6 Rules For Repositioning Your Business: 1.Create New Income Streams. First, take an in-depth look at your strategic business plan, add new streams to it. To illustrate, you can 1) add new products, 2) add new services, or 3) penetrate new markets with your product or service. 2.Embrace your reality. Dont back up -- meet your situation head on. If your business has suffered injury, evaluate it. To use a medical analogy, are you on life support intensive care, or in critical condition. The goal is to stabilize your vitals. Seek honest counsel from your advisers to broaden your frame of reference. And, keep working. 3.Have a vision. Look beyond your crisis. See greener pastures even though you are fighting your way through the muck and mire. Map it out on paper. As a leader, it is paramount that you see your future prosperity clearly thats the only way you will get there. 4.Dont borrow another penny. During the automotive meltdown of 2008, I was intrigued that Ford Motor Company refused the bailout money from the government, while GM and Chrysler chose otherwise. It was a bold, but brilliant move. Ford looked at its business health, and found that it could become profitable again by becoming more efficient in their dayto-day operations. As a result, they were able to post record profits in a short period of time, without the staggering debt looming overhead. Lesson learned. Accordingly, resist the temptation to increase debt during your rebuilding period. It will serve you well in your effort to regain a profitable standing. 5.Be efficient. Become lean as quick as possible. Take a close look at each component of your business. Where can you eliminate waste? Whether its in your staffing, benefits, suppliers, etc., find the waste and eliminate it. You will be surprised how much time, money, and productivity you have been wasting. 6.Keep a positive mental attitude. Dont let your present circumstances determine your future success. Be an eternal optimist. Remember that progress will occur in steps, not leaps. But celebrate the small victories as you go. Make It Happen! MJM
Written by Mark J. Mayberry, JD.
Posted on January 29, 2012 by SpeakerMatch Speakers Bureau