It’s Time to Speed Up and Slow Down

It is safe to say that we are all now used to the recession. So now the question is, “What do we do next”? Some of us are trying to work harder. One attorney who has an eight person practice told me he is working about 30% harder to make the same money in 2009 that he made in 2008. Another publisher that I know believes he will be off by 30% in 2009 (he was projecting being down 20% this year) and is focusing on building his infrastructure (e.g., a new website, buying a building for his business). If you are not sure if you should speed up or slow down, try this on for size:

Speed Up

• Cutting back — if you are still aiming to cut back on expenses and are waiting for the right time, chances are the right time is now. If you ask any CEO about the biggest mistakes he made, not cutting sooner is almost always on the list. If you still need to make (more) cuts, do it now.
  



• Adapting — in most industries, the world has changed dramatically and the speed of change is only increasing. Customers want more for less. Developing or repackaging new products or services is one way to meet customers’ needs. While adapting your products or services should be relatively easy for small businesses because they are small, it is often quite difficult because not many businesses have focused on it before. This just might be the most important thing you can spend time on now. Not sure where to start? Spend some time looking at what the leaders in your industry are doing, as well as how the Internet and trends in customer service are changing your industry.

Slow Down

• Your team — your employees are still confused about the economy and what it means to them. What they need to see from you right now is that you are in control. It doesn’t mean that you have all of the answers. But it means that you have a plan (as short-term as it might be) and you must communicate that plan to them. You need to show them that you are keeping your head on your shoulders.
  



• Set yourself up for a rebound — at some point within the next year or two, the economy will stop going backward. Take a deep breath and think about how your customers’ needs will change when the economy starts to get back on its feet. Is there anything you should be gearing up for now? In other words, stop panicking and start thinking.

Regardless of the direction you are going, your employees, customers, and other stakeholders are depending on you to lead the way. You can only lead with a plan, and you can only plan when you make time to do so.