Adaptability: How to Survive in Today's Business Climate

As small business owners, you and I both know our time can get away from us quickly if we're not careful. Family is very important to me and keeping up with my three girls as well as being there for my oldest daughter (who just became a first-time mommy) time is even MORE precious to me than ever before.

I love being my own boss and owning my own business because it allows me to be home for my family AND I get to call all the shots at work. After all, isn't this why we went into business for ourselves?

However, being in business for ourselves means that we face the same challenges when it comes to attracting clients/customers, marketing our business, and surviving when times get tough just like larger companies do.

Adaptability: How to Survive in Today's Business Climate

It's tough for everyone these days in one way or another. There's no getting around the news--foreclosures, bailouts and breathtaking stock market swings. It's real. It's upon us. It can be scary.

Though we can't control the economy, we can control our perception (and reaction) to it. Every crisis creates a positive by-product--opportunity. It's more important than ever to think creatively and adapt "on-the-fly" to seize those opportunities. Companies that do so will thrive, even during the most challenging times. Here are some survival strategies for tough times:

Don't Panic. Be a Leader. Fear plays a role in the ups and downs of the stock market. Don't let it create the same anxiety in your business. Plan ahead based on facts, not fear.

Think of yourself as captain of the ship. With stormy seas, the passengers (your clients) look for leadership. Define flexibility with your actions. Don't sugar coat any problems. Use clear, consistent, and confident communication when having discussions with clients as well as potential clients. Demonstrating your leadership and confidence establishes a positive mindset.

Make "Recession" Your Call to Action - Hard times breed efficiency. Take the time to fix the inefficiencies you've been putting off. Also, re-evaluate your direction. Be realistic about the situation as it is now, not what you projected months ago that it would be. [Read more]