How can businesses survive in today's economic climate?

In the article “Has Western capitalism failed?” the BBC World Service’s Business Daily programme asked a number of leading figures if they thought whether the Western-style capitalism failed. The answers (and some of the comments) are worth a read. It would appear that those interviewed by the BBC are unanimous in their comments that the system itself hasn’t failed, but rather its interpretation by those who use it.

Increase Your Margins by Managing Your Costs

In today's economic climate with budgets being cut across the board, the UK economy contracting in the last Quarter of 2010 and inflation rising, both Public and Private sectors are looking to maintain their financial stability. A decision to increase prices is a sensitive issue and could prove to be unpopular with customers. It is a gamble that all organisations face. Cutting costs could be a way forward. However, one must be careful how far and how deep those cuts go, as inevitably such cuts may cost an organisation a lot dearer than leaving things as they are.

You Are What You Do

Our lives are getting increasingly busier and more hectic. People in the UK work the longest hours in Europe and we seem to be proud of it! Recession doesn’t help either, does it? It is always one thing after another... Before we hit the Credit Crunch, we were too busy borrowing, expanding, building our businesses and didn’t have for anything else as we were just too hungry for more and more business. Now that we are in recession, we are far too busy saving ourselves and counting pennies. But why? When does it end? When are actually going to enjoy what we have been so busy building? Or does it mean that we are just going to bite our lip, swallow our pride and keep going until retirement? (if we have anything to retire on at all, that is)

Let’s admit it. We, Brits, are far too stubborn when it comes to asking for help. We think we know best. We can’t possibly allow someone else to look after our possessions, families, businesses... We are just not used to getting help. WE DON’T TRUST ANYONE! And when we do get help, we expect it for free (or as good as) with results exceeding our expectations.

Have you ever watched that programme “You Are What you Eat”? Would you agree that the same is true of your business and what you do? People in business sometimes have to “wear too many hats”. We all have to be Finance Directors, Operations Directors, Strategists, Development Directors, look after Sales & Marketing and so much more... It is no wonder that things start to slip at some point: invoices are going out late; some of the bills are overdue; we lose customers because we are too busy chasing customers either for payments or trying to get new ones... Of course we have no time for strategies or planning! How would we? With everything that is on our plates! Yet, we still don’t need help! Amazing, isn’t it?

There is plenty of help out there. Granted, you need to ensure that you get the right level of support and it is worth your time and money. In my mind, any help or advice is worth it! Do you know everything there is to know about business? Do you have time for new ideas and, more importantly, implementing them and know how to? I know I don’t and don’t pretend to either! Being a Business Advisor I don’t have to know everything about everything. I rely on support of my peers, clients and friends. People that surround me. And, yes, I have to ask for help and pay for it too. I appreciate professional advice and help and I need it. There is nothing wrong with that at all! Someone once told me that “it takes a strong person to admit one’s weaknesses”.

· Do what you do to the best of your abilities.
· Get help when it’s needed.
· Be honest, open and transparent in everything you do.

These are the mottos I live and work by. Do you?