How to Survive the “Double Dip”
According to several reliable sources, Portfolio.com, The Federal Reserve, The National Association of Realtors, Goldman Sachs and the Wall street Journal, the “Double Dip” is upon us. The Realtors Association reported a 27.2% dive in Real Estate sales, the lowest level in 15 years. The decline was roughly twice the amount expected. This of course created uneasiness in the market, and further bruising of the economy.
So how do we, as small businesses survive another round, which is speculated to be followed by inflation? Probably the best advice I’ve ever been given, good times or bad, is “stick to the basics” concentrate on your core business. Cut out anything that you can do without, long expensive lunch meetings, don’t over buy supplies, or purchase supplies that you can live without. Try to rearrange schedules to cut 1 or 2 hours a week from each employee, explaining in a positive manner that it’s only temporary, and losing a few hours is better than losing your job.
The single most important issue during these trying times is moral and attitude. Don’t discuss gloom and doom all day, stay positive, look for negatives that might help create something positive. Keep in mind, many people thrive on a crisis, it gives them an excuse not to perform, “The Economy is in terrible shape, I’m going to wait it out “which is just another step closer to failure. Many companies will literally lie down and die, some of which could be your competitors. OPPORTUNITY ! Have positive strategy meetings in the morning, where everyone brings a fresh idea or concept to the table, keeping the mood level as high as possible, trying not to continually mention the economic troubles. Stay in contact or re-contact clients big and small, old and new, show your interest in their business, again avoid negative conversations, stay positive.
This next idea might sound somewhat odd but it’s used daily by companies like Google, Apple, Ben and Jerry’s and Oracle, yoga for 1/2 hour for employees at the lunch hour. You can get an instructor very inexpensively; you might even have an employee knowledgeable enough to instruct the class. If you’re in a large office complex, get several companies to chip in which will lower the cost. Yoga clears and cleanses the mind and relaxes the body to lower the added stress levels. Where there is not magic wand to fix the ailing economy, keeping a positive attitude, sticking to the basics, will certainly help you weather the storm. Who do you think your banker has more faith in; you with a smile, and a “business as usual attitude” or your competitor, head hanging down, looking like he lost his only friend.
Keep the faith, head held high, working hard, exercising the stress from your body, and rid your staff of any negative employees or slackers, Dayton has around 10% unemployment, good help is not hard to find…hope to see you on the other side of “Operation Double Dip”