Monday, October 20, 2008

Frozen By Fear

Small business owners and entrepreneurs alike are afraid to do anything with either their businesses or "multi-million dollar" ideas with the economy being so unstable. But if there's anything that you should do right now is... something. Maybe it's not a good time to roll-out that new product line, or the timing isn't right to begin the infrastructure on your 20-lot subdivision, or you don't feel comfortable unveiling the most expensive item in your product line. But if there's one thing you should do with each of these projects is, as I've said above, is something. Why not do a small roll-out of the new product line to a very select group of customers? Maybe re-bid some of the subcontractor work for the subdivision to try to get better pricing. Is there a way to reduce the production costs of that expensive item? Now's the perfect time to sharpen pencils, incorporate Six Sigma (becoming more efficient), and tweaking plans to lower costs.

And even though these are difficult times, it's a wonderful time for entrepreneurs. If you can think of a better, faster, or unique way of doing business then people are going to flock to your doors. Still scared to do something? Why not work on the business plan? Form a networking group and invite members to share in the risk of your idea. Register the domain name of your new venture. As in the Nike vein...Just Do It.

What am I doing now? I'm making contact with old clients, reading efficiency blogs, soliciting new prospects, and taking some risks with small-scale promotions. It's working. I'm getting in front of decision makers and they're working me into their budgets for 2009.

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