Economic Roadblock? Make Your Own Detour.

There are few individuals and businesses these days that can say they haven’t felt some effect from the economic downturn. Whether it’s customers closing wallets in concern or increased costs in products or materials. Little or large, the effects are there, but it’s how you approach these little roadblocks that will determine how you and your business survive… Better buckle up, it may be a long bumpy road.

This article can’t address your situation directly, but it can give you some ideas or ways of thinking that can help you around our economic obstacles and maintain your successful business.

ROAD BLOCK AHEAD
The biggest determination of your business’s success at this time (or any time for that matter) is how you approach your roadblocks. I hate to the be the one to break it to you, but there are no “surprise roadblocks”. Just as construction season dots our highways with orange signs, your next roadblock will be at the end of a series of signs or symptoms. Your first step is to tune in – so you don’t fly right by them. Even though it can be time consuming, pay attention to your industries news. Find out what punches the bigger competitors are taking and consider how you would respond. Look at your necessary providers to see if they are being affected and create at least a simple “Plan B” for every part of your business that could be impacted by a change for your providers.

And – you’ll have to look both ways… not only at those that help you run your business, but those that keep you in business, your customers. Look for different trends in their purchasing behavior and consider ways you can adapt to match or take advantage of these changes.

WHAT’S YOUR APPROACH
So you see a roadblock in the distance… the signs you’re seeing now are creating a map to steer you clear, or at least not hit it right on – How do you approach?

The alarmist media would have you believe that most businesses are locking their doors and flipping over the closed sign, but that is rare and never the right response. So you have two choices. Do you flip on your hazards and slow down? Or do you proceed at break neck speed and hope for a Dukes of Hazzard type stunt at the block?

Only the riskiest of owners would try the stunt approach – the rest of us should flip on those hazards and shed some MPH’s.

YOUR BIZ IN SLOW-MO
Did you know that when you face an emergency your brain – which usually receives about 30 images a second from your eyes, instinctively speeds up the shutter to get your 60 images a second? This creates the slow motion effect we experience in life-threatening situations. The increase in images gives your brain a chance to search for more options to avoid danger. Similarly, constructions zones always have a slower speed limit – so you can observe more of the scene, make better decisions and hopefully keep yourself and the construction workers out of harms way. So once you tap the breaks on your business – what do you do? The same thing that your brain does in a dicey situation – search for way s to fix the issue. Most constructions zones have you change lanes or detour – How can you do that with your business?

DETOUR AHEAD
Making your own detour will take some time and effort but it will help you come out back in the fast lane…If you’ve been paying attention a long the way, you’ve probably noticed the signs and you’ve thought of a “Plan B”. Now you just have to work out the details and work your plan. The best detours take into consideration the roles your suppliers play and how they can adapt, the behaviors or your customers and a heavy load of creativity to merge those adapted roles and changed behaviors into a new sales or promotion process that keeps your bottom line in the black.
Consider how and why you purchase your products and materials AND who you promote to. Determine if you can take advantage of your customers new behaviors or if you can expand your customer base to new markets or demographics.

LESSONS LEARNED
I admit, I giggle a bit when I hear these so called “experts” dishing out what seems to be common sense advice on how to react and spend in a recession -- as if people had never considered putting down the credit cards or putting money in savings. So, what’s the biggest takeaway from our current economic situation? Keep the plans and ideas you generate at this time and continue to use or refer to them even when the economy improves. When everything is going well it’s easy to sit back and enjoy the ride… oblivious to any trouble ahead until the service engine light blinks on or your hit that first monster pothole. It’s alright to celebrate your success, and it’s okay to take a risk or three when the timing and situation is right, but make sure to take a reality check every now and again too, and your business will stay ready for any bumps in the road.