4 questions to ask yourself in a tough economy.

There are four questions vetrepreneurs must answer for their businesses to survive in these turbulent times.

1. What exactly is your business? You must understand your business to make it thrive. Your business is much different in a difficult economy than in a robust one. The words of wisdom by ancient Greek sages "Know Thyself" certainly hold true today.

2. What opportunities are being created by the economic downturn? Do not accept the answer "none." These difficult times are when a business should be willing to do things differently: Choose new providers, use new products and reflect on how to improve your cash flow and cut unnecessary expenses. Many of your competitors will back off a challenge; most veterans will not!

3. Do you know what customers and clients expect from you? Get on the horn or hit the road and ask them. Effective communication is more important today because it is human nature to be afraid of uncertainty. Think about it: If you know how the recession will affect your customer, you will begin to understand how your business can help. Don’t spend your entire budget on this task. Start talking to your customers – you will be surprised what you learn.

4. Are you spending enough time adjusting your business plan for the future? During tough times it is easier to focus on the here and now. You are busy putting out fires and don’t think about preparing for the future. Think about how successful the NHL hockey legend Wayne Gretzky was at his sport. He said, "A good hockey player plays where the puck is. A great hockey player plays where the puck is going to be." Equate his words to your business and ask yourself: Which one am I?

This economy is perfect for those vetrepreneurs who can improvise, adapt and overcome. It’s similar to the tough basic training we endured as recruits – once you get through this, you can handle anything thrown at you. Good luck!

Comments