Business to New Heights…
Even During a Recession
Despite what the news media may report about the corporate
world’s shrinking profits and troubled times, the fact is for any
business, now is the perfect time to improve your cash flow,
increase your company’s productivity and enhance your management
skills. While it’s true that the current economy and ongoing social
changes can be scary at times, realize there is a wealth of
tremendous opportunity just waiting to be tapped.
So why aren’t more business owners, managers, and
entrepreneurs reaping all the opportunities? Because they’re stuck
in the old business model’s mentality of scarcity and fear. They
believe that in order to win, someone has to lose. They think the
proverbial pie is only so big, and if they don’t get their share
right now, the pie will soon be gone. They’re convinced that unless
they have financial security today, their future will be hopeless.
Succeeding in business today requires you to embrace a new
mindset – one of abundance and prosperity. The truth is everything
you need to thrive, even during tough economic times, is well within
your reach. You simply need to look at things from a different
perspective to see what’s right in front of you.
If you’re ready to buck the old system and make some serious
profits in today’s economy, consider the following suggestions.
Find new sources of
Many businesses have found that their bank has called in their line
of credit or their loan. Because so many businesses have failed in
the recent months, banks have gotten skittish. That means companies
need to find new ways to subsidize their cash flow.
Factoring is one way to get money for your business right
now. A factor is a company that will purchase your aging accounts
receivable. They’ll pay you cash for every invoice you sell them.
Now, instead of having to wait 30, 60, or 90 days to get the money
from a customer, you can get the money instantly from a factor.
Another option is to raise money from private investors. Even
though the economy is not as strong as it once was, it’s actually
easier to find investors these days. Why? Because people with money
to invest are hesitant to put their money in the stock market.
They’d rather invest in a growing company that they can watch and
help mold over time.
If you have a small profit margin, such things as factoring
or finding investors may not work, because these outside entities
take a percentage of your profits. Therefore, before embarking on
this path, you may need to find some more creative ways to lower
your expenses. For example, perhaps you can find a better source to
manufacture your products, or maybe you can eliminate steps in your
production process. If you can’t streamline your operations somehow,
you may need to make less profit for the short term.
increase your greatest asset:
greatest asset is the people who work there. No matter what the
economy is doing, you need to get the most out of the staff you
have. That means continually educating your employees. You simply
can’t cut corners in terms of educating your staff.
In addition to training and educating them, you also need to
motivate and inspire your staff. To do so you need three things: A
mission statement, a vision statement, and a purpose. For example,
if your mission statement is that you provide a particular product
to ensure that people have more energy in their lives, your vision
statement would vividly describe what that mission looks like. What
do people look like when they have more energy? What scene can you
portray that people can hold in their mind? Then the purpose
explains why the mission and vision are important. After all, if
people don’t have the “why” behind the mission and vision, then
those statements are useless.
Companies with mission, vision, and purpose statements are
MVP companies. They use their mission, vision, and purpose as the
engine of the train, taking the company where it needs to go. When
you have your mission, vision, and purpose clearly stated, you’ll
have employees who aren’t just showing up for a paycheck; rather,
they’ll be inspired and eager to go to work.
Set yourself apart
from the competition:
Meeting customer needs is no longer enough. You have to go beyond simply
meeting needs in order to stand out from your competition. Do you
know who the number one company in the United States is right now in
terms of customer service? It’s Amazon.com. When it comes to
differentiating themselves in terms of service, they go above and
beyond expectations. For example, if you buy a book from Amazon and
within 90 days you order that same title again, Amazon will remind
you that already bought it. While that may seem like a small
gesture, it goes a long way toward customer perception.
So what additional services can you provide for your clients
that are a minimal cost to you but have a high value for your
customers? Perhaps you can educate your clients on some aspect of
your industry. Education is knowledge, and knowledge really is
powerful. What information can you provide that can be helpful to
This is contrary to the old school business belief, which
said that you should never educate your clients. “Don’t tell them
what you know” was the mantra for decades. But that’s the old
scarcity mentality at work. Today, in order to set yourself apart,
you need to share your knowledge freely. Decide what you can give
away to add value to the services you’re currently providing so you
can differentiate yourself and create a loyal following of raving
Thinking – Change Your Future:
In 2004, an article
in the USA Today said that the greatest fear of Americans is
the fear of running out of money during retirement. Well, what have
we just experienced in the stock market? This is proof that
operating in a fear-based, scarcity mentality does not work. And
these fears are born out of uncertainty and lack of education.
Unfortunately, our society has been built on financial
illiteracy. In the past, the economy and businesses were able to
flourish because they were able to create products and services that
played into people’s fears. We’ve seen the result of that, and it’s
not pretty. The system fails because it’s built on greed, fear and
The new paradigm
of business success is going to being built on financial literacy.
The fact is that if any business is going to survive, it has to take
accountability and responsibility for its profits. That means
looking at new ways to increase cash flow, leveraging your
employees, and differentiating yourself better. By following these
three simple rules, any company can find endless opportunities that
will enable them to prosper for decades to come.
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