Wednesday, September 24, 2008

Struggling With Business in a Down Economy?

I recently posted this question openly on LinkedIn. While the responses varied, the overwhelming majority of business folks who answered said the downturn in the economy was the biggest problem holding their company back from being great.

Mary answered simply “UM...the economy! :P”.

A few nights ago my family and I were leaving a friend’s home around 7 pm. As we drove down the interstate our 2-year old daughter said “Mommy; Target.” Sure enough, there along the interstate was the side of Target. What is interesting about this story is that at two years old our daughter cannot read. Even more interesting is the fact that the word “Target” could not even be seen from the road; only the graphical part of their bull’s eye.

My first reaction was to ask my wife how much time she honestly spends there each day. Then I wondered what it would look like if kids recognized other businesses as much as my daughter recognized Target.

Our economy is changing, I do not deny that. Ask Best Buy how much they are hurting and they will quickly tell you that big-screen TVs are at an all-time high for sales. As much as we want to blame our problems on the economy, as business owners, the problem often falls on us.

How have you adapted your business to the changing economy? The businesses I coach with have not noticed a downturn in business simply because the economy has changed. Many of them have actually noticed an increase in their business.

You must continually be adapting to the changing market. If not, you are being left behind. Target has done a great job of branding itself to its market. My guess is “the economy” is not hurting their business model. How could you benefit from adapting to the marketplace rather than complaining about it?

Here are all the answers on LinkedIn.

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