new market opportunities. Your gate keepers should be open to opportunities instead of shutting the door as if business was usual. As an owner, one must contemplate these opportunities. Think of new market segments in a vertical strategy; revisit your optimal prospect; many companies are receiving stimulus funds under the American Recovery and Reinvestment Act of 2009. These companies, and possible customers will weather this recession. Markets will come back, production will increase. The main question is when? business owners should be placing themselves as the survivors and position themselves as solution providers. Dust off that business plan when you first started and rethink strategies. The old way of doing business is out. Think outside the box and review your customers core needs, research new market segments, use vertical approach strategies.