Over 300 years ago, an unknown prisoner left this advice etched into his cell wall in the tower of London. “It is not adversity that kills, but the impatience with which we bear adversity.”
Mistakes will be made. Hard times will come.
We cannot always control the circumstances. But we can control our reaction to the circumstances.
Always maintain a positive attitude, faith in God and confidence in your God given abilities. With patience, every adversity can be weathered and every obstacle overcome.
Ed Wills
www.WFAFranchiseConsultants.com
Wednesday, June 24, 2009
Sunday, June 21, 2009
The new keys to success in business – It’s not all about location anymore.
The old adage was, “There are three keys to success in business: location, location, location.” When the economy was hot, all you needed to do was offer a good product or service in a location that was visible to a large number of potential customers and convenient to get in and out of. But major recessions have a way of complicating things. Business is not so simple anymore.
One new candidate for the key to success in business is timing. I recently attended the auction of a local small business that was closing after three years. It enjoyed a lot of initial popularity 3 years ago. It was the talk of the town. But now, after a year in the red, they decided to close their doors. What did they do wrong? They opened at the wrong time. Three years ago credit was cheap, jobs were plentiful and money was free-flowing. It sounds like a great time to start a business. But few people realized we were 1 year away from a major recession. It was like starting a bus company at the edge of a cliff. The fall was bound to happen. It may be a little counter-intuitive, but the place to start your start your bus company is in the depths of the valley. You can only go up. The time to start your business is at the low point of recession. It can only grow.
A second candidate for the key to business success is energy efficiency. As the economy recovers, infrastructure development and manufacturing will start to rise. So will fuel costs. Finding ways to reduce your fuel consumption foot print will be critical. We own a small gourmet coffee and sandwich shop. We found great cost reductions by replacing our high intensity lighting with compact fluorescent bulbs, installing awnings on our western windows to reduce air conditioning costs and finding local suppliers to lessen the bite of shipping.
So we could say that the new keys to business success are location, timing and energy efficiency. In truth, there are many more. So let’s get the discussion going. What would you include in the list of the keys to success in business? Post a comment, and let’s see where this goes.
One new candidate for the key to success in business is timing. I recently attended the auction of a local small business that was closing after three years. It enjoyed a lot of initial popularity 3 years ago. It was the talk of the town. But now, after a year in the red, they decided to close their doors. What did they do wrong? They opened at the wrong time. Three years ago credit was cheap, jobs were plentiful and money was free-flowing. It sounds like a great time to start a business. But few people realized we were 1 year away from a major recession. It was like starting a bus company at the edge of a cliff. The fall was bound to happen. It may be a little counter-intuitive, but the place to start your start your bus company is in the depths of the valley. You can only go up. The time to start your business is at the low point of recession. It can only grow.
A second candidate for the key to business success is energy efficiency. As the economy recovers, infrastructure development and manufacturing will start to rise. So will fuel costs. Finding ways to reduce your fuel consumption foot print will be critical. We own a small gourmet coffee and sandwich shop. We found great cost reductions by replacing our high intensity lighting with compact fluorescent bulbs, installing awnings on our western windows to reduce air conditioning costs and finding local suppliers to lessen the bite of shipping.
So we could say that the new keys to business success are location, timing and energy efficiency. In truth, there are many more. So let’s get the discussion going. What would you include in the list of the keys to success in business? Post a comment, and let’s see where this goes.
Subscribe to:
Posts (Atom)
