PLANNING IN UNCERTAIN TIMES
By John Ingrisano on Oct 7, 2008 in Hot Biz Tips
There’s only one thing worse than tough, rotton, lousy times. That’s uncertain times. Our economy could be nose-diving into the sea … or it could be on the verge of pulling out and soaring back up into the wild blue yonder.
What to do:
- Don’t over-react. Instead, take the time to assess your business situation. If we head into a recession, big deal, it will pass. The secret is to watch for danger signs AND signs of opportunity. So, do not panic and make quick, major decisions.
- Don’t overextend. This may not be the best time to borrow money for arbitrary uses. Watch your debt. Tighten up your expenses.
- Consider a third option on big projects. Neither stroll boldly ahead on major plans and ignore the seriousness of today’s situation … nor cancel them outright. Instead, put them on wait-and-see mode and reassess on a week to week basis.
- Be cautious about definitive advice, the kind that says “Do this” or “Do that” (except for my advice, of course). No one really knows how the curent economic situation will play out — not your banker; not your broker; not your barber.
The bottom line: Common sense will rule the day. Keep your head clear and about you. Work hard. Keep making money. Keep having fun. — jri
“You can deal with what has not happened,
you can foresee harmful events and not
allow them to be.”
– Lao Tzu
(The Art of War)
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