In a recent Podcast with Vistage International Speaker and Institute for Trend Research Economist Alan Beaulieu, Alan lays out three action items for business owners to take in the midst of the current volatility and uncertainty.
- Watch out for employee burnout. You haven’t been in a hurry to hire but this is not the time to burn out your best players either. So hire to fill skill gaps or to avoid burnout, very important. And with your employees putting out the efforts they are, you’re also going to be giving out some raises. If you have employees that are not stepping up, not only do not give raises, but see who you’ve got sitting on the bench who IS willing to step in and step up.
- This is the time to borrow as much money as you can before inflation returns. Negotiate with the banks. Even if you have lots of cash on hand, borrow what you can and invest in your businesses for the long haul. Invest in those things that will produce cash and help you move into new markets–places like Brazil or in Texas where you may not be but where, depending on the nature of your business, you really need to be.
- Last, make sure you are investing in your firm in terms of your competitive advantages, marketing position and statements. Invest in customer service. When customers are reluctant to spend in the first place, they demand more for their money, including customer service.
This is actually a time of optimism and opportunity as we go through 2012 and into 2013 as opposed to the doom and gloom that we’ve just endured. Even in the midst of uncertainty, there are things we need and ought to be doing. Go get them done.