Courage in Tough Economic Times

Many business owners are finding that they face a new set of circumstances in the current economy. There are some actions we can take today that can pay off in the long run. The following ideas may require some sacrifice or restructuring of our thoughts at the beginning but are designed to help you figure out your options.

1. Re-evaluate your business plan. Are you relying on strategies that work in bountiful times to guide you in leaner periods?

2. Remember to invest in employees. Your employees will be there for you after the challenging times if you commit to providing them as stable a workplace as possible during hard times.

3. Personal sacrifice. As we demand of our employees so should we of ourselves. In this way our employees will understand our commitment to the company and to them.

4. Develop or revise goals. Sometimes we can't do what we used to. Revise your projections and you will set yourself up for success.

5. Remember that no downturn is permanent. Things will come back at some point and you will be in a commanding position to run more efficiently and take full advantage of your new success.

6. Don't burn your bridges. The same people you see on your way up are the ones you'll see on the way down. Pay attention to your customers and suppliers.

7. Practice openness. This includes leveling with employees about the company's finances as well as your family and friends.

8. You're not alone. Reach out to your friends, both personal and professional for advice and support in tough times.

9. Have a plan. What will you do, what will you need to do it and by when will you do it.

10. Ask for help. People and organizations don't know you need help unless you tell them.

While these ten points may sound harsh or unfamiliar, they are designed to help you assess your current situation so you can make decisions that will lead to future success. Give some careful thought to these ideas as you continue to develop strategies to deal with the current economic climate.

Regards,

Guy
www.guyfarmer.com

Tips for Effective Business to Business Communication

Your communication style tells other businesses a lot about your professionalism and what they can expect when they deal with you. A theme that frequently arises when I coach business people is how to communicate in a manner that invites other companies to want to do business with us. The following tips will help you put your best foot forward and communicate confidently.

1. Listen actively. It’s amazing what you learn when you are not talking.

2. Say it briefly. Go with the approach that less is more in communication.

3. Keep it professional. Business communication is not the appropriate time to vent about personal problems or delve into people’s private lives.

4. Keep your temper in check. If you fly off the handle it not only shuts down communication but also reduces the likelihood that the other company will give you an opportunity in the future.
5. Remind yourself that communication glitches aren’t a personal slight against you, they are just part of doing business.

6. Practice excellent conflict resolution skills. Brainstorm with the other person to get some ideas on how to deal with the issue at hand and agree on a solution that works for both of you.

7. Develop a communication plan and follow it to eliminate guesswork.

Other businesses judge us much in the same way our clients do. How we communicate says a lot to the outside world about the way we conduct business. Keep these tips in mind as you interact with other companies and you’ll be on your way to increasing your success exponentially.

Regards,

Guy
www.guyfarmer.com

Where Do You Want Your Business to Go in 2009?

My business clients frequently ask me what they should be looking at when they are planning for the future of their business. With the beginning of 2009 come new opportunities for growth and expansion in your business.

A logical place to start as you map out the new year is to determine what your areas of priority are. Create a list of the various areas you want to look at this year. Create titles for these areas (marketing, staffing, revenue generating, organizational development) or any title you wish to give the category. Then take a moment to prioritize these categories in order of critical importance. At the top of your list should be the thing that you need to do most urgently to help your business thrive. Be brutally honest at this point. As humans we are predisposed to want to do the easy stuff first.

Once you have your most important general category identified write down a list of task that you need to do to help this category succeed. Then prioritize the task on the list from most to least critical. Start by completing the first task and continue to the next only when you have completed the one of higher importance.

This process will help you clarify what you want to do, how you can achieve it and will encourage you to take action. As you work through these steps you will find that you will begin thinking about your business in new ways and possibly even develop new ideas. It's OK to modify the list as you go, businesses thrive on being flexible to change. Just make sure to always prioritize so that you are not wasting your valuable time.

All the best to you in 2009,

Guy
Business Coaching