This week's turmoil on Wall Street has gripped the attention of investors, consumers and politicians around the globe. With the bankruptcy of Lehman Brothers, the A.I.G big-time bailout and the sale of Merrill Lynch --- what is next? For small businesses watching this market implosion, the time is now to change your actions or be caught unprepared.
What are the best actions to take in light of the sliding financial markets:
- Be Cautious: In tight economic conditions, prudence is a virtue. All money decisions shouldn't be done with fly-by-the-seat-of-your-pants decision-making. Spending money needs to pass the rigors of ROI (Return on Investment.) Your business lives or dies on ROI. How much will you make back on the money you invest in marketing, equipment or tech?
- Be Creative: Tough times calls for stretching the limits of your imagination. Apply small innovations in your business to discover breakthrough ways to reach customers, close deals and survival tactics.
- Be Callous: Keep your emotions at home in business dealings. Logic and business acumen rule in crazy times when there is no margin for error. This isn't to say to stiff your customer or partner relations. For relations built on trust, just be cautionary because you never know how your business associates will act when their backs are against the wall.
The rules of operating your business change when the market changes. Successful entrepreneurs stay nimble to beat the bear.
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