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Category:
Published: February 2008
We live in an ever changing society, with an uncertain economy. How do we protect ourselves and our businesses from defeat? There is only one solution... we must PLAN.
As we enter our new year the prospects of the future are promising, yet there are great uncertainties in our market place. I find it interesting that in a presidential primary year we are not addressing the most critical issues at hand. How is it acceptable to pay over $100 a barrel for oil, for which we have not even felt the effects of yet? We are paying $3.25 per gallon at the pumps and we keep buying our trucks and SUVs.
Heating costs are going through the roof, yet we are not pushing for greater methods of energy efficiency for our homes and autos. We need greater tax write-offs from our government, to assist us with an energy tax credit for homeowners and businesses. There was more news coverage of Britney Spears then of Bushs trip to the Mideast. Our advertising is no longer based upon quality of product, but on sex appeal. What effect will this have on our community and local business owners? Everything.
Every business, from the local delivery company to major manufacturers will be affected in some form, in the very near future. The cost of fuel and the ever rising cost of employee benefits will inevitably cause all companies to cut expenses. The mortgage industry is experiencing a financial drain not seen for 30 years, and the cycle seems to be heading towards a repeat of the 70s. The effect on builders, new home construction, and the real estate market here and across the nation will be ever increasing. If we dont trim our sails and carefully plan for the future, we could be caught off guard. Although our local economy is strong, and the future looks promising with the prospect of AMD coming into our area, we have to plan for the worst and prepare for the best.
So what is a business owner to do? How do we prepare for the unknown and ensure our success for the future? We PLAN. I have met with many entrepreneurs in the region to discuss their current success and consult with them over their future plans. Most have little or no plans for their budgets or market strategies. They are moving forward as if the economy is set in stone. This is not so.
Develop a new business plan including contingencies for a possible downward market trend.
Plan for success by ensuring that you capture a market share:
- Qualify Branding of your company
- Identify your target market and ensure that you are securing it
- Advertise
- Set an aggressive market plan with increased advertising to secure your market
- Advertise in the up and down markets to ensure your position
- Know your competition and what sets your company apart from the crowd
- Seek a greater market share on the internet and web (people will be using the net more to save gas and travel expenses)
- Create a web site that will be exciting and of interest to the masses
- Develop an energy cost savings plan for your office and warehouse and homes
We can never know what the future holds, so we must plan for success, to ensure our position in the market. We must have the perseverance, courage, and wisdom to make the right decisions at the right moment. We must persevere no matter what odds are against us. An unsure market and fearful investors will cause an economy to fall. Fear not. Have courage to complete your convictions when others will run from adversity. Do not plan to follow a path that has been laid by another. Make your own road to your own destiny. Those who stay the course, making the best use of their time, capital, and assets, will win the right to fight another day.
"He that fights and runs away, may turn and fight another day, but he that is battle slain, will never rise to fight again."
- Tacitus
"Success is never final. Failure is never fatal. Courage is what counts."
- Winston Churchill
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