Business-101: Surviving those economic Storms!

Don't think my business partner -- (from my own small biz: Uropa Media) -- will mind too much me repeating some of our own economic-survival-tips -- (or How not to drown in this downturn):

1. Make every dollar you spend count: cutting spending makes sense whoever you are, but going line by line and trimming any fat makes even more sense right now. Think long and hard about your spending and, be ready to do-with-less...'get rid of unnecessary hardware and any excesses.

2. Invest in new technology: Okay, this one needs some explaining -- especially since it might sound like the opposite of number one.

Whatever business you're in nowaday -- those companies that embrace the latest technology will have a competitive edge in a fight for new customers.

I deal in Blogs (and online media)-- so I know I have to keep up to date with all Web 2.0 apps...'the main question you should ask yourself, if you haven't already, have you moved from Web 1.0 to 2.0 yet? Which ties into number three...

3. Get Social-(ly) Network(ed): This has never been more important; connecting, and anything that allows customers in on-the game -- (within reason)...

'anything that cracks the open-door-policy will help with customer loyalty...'from blogs, to wikis and all of the latest in social media:

'businesses who adopt company-wide Internet strategies to acquire, retain and engage customers...' says Don Philabaum (Internet Strategies Group) -- 'have a better chance of surviving the current economic downturn and changes in consumer behaviors brought on by the phenomenal rise in consumer participation in social media, online communities and Web 2.0 tools.'

In their weekly Business Week column, How to Sieze the Storm, Jack & Suzy Welch offer this advice to the mix -- 'As for leadership strategies when the going is bad...'(full article click here)

• Plan as if the downturn will be longer and harsher than you think...'take a more aggressive approach to costs, there's almost no downside. If the economy really tanks, you'll be one of the few prepared companies...Cut costs deeper than you'd like, fixate on operational details to wring out all excess, and focus on cash as if your life depends on it. It might.

• Do everything you can to buy or bury your competition. If you're aggressively cutting costs and keeping your people engaged with a communication assault and a hang-on-to-your-towel compensation plan, your balance sheet will likely allow you to take advantage of a downturn's one benefit the opportunity to make bold moves...In a crisis, managers must go on defense. But you need to unleash your offense, too. This downturn may have just begun, but it will end. Don't just think survive; think seize the day.

Source Business Week