As a business executive, you've probably seen good times as well as a few bad days. If not, count on it some day. Few of us run a business on auto pilot without a blip in the road. Cash cows are great, but most of us never discover them in the marketplace.

It's your business. Our goal is to run successfully all the time and never slow down. A nice dream, but sometimes we have to pull the purse strings tight. Trim the FAT. Decisions must have executive approval to stop the cash drain during slow periods.

Often, business owners buy "stuff" on a whim without thinking about the day bills come due. Wise owners run in survival mode in good and bad times. Never wasting resources that can later be needed to stay in business.

Set your sights on economic indicators that may affect success down the road. Study Industry trends. Look for specifics and take action in advance of your competitors. As the Boy Scout motto says, "be prepared".

INTEREST RATES

There was a time in our early days when interest rates were 20-22% to borrow money. No choice! Payrolls, rent, insurance expenses are constant. These were BANK rates not the SHARKS. Any opinion you have of banks is a mute point. At the time, we were grateful to be favored with a loan.

Add inflation and the gross national product along with the interest rates. You've got a big WOW! Real issues to deal with. Many small business firms have never experienced a recession during the last 10 years. Then you have the dot.coms! Change happens!

IMPACT

Consumer confidence is a BIG factor. Your profits and sales dollars respond accordingly. No one is buying. Not in the mood. Many of us take the WAIT and SEE train. No hurry! You suffer in the meantime while the marketplace refuses to spend money.

Layoffs become rampant. Thousands lose their jobs. You may even have to reduce your staff. Payroll is an issue. Taxes. All of us in TOP jobs carry real people burdens. Most of us know the heartache of laying off an employee. Maybe several or even hundreds for the big employer.

It's even worse in the public arena. Stockholders today have a 90 day mentality. "First Call" seems to predict the success or failure of the publicly traded companies. Have a BAD quarter and you are history. Get us a NEW chief executive. Replace the losers.

VENDORS

Are you on good terms with your vendors? Have you been fair with your suppliers? Reasonable expectations (not a PAIN in the touche') and paying on time will be important factors in your future.

An old saying is... "what goes around, comes around". What you give out returns back to you. "Boomerang" style! Just remember that GOOD vendors can make or break you.

Good times and bad times come and go. Business never stays constant. Change happens. However the good relationships that we have with vendors pays off.

CUSTOMERS

During periods of economic GROWTH you should never take advantage of your customers goodwill. Why? Change is coming. You will be remembered as ALWAYS a fair "player" or you're not trustworthy. A "Gouger" never wins in the long run.

You've experienced it. Airlines are notorious for "gouging" the traveler where competition is weak. Grocery Stores seem to "magically" reduce their prices when another store arrives. Movie theatres do the same. Watch gas prices plummet when a low-ball competitor arrives on the scene.

SMALL BUSINESS WINNER

Economic decline has some real benefits, too. Smart players can "see" the opportunities. Small businesses can adapt to change much faster than the BIG guys. You can outsmart the competition.

Gain market share by out-serving, out-shifting, out-manuvering your competitors. Stay liquid. Maintain a strong cash position.

Run lean and "mean" (in a nice way!). Be cost-efficient in running your business.

Be aggressive. Use your imagination. See beyond today. Now is a wonderful time to innovate. Discover new ways of doing business.

Don't kill the "goose" for short-term gain. Panic is one of our worst enemies. Across the "board" decisions are seldom "smart" in the long run. Temporarily "maybe" but the future cost more often outweighs the present.

THINK

Shooting from the HIP and FIRE/AIM belong to the same family. Neither gives TOP quality results. You miss the target most of the time. Few of us have all the answers. Put your mentor team to work. Get help with major decisions.

It's great to be "right" most of the time but a good mentor team can bring insights that otherwise are missed when we try to go it alone in our business.

============================================================== Action Tip: Keep your business under control. Hold the reins. Build consumer confidence in the new marketplace. Watch expenses carefully. Treat vendors and customers with care. Look for the competitive advantage in the present. Make decisions AFTER weighing the facts. Ask your Mentor Team. ==============================================================

Don Monteith spent 32 years as co-owner of several franchises and a personnel/staffing business. Every year, his firm placed hundreds of job candidates in their dream job. Today, Don shares his business and career expertise through his newest websites on the Internet. Lots of FREE ideas - suggestions - ready for your perusal and study.

http://www.Career-Coaching-Central.com
http://www.HowToGetYourDreamJob.com

Article Source: http://EzineArticles.com/?expert=Don_Monteith