Business survives, though it carries the weight of a lagging economy. The successful businesses are reducing costs, and expanding services. Its no secret that the consumer, while still willing to spend, wants to spend less. In my own practice, I now use more of flat fee service model instead of pure hourly billing. I've also kept my hourly rate the same rate for going on two years now. Its important to do what's necessary to survive and stay afloat. But a word of caution, as we desire to maintain and improve revenues, its important that we stay true to our message and our principles. With humility consider your worth as a business and stave off clients who try to haggle you down too far on price for more and more services. Even I am tempted to reduce further and charge less while offering more. This is important but it should also have limits. Clearly define them before client interaction takes place.
Our business and the way we conduct it is an reflection of who we are and what we think of ourselves, so even though times are tough, stick to your guns and provide your client excellent service. In the long run, your clients will respect you for it.
Friday, April 17, 2009
Sunday, December 28, 2008
Should You Start or Continue in Business at This Time?
It seems counter-intuitive to take a risk in business at this time. There is no end to reports we hear of about our national and global economy. But there are several factors to consider for yourself as a potential and current business owner on a local, national and global scale.
We've heard it be said time and again that small business drives the economy. And while larger corporations line up for a bail out--none of which will be coming to the small business owner, its logical to question whether or not to begin or continue in business. While I could bring many philosophical, manifest destiny-esque thoughts and feelings on business, I will dispense with the facts.
First, if business owners don't remain in the game, our economy will continue to faulter. The issue with the stock market and other economic products is that the average consumer has lost trust in their value and they sell and pull out while some have no choice but to ride the wave. This has created an overall decrease in volume and with things remaining unstable many are very leery about reinvesting at this time. Business owners, if possible, should resign to ride the wave and continue operations to create revenue. As states continue to watch their budgets get in the red even though they are tightening it every way possible, the next thing they will do is raise taxes--creating even more of a burden on its constituents and businesses.
Second, is small business can jump start the local and national and maybe global economies. All that is required is to keep going. Some businesses understandably are laying off people, culling down operations, and even ceasing operations. This is a telling symptom of a shrugging economy. But when there is a will there is way. As hard a sell as this is, the only way this economy is going to recover is for all of us to reinvest in it. That means finding a way to keep most of your workforce, exploring non-conventional means of financing, researching ways to get operations more efficient. If enough businesses resolved to remain in business it could pave the way for new businesses and a strenghtened local and national economy.
Lastly, for that entrepreneur that is still currently working and really scared to take a plunge, admittedly, you are well-justified in thinking this way. But consider what your talent is and try to strain it through the filter of how I can help in a lagging economy. Research your market and determine if there is a need that your talent can fill. While steady employment is good and a great asset, nothing is guaranteed but having a business where you don't have to worry about being fired is great too. Take your time in your research, planning and financial planning, and if you're scared be scared and try anyway.
I guess you know my answer to the question I posed. Yes! do a business, be cognizant of how you can, through operating your business, affect your local and national economies. But because we're in a lagging economy make yourself aware of the the challenges similar businesses face and make an informed decision about your business' potential.
We've heard it be said time and again that small business drives the economy. And while larger corporations line up for a bail out--none of which will be coming to the small business owner, its logical to question whether or not to begin or continue in business. While I could bring many philosophical, manifest destiny-esque thoughts and feelings on business, I will dispense with the facts.
First, if business owners don't remain in the game, our economy will continue to faulter. The issue with the stock market and other economic products is that the average consumer has lost trust in their value and they sell and pull out while some have no choice but to ride the wave. This has created an overall decrease in volume and with things remaining unstable many are very leery about reinvesting at this time. Business owners, if possible, should resign to ride the wave and continue operations to create revenue. As states continue to watch their budgets get in the red even though they are tightening it every way possible, the next thing they will do is raise taxes--creating even more of a burden on its constituents and businesses.
Second, is small business can jump start the local and national and maybe global economies. All that is required is to keep going. Some businesses understandably are laying off people, culling down operations, and even ceasing operations. This is a telling symptom of a shrugging economy. But when there is a will there is way. As hard a sell as this is, the only way this economy is going to recover is for all of us to reinvest in it. That means finding a way to keep most of your workforce, exploring non-conventional means of financing, researching ways to get operations more efficient. If enough businesses resolved to remain in business it could pave the way for new businesses and a strenghtened local and national economy.
Lastly, for that entrepreneur that is still currently working and really scared to take a plunge, admittedly, you are well-justified in thinking this way. But consider what your talent is and try to strain it through the filter of how I can help in a lagging economy. Research your market and determine if there is a need that your talent can fill. While steady employment is good and a great asset, nothing is guaranteed but having a business where you don't have to worry about being fired is great too. Take your time in your research, planning and financial planning, and if you're scared be scared and try anyway.
I guess you know my answer to the question I posed. Yes! do a business, be cognizant of how you can, through operating your business, affect your local and national economies. But because we're in a lagging economy make yourself aware of the the challenges similar businesses face and make an informed decision about your business' potential.
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