Get Ready For The Recession Roller Coaster Ride

I will save you all the posturing, debating, thinking, pondering and wondering when is it going to be over. It isn’t, friends. What we have now is the best it’s going to be, and frankly, you need to figure out how to earn a profit in today’s market, now. If you can convert your business to a moneymaker in today’s conditions then you will do just fine as we traipse through this recession for the next 5-10 years. If any of the following statements are true, you are ill-prepared to handle the next downturn. (And it’s coming, soon.)

1. You are holding on to more payroll than you can afford.
2. Your lease is higher than it should be.
3. Your debt has not been adjusted to accommodate the reduced revenues.
4. You have not sharpened up your business controls.
5. You have not learned how to evaluate your numbers.
6. You have not yet installed a key indicator system.
7. You have not yet added a blog and some video to your website.
8. You are not reinventing your business, eliminating the low profit activities and improving your most profitable products and services.
9. You are not specializing in your strong niche market.
10. You have not increased your service and your perceived value to your customer.

If you are truly thinking this current downturn will end, and soon, forget it. If you are holding out for better days, forget them. If you are not adjusting all of the above and accepting the reality as it is, then you are headed for trouble. Our economy has some deep issues and all the Obama-economics are only prolonging the recession and deepening our debt for years to come. We cannot afford the interest let alone the principle payback.

Yes, double-dipping will occur, unemployment will remain very high, real estate will continue to decline. The public unions, despite brave efforts by a few of our Governors, will continue to force increases in our taxes at the state level. The Feds will also increase our taxes and revenues will remain depressed for a long, long time.

That is the reality, so the answer to your troubles remains the same: Adjust the items listed above. Do these things and turn your business into a moneymaker today. Persevere, prevail and win. Don’t, and you’ll become an example of what not to do, which is nothing.