November of 2008
and the ensuing months of December & January
have been indicative of as abrupt
decline in the Canadian economy.
January according to government statistics brought record high layoffs by Canadian businesses. More than 60% of 136 CEO's of Canadian companies surveyed by "Canadian Business "magazine view the economy as becoming somewhat to alot worse over the next 5 months .20% of CEOs say it will remain the same & 14 %of CEOs say the economy has already hit bottom.The majority of the respondents seem to place the economy's bottoming out at around
August of 2009.
Some of Canada's most successful entrepreneurs offer the following strategies to deal with the current economic climate & the general challenges of entrepreneurship
1) Keep motivated & alert. Develop mental toughness & resiliency in both bad times & good. Find a supporter to help keep things on track & to ensure you are "fighting the good fight."
2) Look for opportunities to aquire other businesses , assets, or to enlist new sales people .
3) Have or find good partners whether sales people, equity holders , or franchisees. Look for positive people with out going pesonalities ,a good attitude & a "do-er" work ethic. The rest can be developed , Existing complimentary skills or talents are a big plus of course.
4) Develop your brand. Market vigorously especially in tough times to capture greater market share both in the present & for the future . Know & cultivate what you are good at & are passionate about. Differentiate & sharpen your core business .
5) Focus on the customer not the competition. Enlist customer feedback & conduct focus groups. Be on the fromtlines with the customer . Train employees to be ambassadors for the company by garnering feed back from the customer before , during & especially after the sale has been completed. Focus the company team on helping clients to acheive greater sucess by offering innovations & suggesting improvements & efficiencies that will help clients differentiatec themselves This ensures they compete more effectively, & thrive . The end result will foster more " win / win" situations & stronger relationships amongst all parties involved.
6) Push the envelope by trying new things but remember to take calculated risks . The question to ask is" if this doesn't work will this compromise the company seriously or merely be a means to indicate to management what areas & businesses not to participate in." Remember contrarian thinking dictates using stepped up marketing or buying when others are not . it is a mode of differentiation that inceases market share & profits when exercised with common sense & forethought.
7) As Ted Rogers used to say: "Put yourself in the other persons position" whether it's a client, potential buyer, supplier or partner. See & understand their point of view.
8) Make customer service everybody's business.The right attitude , a sense of urgency , attention to detail, and "going the extra mile " is what wows the customer & wins sales & customer loyalty.
9) Encourage creativity & problem solving as part of the company culture & empower the team to create solutions. & to implement & execute those solutions that meet with team consensus.
10) Build a board of advisors whether seasoned entrepreneurs , key clients , suppliers, professionals, or retired business people with experience & a successful track record. Meet with your trusted advisors altogether as a group or individuallly ,whichever way suits you best. Just talking out loud to someone who has the ability to understand & empathize often clarifies a situation in your mind & leads to better solutions.
The most important attitude to cultivate both as an individual & as a team is the recognition that quickly gathering information & promptly adressing new directions, issues & problems by consensus is crucial . Acting on & implementing the resulting courses of action decisively, is also just as critical. It is the singular key to profitable growth for any business in any economic situation.
Lastly & importantly as Jim Pattison suggests remember charity & put aside something, whether it is time or money to donate back to the community or to those in need. It is a potent formula to promote positivity & to keep balance & good perspective in your business & a sense of personal life.
Article by
Peter Chaltas
Sources:
Canadian Business Jan 2009
Profit Magazine
"Relentless "by Ted Rogers
"Good to Great "by Jim Collins
"Get Smarter" by Seymour Schulich
Jim Pattison
January according to government statistics brought record high layoffs by Canadian businesses. More than 60% of 136 CEO's of Canadian companies surveyed by "Canadian Business "magazine view the economy as becoming somewhat to alot worse over the next 5 months .20% of CEOs say it will remain the same & 14 %of CEOs say the economy has already hit bottom.The majority of the respondents seem to place the economy's bottoming out at around
August of 2009.
Some of Canada's most successful entrepreneurs offer the following strategies to deal with the current economic climate & the general challenges of entrepreneurship
1) Keep motivated & alert. Develop mental toughness & resiliency in both bad times & good. Find a supporter to help keep things on track & to ensure you are "fighting the good fight."
2) Look for opportunities to aquire other businesses , assets, or to enlist new sales people .
3) Have or find good partners whether sales people, equity holders , or franchisees. Look for positive people with out going pesonalities ,a good attitude & a "do-er" work ethic. The rest can be developed , Existing complimentary skills or talents are a big plus of course.
4) Develop your brand. Market vigorously especially in tough times to capture greater market share both in the present & for the future . Know & cultivate what you are good at & are passionate about. Differentiate & sharpen your core business .
5) Focus on the customer not the competition. Enlist customer feedback & conduct focus groups. Be on the fromtlines with the customer . Train employees to be ambassadors for the company by garnering feed back from the customer before , during & especially after the sale has been completed. Focus the company team on helping clients to acheive greater sucess by offering innovations & suggesting improvements & efficiencies that will help clients differentiatec themselves This ensures they compete more effectively, & thrive . The end result will foster more " win / win" situations & stronger relationships amongst all parties involved.
6) Push the envelope by trying new things but remember to take calculated risks . The question to ask is" if this doesn't work will this compromise the company seriously or merely be a means to indicate to management what areas & businesses not to participate in." Remember contrarian thinking dictates using stepped up marketing or buying when others are not . it is a mode of differentiation that inceases market share & profits when exercised with common sense & forethought.
7) As Ted Rogers used to say: "Put yourself in the other persons position" whether it's a client, potential buyer, supplier or partner. See & understand their point of view.
8) Make customer service everybody's business.The right attitude , a sense of urgency , attention to detail, and "going the extra mile " is what wows the customer & wins sales & customer loyalty.
9) Encourage creativity & problem solving as part of the company culture & empower the team to create solutions. & to implement & execute those solutions that meet with team consensus.
10) Build a board of advisors whether seasoned entrepreneurs , key clients , suppliers, professionals, or retired business people with experience & a successful track record. Meet with your trusted advisors altogether as a group or individuallly ,whichever way suits you best. Just talking out loud to someone who has the ability to understand & empathize often clarifies a situation in your mind & leads to better solutions.
The most important attitude to cultivate both as an individual & as a team is the recognition that quickly gathering information & promptly adressing new directions, issues & problems by consensus is crucial . Acting on & implementing the resulting courses of action decisively, is also just as critical. It is the singular key to profitable growth for any business in any economic situation.
Lastly & importantly as Jim Pattison suggests remember charity & put aside something, whether it is time or money to donate back to the community or to those in need. It is a potent formula to promote positivity & to keep balance & good perspective in your business & a sense of personal life.
Article by
Peter Chaltas
Sources:
Canadian Business Jan 2009
Profit Magazine
"Relentless "by Ted Rogers
"Good to Great "by Jim Collins
"Get Smarter" by Seymour Schulich
Jim Pattison
