Is fear keeping you from bouncing back?
As I work with small to medium-sized business leaders struggling to find their way through current challenges, I find that more and more are significantly cutting costs to the detriment of driving the revenue growth that their companies so desperately need. Fear is shutting them down to a fact they already know — cost-cutting alone could irreparably damage their business, leaving it poorly positioned to take advantage of new opportunities that arise both during the recession as well as when the economy starts its inevitable upturn. If it is necessary to cut costs, it’s best to cut quick and deep once and then move on. Not spending in the areas where there is the most potential for growth could prove fatal. Do continue to invest in revenue-generating activities like marketing and sales to elevate your voice in the market and seize the customers that your competitors are now neglecting.
I am also seeing business owners who show signs of “deer in the headlights”, too afraid of the continual bad news between the economy and political environment to do anything but just sit tight and wait it out. They may not realize it, but they are missing opportunities and losing market share to their competitors.