One Size Does Not Fit All

I head off to Albany today for a meeting with my colleagues from all over the State of New York. On our agenda at this meeting includes a discussion on the current economic conditions and how we can best counsel our small business clients to deal with the changes in the marketplace.

In previous posts, I keep telling my clients not to pay too close attention to the news, as the negativity about the state of our economy is influencing a sense of panic that my lead to poor decisions. As I meet with my colleagues, I plan to share a similar message, that despite the challenges, there are always opportunities.

Yet we also need to be cautious and realistic. No matter what counseling we provide, we are going to be faced with clients who may not be able to survive the economic downturn.

Both my fellow counselors and small business owners need to realize that there is not one "catch all" solution to the challenges in this marketplace. If something is working today, it may not work as well tomorrow. As Will Rogers used to say, "even if you are on the right track, if you just sit there you are going to get hit by a train." Operating a business is a dynamic process that requires continued attention and different courses of action at different times.

We can counsel clients to keep better track of market trends, to manage their inventories better, get on top of receivables, develop more effective marketing plans and many other best practices. But each individual business owner has their own particular economy that they have to watch. Even in the same region, some sectors may be poised for great opportunities, while others are more susceptible to the changes in consumer spending habits. And what is happening today will surely be different tomorrow, so business owners have to be poised for change.

The best thing we can do is help our clients keep focused on their own particular markets. Our main task as counselors is to help clients deal realistically with their specific challenges they face and remind them to continue to look for areas for new business development. This is something that applies always, whether times are good or bad.

Before I head out on the road, I wanted to contradict my previous advice and share a link to this article from our local newspaper. Please pay close attention to this story!


Clinton County Sales Tax Way Up

As I've been saying, every economy is different and opportunities remain for small business owners. Seize the day and look for ways to grow your business.