In an economic downturn we are forced to examine businesses in a different light. To help you stay ahead of the curve, Keith McFarland from BusinessWeek offers three tips on how to deal with this downturn and even prosper in it.
1. Get rid of deadwood. Make your business efficient by keeping the people who help it and pruning those who do not.
2. Focus your resources. This is your opportunity to look at the activities or endeavors that add the least to your business and cut them out. Focus your resources on the things that add the most. I thoroughly agree with this tip, too often businesses take on too much and lose their focus. See this slow-down as an opportunity.
3. Go Shopping. Look for the deals, often in a downturn you can find deals on business services, facilities and equipment. You may also find bargains in great employees who are in businesses not as equipped as yours.
My point in this post is to motivate. There are ways to succeed and prosper in this tough time, you just have to find the right fit for your business and allow your peers who have experienced it help you.