3 R’s of business in a Tough Economy

Business cycles are never fun, in the down portion of the curve. Cash is tight. Customers are few. Credit is stretched to the max. You know that there are only three options:  Increase Revenue; Decrease Costs; or a combination of both. Simple. Right? Tough decisions for the later two.

It’s the people that know their strengths, excesses, ability gaps, interest drains and skill sets that seem to survive well. They keep it simple and get help where needed. Keeping it simple starts with understanding Griff’s “3 R’s” of business:

Rouse

There was a need, a want, a customer desire that stimulated your interest in providing a better, different, or new business solution.

Response

You did something about it. Made a product. Provided a service. Built the infrastructure to support making and providing.

Result

Something happened because you responded. Customers were developed. Needs met. People stimulated others, for whom you provided a compelling response to begin the cycle again and again.

Things to think about…

If you are struggling with surviving (or thriving) now might be a good time to stop and reflect upon what roused you to start this business?

You had choices – why did you make this choice? Just the top three.

Now ask yourself, what have you learned by just writing those reasons on paper?

  • Are they still valid?
  • Do they still drive you?
  • Are they consequential?
  • Are they foundational to what you want to build upon today?
  • If you had it to do over, what would change knowing what you know now?

Let me know what you wrote and the insights you gained. Become part of the conversation.

Need FREE help? Go to  www.score.org and put in your zip code to find the SCORE office near you.

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