Running Faster to Keep Even

OK. Here we are, it's November 2012. Whatever your predictions for the US economy, most of us agree - the future is uncertain. As I talk to business owners and ask them how they are dealing with the current economic uncertainty, I see four different responses:

• Running faster to keep even
• Freezing in time and space
• Pursuing silver bullets
• Rethinking and reinventing

Sadly, many are like the man in the hamster wheel - running faster to keep even.

Running Faster to Keep Even

Many business owners are doing what they always did before, and trying to increase speed and volume. I often hear, "I've got to submit twice as many bids to get the same amount of business." These executives are wearing our everyone in their organization and headed for exhaustion.

Freezing in Time and Space

Some business owners are in shock and denial. "What, me worry?" They prefer to pretend that nothing has changed. Or, if it has, their company won't be affected. These companies are headed for irrelevance, obsolescence, and bankruptcy.

Pursuing Silver Bullets

Still other business owners are grasping at a single, short-term fix that they fantasize will solve all their problems. And return their company to its former profitability and glory. For example, some executives are latching onto social media. While I'm a firm believer in social media, tweeting alone will not save your company. And marketing, by it's very nature, is a long-term solution. Executives looking for a short-term solution aren't willing to invest the long-term time, energy, and money to see the results from their "silver bullet" ideas. They give up too soon to see results.

Rethinking and Reinventing

The most successful business owners rise to the challenge by rethinking everything they're doing. They may simply cut expenses or stop providing particular products and services. They may re-package their offerings to appeal to new customers and markets. They may re-organize or become a virtual company. Whatever they do, they stay true to their core values.

What about you?

How are you responding to our current economic challenges?