Dirt's Essentials Of "Surviving" The Recession - Business - Contractor Talk

Dirt's Essentials Of "Surviving" The Recession

 
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Old 03-17-2009, 09:27 PM   #1
 
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Dirt's Essentials Of "Surviving" The Recession


(you know the drill ... read Part One so ya'll know where I'm comin from).


So, we agree that it is Supply & Demand that contributes the greatest influence to the economic conditions and environment that your business operates within.

Great, so let's stop worrying about the sky falling. Here are several essentials from which to grasp if you are going to succeed.

1) Get over the Fear & Panic. Unfortunately, many folks are so consumed with the fear of going out of business that even good businessmen will allow panic to clout their sense and judgement. You have to realize that you can go out of business anytime - no matter what the economic conditions.

Going out of business is not the worst thing in the world. In fact, it takes a very unique (and commendable) personality to recognize when a business should be closed down. Do not let pride, or a cavalier "against all odds" spirit influence your business decisions.

2) STOP thinking as a Survivalist. Everyone keeps talking about "surviving." Learn to operate a business - not breast feed one for 5 years waiting for the "good times." It WILL be the companies that continue to THRIVE and adapt to economic conditions that will be the "survivors."

This is a very, very crucial attitude "adjustment" that many of you all need to make. Because a small portion of your competition is not thinking about "how to survive." They are figuring out ways to continue thriving and moving forward with their business plans. So catch up!!

3) Consider Raising Your Prices. "He said WHAT?!?!"

In all probability, you will likely not experience the same volume that you once have in recent years. Therefore, you will likely have less work. You will need to consider raising your prices to compensate for a loss in volume.

Yes, "trim the fat" off as needed/applicable.


There is no point to owning a business if all you want to do is "pay bills." It is completely pointless --- in fact, you will likely end up making less money than you would being an employee. Seriously.

Remember, your strongest competitors are NOT just trying to "survive". They are going to go balls to the wall - they have a business and they want to make money.

4) Try Looking Past Next Month

You know what separates a successful business from a struggling one?? Focus. When Successful Owner wakes up in the morning, he knows the direction that he wants his business to go in. Struggling Owner doesn't even want to get out of bed.

Realize that the economic conditions you're in is TEMPORARY. Keep your eye on the prize. Be realistic and HONEST with yourself --- but stop dwelling on how bad winter was, or how bad your 1st Quarter is turning out to be. You have to move forward and realize that it's just a bump in the road and you have to keep going.

Start getting prepared for when business does increase again.






Look, the main thing is to realize that while you're worried and stressed - there are companies out there who "mean business." These businesses are out for the sole purpose of simply making money hand over fist --- whether in a recession, depression, regression, progression, war time, peace time, whatever.

Stay focused, realize why you are in business - and move forward. Be a thrivalist.
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Old 03-17-2009, 09:39 PM   #2
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Re: Dirt's Essentials Of "Surviving" The Recession


First off, well written & accurate

But then I get to the bottom & what do I see?
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Old 03-17-2009, 09:54 PM   #3
 
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Re: Dirt's Essentials Of "Surviving" The Recession


Quote:
Originally Posted by SLSTech View Post

But then I get to the bottom & what do I see?
lol - it just needs a pic of 4 Horseman
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Old 03-18-2009, 11:50 AM   #4
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Re: Dirt's Essentials Of "Surviving" The Recession


Well said!
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Old 03-18-2009, 12:05 PM   #5
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Re: Dirt's Essentials Of "Surviving" The Recession


excellent and timely post.
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