Economic Silver Lining
Even the President is saying the worst may be behind us, and while the economy is not growing at rates we were used to in previous years, it is declining at a slower rate than the first and second quarter of this year. Unemployment is slowly waning, and new bidding opportunities are arising.
Times have been challenging, but those who are left standing will be ready to take on the new opportunities that will arise as the economy picks up steam. For some, it may seem that challenges still exist, and that the economy cannot rebound fast enough to help you with your business. The economy will pick up steam slowly, but there is a silver lining in these tough economic times.
First, many of us have honed in on our efficiencies, or lack thereof, in the sales/contract acquisition process as well as the deliveryof goods and services. Any areas that have been identified as requiring improvement should be looked at as permanent changes to your approach, as well as your attitude. Focusing on business efficiency and effectiveness, while forced upon many of us due to the economic climate, is a very good thing.
Second, the economic state has stirred things up a bit. For example, we recently met with a new, potential client to discuss a project in New York City. If the market hadn’t been in flux, this new company would not have been involved with the bid, and, therefore, we would not have had the opportunity to meet with them to solicit business on a specific project.
Third, we are all being forced out of our comfort zones. We often find this difficult, unless the circumstances demand change. The last year has demanded a new way of looking at things and tackling day to day business issues.
And finally, one of the best things that can come out of a tough economy is that you take a long, hard look at what is wrong with your business. Yes, examine what is wrong with your business and then resolve to change it ASAP.
When times are great, we tell ourselves we will change our estimating system, fix our sales approach, quicken our response time and generally be more efficient in the delivery of our goods or services when we can find the time – in other words, in good economic times, we coast. When you coast, your business suffers, even if you don’t realize it.
So take this economic climate for what it is – it is a wake up call! You can either become better, become more competitive, improve your business and survive – or you can get out of the way of the companies that do. This is a blessing in disguise, or as I like to say the economic silver lining.
Don’t let this opportunity pass you by. Seize this opportunity to make your business better while you still have a sense of urgency behind it, and before good economic times lull you into a false sense of security.
Re-positioning yourself and your business, and finding new or better ways to do things will only help you in the long run. It may at first seem painful, but it is a critical part of developing and maintaining your bottom line.