Published by: jl scott, Director
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EXCELLENCE can be attained if you - CARE more than others think
is wise - RISK more than others think is safe - DREAM more than
others think is practical - and EXPECT more than others think is
possible.
~ Claude T. Bissell ~
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Message From jl
Since, normally, ET is a spoiled brat who is in trouble all the
time, when he's good, there just isn't much to amuse you with.
First, the dang email we're all getting! The junk from CNN and
MSNBC is NOT coming from those senders. I'm not sure what's
going on, there, but I wouldn't click on the links.
And, those damn greeting cards have started up again. The ones
from Hallmark are particularly annoying. I could always trust
those to be “real.” Not now - not unless they tell you right in
the email who sent it and it's someone you know.
Otherwise some of those links are .exe files that will infect
your computer. ALWAYS run your cursor over those links and read
them before clicking. Some of them really WILL be Hallmark
links - so check them ALL.
------------
Linda R.
I may even write that book. But, if I do, it won't be ready
until the NEXT economic turndown.
So, we'll give it as good a shot as we can in an article. Most
of this also works for wage-earners struggling to make ends
meet.
I'm going to repeat the first part of it so no one misses out on
anything ...
Let's talk about what businesses need to do when the economy
tanks. Remember - for 15 years, I worked with companies in
financial trouble: keeping them out of bankruptcy and turning
them around.
Folks often think that involves basically firing everyone and
hiring new people. Not true. The idea is to find, and correct
what's being done wrong.
Many of my clients were family-owned, mid-size companies. That
would have made it pretty hard to fire everyone, even if I
wanted to. I DID find a thief, or two, in the woodpile of a
couple of larger companies, but that's another story.
My busiest time at all this was during the economic turn-down of
the '80s and early '90s. So, I'm no stranger to knowing what to
do when the economy goes south.
Before you can correct anything, you have to find out the
problem. Obviously, not every company had the same problem -
other than the basic one caused by low cash-flow.
In looking for the problems, I was able to see what GOT them
into trouble. I discovered several things many folks do that
increases the problem, rather than alleviating it. These
particular things are nearly universal - everyone seems to do
them.
So, I'm going to show you how to avoid these mistakes, STAY in
business and come through the turn-down with a minimum of
problems.
Let me say, right up front, you will need to demonstrate some
will-power. If you can't do that, you probably shouldn't be in
business. But, there's an easy way to do that.
Think of saving your company as a game. When you win, you'll
still be in business after the danger has passed - and after
others have gone under.
Making it a game doesn't make it childish. It gives you focus
which, in turn, keeps fear to a minimum. The thing you do NOT
want to get bogged down in is fear, which can bring about the
very thing you fear.
Instead, by focusing on the game, you keep moving forward in a
positive direction. If things look rough, you go back to the
game and find something else you can do.
I've gone through a couple of very bad times with iCop - once
due to an economic turn-down, once due to other situations.
But, each time, I just sucked it up and did what I had to do to
take care of the company.
On one occasion, I had to make some serious financial cut backs.
But, I lived through it and so did iCop! And, so will you.
As a turn-around specialist, I was right in the middle of things
at the client company. I was into the books, so I could see
where they needed to continue to spend money and where they
needed to cut back. I'll have to leave it to YOU to make those
decisions for yourself, based on what I tell you.
... both personal and business. Start with the personal.
Remember - the business is the most important thing right now.
We need to do whatever is necessary to STAY in business.
You don't need to do a lot of heavy deprivation. Start by
cutting back the over-spending we've all been doing.
Dump Starbucks - that, in itself, will save a bundle over the
course of a month, and you CAN still get a cup of coffee for
under a buck! What the hell was ever cool about spending $4.75
for a cup of crappy coffee in the first place?
In fact, you may not have a choice on that one. I've heard that
Starbucks is going down, but I don't have any sympathy for them.
That place was the epitome of the nonsense of greed.
Now, there is NOT a shortage of corn and they've been using it
for ethanol for several years, so they had no excuse. So, why
the big jump in a month? Price gouging. They think they can
get away with it since everything else is going up, and people
will just pay it.
The trick is - do NOT buy anything when looks as if price
gouging is going on. I left, and bought the corn somewhere else
at the old price. Refusal on the part of the customer to buy is
the only way to make them stop it.
When times are bad, it simply makes no sense to pay for
over-priced products. There's very little we can't do without
for a while!
You don't need me to tell you how to do the obvious. Be
creative! The trick is simply to look at it as a temporary
adjustment. Which, if you do it right - it is!
I know many folks hate budgets, but you can't run a successful
business without one. The purpose of a budget is usually
defeated because people think it involves depriving themselves.
