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    7 Replies Latest reply on Oct 2, 2008 2:36 PM by caffeinated

    Surviving this Economy?

    BRMcHenry Adventurer
      Is anyone else concerned our economy may go to the "D"epression instead of just a "R"ecession? Do you even think about it; how do you plan for it?

      Thoughts on surviving it?
        • Re: Surviving this Economy?
          HumanArrow Adventurer
          Hi BRMcHenry,

          I hope that everything is going great with your business. I know that we have communicated before via this forum.

          This economy is a tough one. I just got back from a job fair that I was a part of and you would not believe how many people are with out a job. Through small talk, I learned about stories of people that were laid off due to business being down.

          I am surviving by supplementing my income, being competitive, and spending my dollars smart.

          Directing Traffic To Your Business!
          • Re: Surviving this Economy?
            LUCKIEST Guide
            Surviving this Economy?? Watch sports

            Yes more than half the population in the U S is concerned about the economy,
            including myself, former Pres. Bill Clinton and Jon Stewart.

            Did you catch the Jon Stewart show the other night?? LUCKIEST
            • Re: Surviving this Economy?
              LUCKIEST Guide
              Surviving this Economy?

              Today's New York Times (Sept 25)

              "one of the chief concerns about the Treas. Dept. $700 billion bailout plan is that the
              same Wall St. firms that helped create the crisis could make a killing cleaning it up"

              • Re: Surviving this Economy?
                bizniz Newbie
                As a business owner, I have had the same concerns as you.
                I decided to to take my business world wide through the web, other countries are not hurting as we are. I don't know what you do for a living but if you can find something that you can sell or promote to other countries, you will survive this bad economy.
                • Re: Surviving this Economy?
                  stingrayriley Newbie

                  My thoughts on Surviving this economy are dont give up and never surrender .

                  <table class="jive-wiki-table">
                  <td>1. You have a Sizzling Idea

                  There are lots of red-hot ideas, but finding one that can make you money in hard economic times is a different story. Think about how your spending habits have changed when times are tough. Do you shop online more so you can easily comparison-shop and save on gas money? Are you a parent who sees the need for eco-friendly baby products and clothing? Are you sending more e-cards than paper cards? Do you have an idea that answers the needs that arise during tough economic times?

                  2. You have an Excellent Credit Rating

                  If you have an excellent credit rating and low balances on your credit cards, banks will be knocking down your door to get your business. Take advantage of that to negotiate 0% financing on a loan or credit cards to use for start-up capital.

                  3. You have Out-of-This-World Negotiating Skills

                  Negotiating deals at the bank is somewhat dependent on a good credit score, but even if you have less-than-stellar credit, you can get a loan with favorable terms. If you're skilled at negotiating deals, and have the chutzpa (and a marketing plan to back up your business idea), then there's a good chance you'll walk away with exactly what you want.

                  4. You are a Money Manager Par Excellence

                  Are you able to make ends meet despite being on a shoestring budget? Are you the one your friends come to for financial advice even though they make way more money than you do? Then you're probably pretty good at managing your money, a must-have skill when starting any busines, but especially one during a recession.

                  5. You are Disciplined and Detailed

                  If you're the type of person who's disciplined, thorough with details, and not prone to making impulsive decisions (money-related or otherwise), then starting a business during a recession will probably be a successful endeavor for you.

                  The bottom line is that if you're ready to start a business, don't let a recession decide whether it's a good time or not. If you've got what it takes and the right mindset, the time is now. After all, good ideas are always in demand.</td>
                  • Re: Surviving this Economy?
                    RickFelten Adventurer

                    Over the past 6 years, credit has been easy to obtain. This has produced an artificial and rapid cash flow for many companies. Because this flow of cash (actually credit) seemed to be so rapid, companies tended to fall into bad business practices (as I've always said, money can hid many business sins). Once a company starts following bad business practices, any negative turn will exacerbate the bad practices and they will experience very negative consequences.


                    I had an interesting discussion with several small business owners this week. They told me that the situation with the credit market was "killing" them and that the government had to do something soon. I disagreed with them and stated that my clients had not expressed any significant issues with credit. They told me that I was simply out of touch with today's small business owners.


                    Since small business is my business, I was slightly hurt by this comment. To validate my claim I started calling past clients to ask them if they felt that the "credit crisis" was having a negative impact on them.


                    Looks like I am not as out of touch as they thought. Over 95% of past clients told me that by following the program that we had laid out for them, they had sufficient cash to withstand the situation and that our RightFlowTM business program had kept them healthy. Of the remaining 5%, 3 percent successfully sold their business & retired and 2 percent stopped following the basics of our program and had gone out of business.


                    I will admit that the economy is at a very precarious point. The good news is that there are solutions for businesses that can help them overcome and prosper in tough times. After reading some of the proposed legislation, I'm not convinced that it will help small businesses that have managed their affairs wisely. If the "mark to market" problem is resolved, it will allow Fannie, Freddie, and others who made bad business decisions recover. Failure is a critical component of our economy & I wonder if it wouldn't be healthy to let some companies fail?

                    Our focus in on helping business owners build operational & financial success by focusing on the basics of good business practices. We separate fact from myth and give businesses the tools (knowledge, guidance, and processes) they need to be as successful as they would like. If this sound like it could be something of interest to you, please drop me a note.