You certainly don't want to be defensive all the time, but in business you need to know when it is time. During a slow down is a good time to be defensive. Here are some things you can do to meet the slowdown on your own terms. First, you have to review your business plan and forecast. You can't be out there with a rosy forecast unless your business depends on a bad economy. Be realistic. Second, if you have plans for expansion, review them carefully. While slowdowns may actually offer good opportunities to expand, you have to make sure that market conditions are going to be favorable within a short time of making your investment. Third, remember that salaries are the biggest expense for most businesses. Review all of your positions to make certain that they are necessary during slower periods. If they're not, you need to do something about that. Either eliminate positions or combine them. The critical thing is to look for alternative and less expensive ways of doing things. Cost controls and reductions are the wisest thing you can do when there's a slow down going on. Tomorrow: Being proactive during a slow down.
Visit amazon.com or area book stores for a copy of Business Success Secrets and use it as a guide in building your company. This is Don Kornblet.
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