Well, yes - and no.
You'll need to keep the money flowing in and out, so your
finances don't become stagnant. Movement is energy and energy
creates. The trick is to put the money in the most advantageous
places.
So, list all your regular payments and the dates they're due to
be paid each month. Some payments fluctuate each month, and
part of the game is to see how much you can get them down each
month. Example: the electric bill.
In addition to regular expense, keep track, and make a list of,
what you spend out of pocket - including with debit cards.
This list is also to get you to really study where your money
goes. Once you have all that in front of you, you'll get a new
perspective. You have more that you thought! And, you can cut
WAY more excess than you thought!
This is where nearly every client I had fell down on the job.
They inevitably cut the wrong expenses.
For instance, I would often find no advertising budget and, upon
questioning, the client would tell me, “We can't afford to
advertise right now.” My response: “NO, you can't afford NOT to
advertise right now!”
Write this down somewhere ... Cut NO expense that helps sales!
This is true for online businesses, too. Every expense you have
for your web site that helps you make a sale, or look
successful, must stay.
You have several ways to do this: raise your prices, add
additional products, attract more customers. The easy way is to
raise your prices. BUT - when the problem is the economy, that
may drive potential customers away. They're having cash flow
problems, too.
So, that leaves finding a way to increase your customer base
and/or expand your line of products/services. Online, that may
take advertising, or it may take increased search engine
optimization. It might even take extra effort, such as writing
articles and getting them out there with your attribution
statement at the end.
ALWAYS make payments to your savings and debt first! Even if
you think you can't afford to save, put a small amount aside
anyway - just for the feel of it. It's amazing what it will do
for your self-confidence as you see even a small amount grow.
Eat at home, then, take the amount you would have spent at
restaurants, or on fast food, and put that amount away each
week. You'll be AMAZED at what you save! Then, when you hit a
certain pre-decided amount, treat yourself to ONE dinner out.
DO - always reward yourself. It will keep you motivated. Just
don't over-do it! Set your goals high! And, remember, not all
rewards have to cost money!
Get into this mind-set: if you have to use a credit card for it,
you don't need it! The idea is to use your cash flow - NOT
drive up additional debt.
Stop and think before spending ANY money! Do you REALLY need
this? Do you really need it right NOW? If not - walk away.
Many online businesses may have an added problem. The online
business may be a sideline. The owner may also have to deal
with an off-line job. This could actually give this person a
leg up on the entire situation.
Yet, many will feel like they can't afford to maintain the
online business. Whoa! Backward thinking! The online business
is an additional asset many don't have. USE it!
NOW is the time to GROW that business. Now is NOT the time to
see it as something you play with. Make it PAY!
They prey on people's desperation.
Never allow yourself to feel desperate. Make yourself a
detailed plan. It's part of the game. Work that plan. Move
forward with confidence. In fact, you can actually enjoy the
game - and, if you do, you'll WIN!
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Marketing Trade Journal!
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We all get heavier as we get older, because there's a lot more information in our heads.
~ Unknown
George opened the back door to go turn off the light but saw that there were people in the shed stealing things. He phoned the police, who asked "Is someone in your house?" George said, "No." Then, they said that all patrols were busy, and that he should simply lock his door and an officer would be along when available. George said, "Okay," hung up, counted to 30, and phoned the police again. "Hello, I just called you a few seconds ago because there were people stealing things from my shed. Well, you don't have to worry about them now because I've just shot them." Then, he hung up. Within five minutes three police cars, an Armed Response Unit, and an ambulance showed up at the Phillips' residence and caught the burglars red-handed. One of the Policemen said to George: "I thought you said that you'd shot them!"
George said, "I thought you said there was nobody available!" Click to Submit Your Joke to Us (Please leave off the graphics). Click to Send Comments, Questions & Suggestions
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Material in the "Leaving You With a Smile" column may be copyrighted by unknown persons. We accept no responsibility for your use of any contributed information contained herein. All of the information presented in the Online Business Trade Journal™ is published in good faith. Any comments stated in this newsletter are strictly the opinion of the writer or publisher. We publish all advertising in good faith but offer no guarantees. Please do your own due diligence in ANY transaction. We reserve the right to edit and make suitable for publication, if necessary, any articles published in this newsletter. We reserve the right to publish all reader comments, including the name of the writer. Reported survey results will NOT use the names of the contributors.
Copyright © 2008 jl scott, ph.d., Director ------------------------------------------------------------------------- Cancellation directions can be found at the bottom of your announcement email. |
Volume VI - Issue 26: August 18, 2008
jl
