Except for a short blip right after 9/11, companies established after the early 1980s have never had to deal with a “down” economy. What have we learned?
- Off days can turn into off months; is there enough cash reserved?
- Throw out what you knew about marketing
- Competition becomes fierce
- Fierce competition leads customers to become more price focused
- Experimenting until something works is no longer affordable
This is when association with trusted members of your trade becomes even more important. Comparing notes about what’s working for other similar operations can be fastest way to overcoming business development issues. The CCINW is committed to assisting our members navigating and thriving in this new world of business.
On that note…summer meetings are pretty rare, but this August we have a chance to hear from Miles Austin again. He’s so excited about what can be done with QR codes that he can’t wait to share it with us. Those fortunate enough to attend Miles’ seminars on web tools came away with slump-busting strategies, so this might be a meeting to plan your vacation around.
Business attorney and strategist Loren Joner spoke to our group in May about how to handle the life cycle of a business. Loren suggested that every business needed to be a “limited partnership” with the owner establishing a relationship with an accountant, attorney, insurance specialist, and a retirement planner. No matter where your business is between start-up and your retirement, there are ways to stack the odds in your favor and asking for referrals to find trusted advisors is one of the best.
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