Is Your Business Recession Proof?

A recent survey conducted by Gallop for Wells Fargo found small business is becoming more optimistic about their "future expectations" for 2009. But when the economy is already bad, how much worse could it get?

That depends on who you ask and economists continue to disagree. Some say it could get worse, others see some improvements happening now and still others think it will get better but not for several months or years.

So what can you do to ensure you not only survive this down economy, but thrive in it? 

How you think about your business is how you do business. 

Fact - if you think of your business as a job, it will be. If you think about your business as an entity outside of yourself - a vehicle for your life - everything you do will be done with that goal in mind. It's a mind shift - a change in thinking - which can have a profound impact on how you do business. 

As you shift your perspective, here are three key points that will help you recession-proof your business.

1. Focus on Your Core Competencies.
   Do not try to be all things to all people or chase minor opportunities. There is always going to be another business out there that does things better than you. If you lose your focus and stretch your resources and capabilities too thin, you will dilute what makes you unique.
   
   
2. Re-evaluate, Set Goals and Stick to Them.
   Once you turn your focus to what you do best, you may find that it's time to innovate: to do what you do better. Seize the opportunity to strengthen your ability to deliver your product or service better than your competition. At the same time, you must be ready to adjust. Don't be so rigid that you are blind to the messages that may be coming in from your target market; their needs and preferences may have changed.
   
   
3. Think Long Term.
   It is tempting to cut back but remember that the economy will grow again and you want to position yourself for this growth. Stay visible. Take this time to systemize your processes and create efficiencies, beef up your marketing and sales efforts and incent your employees to work hard for you and reward them when things turn around. You take care of them and they will be loyal to you.
   

Buffie Blesi is the President and Founder of KnowledgeSphere, Inc. which owns and operates several AdviCoach Business Coaching franchises in Minnesota. She has a strong passion for her clients and their success. As a business owner herself, she understands the traps and unique challenges all owners face and has a coach of her own to keep her on track. 

With 20 years proven success increasing efficiencies, reducing costs and creating strong effective teams, Buffie has a history of growing companies of all sizes– from Fortune 500 to small businesses – to growth and profitability. Over her career, she was fortunate to be a key player in several successful start-up operations including a discount brokerage firm for a large regional bank and creator of a strategic assessments and regulatory practice are for a local consulting firm, holding executive level leadership positions in both including Senior Vice President of Operations, Director and Chief Financial Officer, respectively. 

Her experience is far reaching, with strong knowledge of marketing and sales, operations, accounting and finance, customer service and strategic planning. She has a keen ability to identify areas for improvement and has had a number of successes.

Buffie BlesiAdviCoach Business Coaching
651-815-8398