“I’m barely surviving,” one frustrated business owner told me recently. “Keep it to yourself,” I fired back quickly.
Yes, many of us are being challenged by the state of the economy today. We’re tightening up expenses, finding creative ways to promote ourselves, and looking at both our customer bases and product lines with a critical eye.
However, even if you’re on the ropes, do NOT go around talking about it. Here’s why:
1. Customers, uncertain that you will be around next year, may begin to fade away in search of providers who they believe will be there to meet their needs.
2. Suppliers will consider protecting themselves by tightening up your credit terms or, worse, putting you on a cash account.
3. Employees will begin to dust off their resumes and, at the very least, be open to offers from competitors.
Better idea: Let customers, creditors and employees know that — sure, times are tough right now, but — you are alive and well and plan to be one of those businesses still standing and ready to take advantage of the opportunities when the economy comes roaring back.
So, keep on working hard, making money, and having fun.
- John Ingrisano
The Freestyle Entrepreneur
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