Prepare Your Business to Come Out of Nowhere

Challenging economic times are a good opportunity to take stock and prepare yourself and your business for the future.  In a strong, booming economy, it can be easy to lose focus and let your discipline slip, as it seems things will continue to be good forever.  When we see market corrections, it’s a helpful reminder that things aren’t always good, but there’s opportunity in every market.  Some of the biggest companies in the world “came out of nowhere” as the economy recovered from a recession, such as Netflix in 1997, Airbnb in 2008, and Trader Joe’s in 1958.  Even General Electric was founded in the middle of a six-year recession in 1876!  What are you doing today to prepare your business to come out of nowhere in 6-12 months?  Here are a few ideas to get you started:

1.     Review your expenses, both year-over-year and as a percentage of sales.  Where are you spending money that doesn’t directly support the mission?  How could you reallocate your spending to accelerate growth as the economy recovers?

2.     Assess your team.  How are your people developing and are they focused on the right things?  Do you have the right people in the right places?  What activities are you doing that could be outsourced or eliminated to allow your team to focus on the future?

3.     Revisit your strategy.  Are your team’s activities aligned with the vision?  What new ideas and growth strategies can you start now so that you’re ready to launch when markets recover?