The Grim Reality Of A Recession

Well we’ve  heard it before, a recession is coming, a recession is coming. Sometime around Dec 2008 Americans were told that they had been in a 200273101-001recession for a full year. It’s a trying and unsettling time for many. There is fear, panic, bankruptcy, Chapter 11, bad credit, layoffs etc…

If you look left, right, up or down, you’ll hear and see doom and gloom news about the state of the global economy and how bad it is. This bad economy has gripped both businesses and consumers with the fear of their finances, bank accounts, stocks etc… It’s just a financial frenzy.

Stores and businesses are closing left and right, you would think that some of them would be able to hang in there considering that many of them are huge retailers. People are losing jobs left & right. Where does it all end?

Well many companies big & small have it bad these days. Are you one of those dealing with the same issues? Issues of : you may have to consider closing up shop, laying off employees, filing for bankruptcy or drastically reducing your prices?

Times like these can make you indecisive about what to do and where to go. You don’t know if you should close your business for good or just hang in there. That’s why you need a plan, a strategic business plan at that. Stategic planning is so important in times like these because having a strategy is the way to go.

In a recession you don’t have the luxury of making mistakes. When your budgets are tight, it’s your job to calm your worried customers and capture the few viable prospects that you can get. Also make the most of the people and technology that you already have.  This where strategic plans come in handy.

Optimize your current technology and utilize equipment to it’s fullest potential. This isn’t the time to experiment with new technology, unless you have the means to do so.

There no better time like the present for many companies to restructure, revamp and revitalize just to stay afloat or make improvements.  

Strategic plans help you to make it through the tough times and good times. When you first start up your business you need a business plan and in addition to that you need a strategic plan as you grow your business. It’s a plan for the daily operation of your business. It helps you to forecast where you are going, where you want to go, how to get there and if you got there.

Are you one of the many business owners who may have never given any thought to strategic planning? Even if you thought about it but felt like it wasn’t needed, contrary to what you may think it is very much needed in every business. With all of this fear, dread and panic going around, I don’t think that you want to take part in that.

Even I have a strategic plan because I refuse to let this recession bring me down or take away my business. Yes, it is true that in some situations many businesses have no other way to stay in business. But for others you can consider times like these just a temporary setback. With a recession or slow economy, you just can’t sit back and do nothing, if you want to stay in business.

A strategic plan encompases your marketing strategies, creative thinking, process, teamwork and flexibility.  While your competition is sitting back doing nothing then when the economy gets better you will be ahead of them. Call it what it is, competitive and  this business world is competitive, a never ending rat race. When it’s all said and done and the economy gets better you will out shine the rest because you have your stuff together.

You have an action plan. And when the going gets tough the tough get going. So make a move and develop your strategic plan today!

Advertisements