Herman School of Business
3 Ways to Snap Out of It...
The world seems to be frozen right now. I attended a regional event for national meeting professionals on Tuesday…and the attendees seemed in gridlock. Blaming the high profile fiasco of AIG executives frolicking at the Ritz Carlton, one meeting planner told me that news has killed her business. Those who know me are not surprised that I call her an ostrich. She is burying her head in the sand and denying reality.
OK. OK. The economy sucks. But there is a group of people now proclaiming “we will not participate in the recession.” That is different from ignoring reality, that is taking a stand to continue conducting business and not become frozen up like the majority.
How can we get the world to snap out of this mess?
First of all you must accept the new reality. The economy is not in a mess…it is readjusting to the reality of people only being able to buy what they should and what they can afford. That means, recognizing that your business model must be adjusted to the new numbers and not try to chase the numbers you did the last few years.
Second…you better be able to cut costs to gain a new margin on existing sales, or start looking to merge with someone else so that by putting two parts together you make a better business.
Third…and most importantly…start doing something now to change your ways. Don’t wait for a bailout, a tax break, or to wake up from this nightmare. It really isn’t a nightmare…I believe we are simply acting like we should. Stop dreaming that the “good old days” were the way it should be…start applauding the fact that credit will no longer be allowed to run amuck.
Your attitude should be positive. The hole we dug will no longer get bigger. Let’s stop grousing as we start filling up the hole. Let those who failed, fail. No more bailouts. I believe in Capitalism. Let’s give up Creditalism and move back to Capitalism.
- Posted: 8 January 2009
- Comments: 0
- Category: Business success
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