Upside-Down Thinking by Patric Fransko
by Patric Fransko
March 18th, 2020

Tough Times Don’t Last – Prepared Businesses Do

As we enter some uncharted territory in many ways, I thought it might be a great time to go over some basic things that can help your business last through the tough times. While this is not a comprehensive list, I think you will find that it will serve as a basis for putting together a plan for your business.

  1. Adapt To The Reality Of The Situation – One of the best things you can do in good times or tough times is to quickly adapt to the reality of the situation. Don’t be delusional or panic. Take an intelligent look at the situation and make changes to your business to make the most of the current situation. Often people wait too long to adjust their business and miss out on opportunities. Pay attention and be ready to adapt.
  2. Take Advantage of Available Programs – Whether it is having a business line of credit set up for the “just in case” scenario or educating yourself about government or Small Business Administration programs, be aware of what is available to you. There may be programs or products available to help your business weather the tougher times. Be sure you are not missing out.
  3. Prepare When Times Are Good – All businesses and economies go through periods of ups and downs. When things are going well, put away a little financial safety net for your company that can help you get through some tougher months. Try to methodically put money away and make capital investments in the business when the business is flourishing. Planning when times are good can help you dramatically when things turn tough.
  4. Be Determined To Survive – Don’t underestimate the power of determination. Often, where there is a will, there is a way. Scrap and fight to keep the business alive if needed. You have to survive to be around when the good times come back around. If you give up, it’s over. It might be doing discounted work to keep business flowing. It might be picking up a side hustle job to help make ends meet. If you are determined and committed, you might be surprised at the ways you can come up with to overcome through the tough times.

Well, there you go. Short and sweet. I am not saying these things will help 100% of the time, but following them will certainly put you in a better position to survive the tough times and be ready to thrive when the good times arrive again.

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