Life Success Habits

When things get tough – small businesses and large businesses alike feel the pain. Employees and owners share the same feelings of being scared, insecure, and financially exposed. Most businesses have surplus capacity during downturns and things need to get pared down quickly, otherwise capital is wasted in the wrong areas.

The seven secrets to surviving tough times include:

1. Attitude – you are totally in contol of that. It won’t stop crappy stuff happening, but it will help you get through it faster.
2. Communication – keep employees informed so they feel trusted and valued. Communicate with your market so they know you are the best.
3. Loyalty to your team – every success depends on a great team. This is two way loyalty. If you look after your team well during good times – they are more likely to have your back in tough times
4. Systems – get focused on processes for product development, and financial management
5. Controls – ensure you have a reliable feedback system so you know what results you are getting
6. Production – focus on product innnovation, not big scale innovation and ensure service delivery is well optimised
7. Quality – during times of information explosion it is difficult to distinguish the real from the reactionary. Ensure your business intelligence systems are filtering information correctly.

This is a great time to tighten up the sloppy areas of your business. When the market starts recovering you will be the more efficient machine to take adavantage of it

This entry was posted on Friday, December 5th, 2008 at 11:14 pm and is filed under Success. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.