ARE YOU BETTER OFF NOW THAN YOU WERE TWO YEARS AGO?

December 31, 2009

By Terry Keller

How will your business weather the coming business hurricanes?

OK…you’re still here and so am I! 2008 and 2009 are now behind us. Are you in better financial shape than you were in 2006-2007? Or just treading water? Or are you slowly sinking?

I am no renowned economist, just a business owner and turnaround specialist who has been making payroll, paying bills, and living within my means for over 35 years. I’ve survived six recessions, and I’ve seen this scenario play out time and time again. Can your business take what is coming? Can you take it?

You’ve heard the news reports about the deficit, maybe even heard that Congress recently voted to allow themselves to go even deeper into debt. This isn’t the first time that Congress has done this, and certainly won’t be the last, but this has always had consequences. We’ve never been this deep in debt, however, and never faced consequences so grave.

The consequences that a steeply growing Federal debt brings include (but are by no means limited to): higher taxes, less available credit for loans, higher interest rates, devaluation of the US dollar, and increased inflation (perhaps the most relentless tax of all). Left unaddressed all these will increase your cost of doing business and lower your take-home pay. When it’s all said and done, the times we’re living in make it almost impossible to imagine that small businesses will survive.

So, what will you do?

What Will You Do?  Your Three Choices

  • Give up now. Try to sell your business for enough to cover part of your debts, and get a job that pays your bills (if you can find one).
  • Keep doing what you’ve been doing. Hold off making a choice for as long as possible.
  • ATTACK! Do what we’re doing in our shop and beat this recession!

What do I mean?  I mean we’re going to…

  • Continue to improve our internals (by that, I mean execution of shop systems, customer service, product and service value, and production and profit numbers)
  • Dominate our market and drive the kind of new, quality and value focused customers we want into our shop
  • As we improve #1 above, we will retain a higher percentage of our customers and beat the attrition game!

We have no other acceptable choice! The business environment dictates that we must follow those 3 keys! These keys brought big-time growth and profits for my shop in 2008 and 2009 despite it being the worst recession I have ever experienced. I expect more of the same as we continue to apply and fine-tune those keys!

Ready to Fight?

Recovering from the crippling debt we’re seeing on the Federal level (and even in some States!) can’t be fixed overnight.  Things won’t get better quickly.  This isn’t a game for the faint of heart. You have probably tried to make some changes with moderate to little success. I experienced the same thing for the first 25 years of my career as a shop owner. People say change is hard – for many it is impossible without the right kind of help!

If you’re not ready to give up, if you’re not willing to let your business die a slow death, then let me show you how to find some real answers…

  • Do your homework. As hard as it is to study, you must commit to as least ½ hour per day on your business.
  • Read our blogs
  • Review industry web sites for “How To” content – ours and others
  • Access training material (like our podcasts, classes, CDs, DVDs, laser coaching, etc.
  • Compare what you learn with what others in our industry are teaching.
  • Compare credentials and shop ownership and management track records.
  • Pick your horse. Pick someone to help you who knows today’s business environment and who knows first hand what you are up against.
  • Follow their example. Don’t dilute your chances for success by dabbling in several different programs from many different trainers. Pick one that is comprehensive and that works in today’s economy. Pick one that’s right for you!
  • Don’t let your ego get in the way of asking for help. No single person in business today has all the answers. That means you don’t either. It is not a sin to admit that. It takes a team with diversified background and experience, made up of individuals who have had their teeth kicked in several times by business, who know the dangers and pitfalls, who have risen above adversity and failure to help you avoid those same types of failures and learn their pattern of success.

What’s the Secret?

There is nothing secret about this stuff. After you have done your homework you will know what to do to prepare your business for the coming torrent of consequences the US economy is facing.

However, knowing what to do and actually doing it are two different things.  If you need the right system or greater discipline to turn knowledge into results, we will be happy to help you. How do we know our stuff works? Because we use it in our proving ground – our successful shop and in dozens of clients’ shops every day!

Good luck with your studies. Let us know how we can help in the comments section below or via our contact page!