COACH'S CORNER
By Barry Knepper
As Seen In Queensborough - The Magazine of the Queens Chamber of Commerce

Thriving in a Tough Economy

1. Stick to your bread and butter.
2. Create new ways to communicate who you are and what you stand for.
3. Find solutions rather than fall victim to the economy.
4. Stay positive.
5. Help employees through change by reminding them of the great job they have done managing through previous change.
6. Manage to your values— do not compromise your values.
7. Do what you do well even better.
8. Look for efficiency that will help you now and for the long term.
9. Get ready for the up-side— be there and be ready when opportunity swings back your way.
10. Keep your employees informed as you go along—the more they know, the more productive they will be.
11. Stay focused on opportunities— you get what you focus on, so stay focused on the opportunities and making the most of them.
12. Tweak the business plan— take the time to really perfect it.
13. Cut expenses that make sense for now and long-term.
14. Clean up what you don't need— really understand what your business needs to be successful and consider cutting those things that are nice to have but are not a necessity.
15. As you consider your cost-cutting, consider your customers— do not cut out value to your customers.
16. Communicate, communicate, and communicate— to employees, to customers, and stakeholders (banks, investors, family).
17. Spend money on smart marketing— do not stop marketing.  You have an opportunity to stand out when others are retreating. Marketing now will position you for the market rebound.
18. Make employee layoffs a last resort— keep those employees that are most valuable to you even if it hurts.  It will take you too long and cost too much to find, hire, and train people when the market swings back your way.
19. There are great values out there— if you need something for your business, now is the time to buy.
20. There are some great employees out there.  Now is the time to hire great talent.
21. Keep up a positive momentum.  If you are not busy on your core business, innovate.  Complete special projects.  Learn new software that will help you in the future.  Sales may be flat or declining, but you can still continue doing things that will move your business forward.
22. As an entrepreneur you are already a winner.  Continue to be the winner that you are.