The Economy is Slower....Now What?

Every day the financial institutions and banks get worse. Oil is up. Oil is down. Home prices are falling off the cliff. The government is running out of money. Taxes will go up. Consumers will stop spending and have maxed out their credit cards. The government has bailed out the banks. And Wall Street still doesn't know what to do. Do you? As I travel around the country speaking to business owners, they keep telling me it is different in their market area. They say: 'The economy isn't that bad and we are still busy.' 'I hope we don't have to change the way we are doing business.' 'I hope it doesn't affect me!' Get real! If you aren't planning for a 25 to 50% slowdown in your business over the next 2 to 3 years, you will go broke! (unless you are in alcoholic beverages, medical care, gasoline, or government services business.)

• Lenders have shut down all loans on every kind of real estate project. Get it? - NO NEW DEVELOPMENT PROJECTS.

• Consumers have stopped buying since they can't refinance their homes. Get It? - Retail sales growth is dead.

• Homeowners can't qualify for a new home loan. Get It? - No new homes will be built and construction products will sit on the shelves.

• People can't lease cars. Get It? - Anything to make or service cars will be slower.

What's your choice?

1. Stay put, do nothing, spend all your money and eventually go broke.

1. Decide to make drastic decisions about how you will operate your business.

Take a few days off and figure out what you need to do. Make a plan. And then make it happen. Thanks to the 100's of you who took part in our survey. Based on your input, I have added: “The Economy's Slower! Now What?" to my list of speaking topics available. Some of my clients have learned the time is now to do something. A few weeks ago, I spent 3 days in Mexico at Copachisa Constructora, a $140 million commercial design-build contractor, by helping them implement management systems. I also worked with their marketing executives to develop a plan to obtain more work from USA companies building in Mexico. What a great time I had with professional people working to build a quality and profitable business. I also spent two plus days with the management team and owner of CC&D construction company from Shreveport, LA.. We worked on developing a strategic direction and plans for their management team. We developed management goals, systems, and communication reports to allow their company to grow. We finished our time with me speaking to the entire company on the importance of organizational systems as the company grows, followed by a fish fry of fried catfish and shrimp cajun style – a first for me!

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