Ok, we’ve been in swimming in this cesspool of a so-called economic downturn for the past 3 years. The news media has made sure we are forever fearful of all things economic. Over these past few years we have watched “going out of business” signs pop up on every corner. We’ve also seen our neighborhoods littered with empty houses due to foreclosures which also serves as another symbol of the economic apocalypse. Sears is closing 120 stores, AIG insurance stock has dropped 67% over the past year. Will it ever end? The answer is, “when we decide it will end, it will end”.
The fact is that our economy was filled with poorly run businesses due to the relaxed expectations of the consumer and the relaxed lending requirements of the banks. Consumers were allowed to charge more to credit cards and business owners were allowed to borrow more money to keep the doors open on businesses that were being poorly run. Then the reality of all these factors hit nearly at the same time. Another fact is, Sears has been out of touch with business reality for 20 years and the same management that caused AIG’s stock fall was the same bunch that played a key role in this whole economic nightmare. Is there outcome really a surprise?
While many of us dusted our selves off and assessed the situation, then created a strategy to respond to the “changes” in our collective economic situation and then moved on in a positive manner, many did not. The others (the ones that are still in business) are still waiting on this eco-nightmare to end and things will magically return to 2007. Come on guys, how many lumps on your business head do you have to get by banging that head against the same old wall before you realize it’s time to re-boot.
Now, let me define what I mean by re-boot. As we all know, when our computer locks up and stops operating effectively, we shut the computer off and allow it to internally correct the problem and return to a productive state. This forced shutdown allows the machine to fix any internal confusion by accessing the problem and returning to a functioning way of performing. In short…..old way not working…stop…..fix…..new way working better.
How do you re-boot? Let’s start with the baby boomers. As a baby boomer myself, I know this is challenging but it’s time to look outside the walls of you office. Start by realizing that Social Media is for real. It’s more than a bunch of kids chatting about Brad Pitt and Angelina Jolie. It’s now how potential customers and clients see what you’re up to and all about. Absence in the Social Media area many times is perceived as you have nothing worth showing or talking about. Next, get familiar with texting. It’s here to stay (at least in our lifetime). Next, get over the notion that you know how to sell or manage a business without the knowledge of today’s consumer buying habits and skills of the ever changing sales and business management techniques. That notion will get to the front of the line in bankruptcy court or the unemployment line. The game has changed over the past few years and so should you. Operating a business without a business or marketing plan or without updating your sales and management skills is now business suicide. Don’t know how to create a plan, find someone that does or better yet go on line and learn how. That’s right… on line. It’s how we kind information today. Last but not least, find out what you don’t know and fix it. Stop with the “ I’ve been in business for 30 years routine”. Again, new ball game and new rules of engagement.
Generation X’ers….. you guys need to get over the notion that a college education equates to business management value. In many cases that education was received prior to all the recent changes in the economy and customer buying habits. Your sheep skin on the wall has little value when it doesn’t come with practical experience in you specific field. Again, learn the key processes needed in 2012 and stop relying totally on that MBA. Remember, Bill Gates (Microsoft), Richard Branson (Virgin Airlines) and Steven Jobs (Apple Computers) never obtained a college education. Don’t get me wrong, a college education is a great thing if teamed up with motivation and ambition. Get with the Baby Boomers and learn from their experience. While you’re there show them how to text and teach them benefits of the I-Phone.
Do yourself a favor. Do yourself several favors. Do a SWOT analysis (Google it, if you don’t know what it means) on yourself and your business. Indentify your weaknesses and take the necessary steps to strengthen those areas of you business career. You can do it by learning or outsourcing. Next, develop a plan for you or your business. One that’s measurable. Business and Marketing plans are hard to follow but watching your business fail is harder (could that be experience talking)? Next, make a list of the things you need to learn to do such as leaning to effectively text or financial tracking and management and then learn them. Last, make a list of what you need to change to make yourself and your business more successful in 2012 and then RE-BOOT. It’s not the economy or your competition that is keeping you from success, it’s your lack of ability to accept the fact you need to change your approach. Over the past 3 years we have seen many businesses fail, but companies like Amazon and Apple flourished. Why……embracing technology, learning, planning and change. We have also seen companies like Kodak and Sears make the Forbes list of most likely to fade away in 2012. Why? For not changing and embracing technology. The boys over Kodak thought the digital camera was a fade.
I’ve spent much of the Holiday Season planning assessing, learning and planning(re-booting). I hope you will too. It’s your best investment of your time. Have a GREAT 2012.
