I finish up today my 3 weeks here in the USA. I’ve been attending 10 days of extremely intense training, and two conferences in two different states. I’ve been here while the US economy takes a major nose dive. The Australian economy whilst currently not affected as much as the US economy is non the less affected. I fly home tonight to an uncertain future. In my personal life, there is turmoil. In the business world it looks like a global financial crash is happening. The Aussie dollar has dropped from a high of .98 USD a month or so back to a current of .64 USD which makes the trip more expensive still. I feel a little sad though as given the combination of all of the above, for the first time in many years, I am unsure of when I will be back over here in the USA and get to see all my friends and learn all the things that I learn from them.
Part of this is a thought process that I’m going through is to think about how will my business survive in tighter economic circumstances. What can I do to improve the services and offerings to my clients? What can I do to maximise my potential sales? My clients will I’m sure go through tighter credit control. I expect customers to be slower in paying and that will affect my ability to pay suppliers. Likewise I expect suppliers to become tighter on their credit control. These things will all affect how I do business moving forwards.
On the flip side, we need to consider the other side of the profit equation. What can I do to reduce expenses? How can I reorganise things to work more efficiently? How can I ensure that I retain good staff during these rough times so that we can continue to build on the vision for the business?
Ok – I’ve asked the questions, now the challenge is out there for you too. What will you be doing to ensure that your business can weather this storm? What tips or tricks do you have that you are willing to share so that others can benefit? Feel free to comment on this post so that others can benefit from the joint knowledge of the community. I truly feel that now more than ever the world wide SMB community needs to pull together and support each other so that we can all be in business tomorrow.