Escaping the Crisis

By claire |

With Inauguration Day looming, there has been much debate about President-Elect Barack Obama’s bold new Economic Recovery Plan. Many people think that the plan is too bold given the amount of tax payer money that has been laid out by the Bush Administration. Yet, there are others who believe that this new stimulus may not be bold enough.

As the global economy comes to a screeching halt, it’s time to take our foot off the break and make innovative choices to create a fast-paced economy for the future. President Obama’s “Economic Recovery Plan” may be just the change we are looking for. His plan might be too bold, or not bold enough, but it’s certainly a brave and courageous one.

In today’s economic environment, it’s very important for entrepreneurs to understand how to deal with the current economic meltdown and the uncertainty that comes with it.

What can you do to keep your business growing?

1. Be alert to fleeting opportunities and nimble at seizing them.

Take advantage of the fact that many of your competitors are sitting on the sidelines, fearful to make a move. In order to better confront the economic “punches” coming from all directions, identify and seize one opportunity that could gain your market share or differentiate your company.

2. Cultivate your resources.

Your employees, vendors, clients, and customers are just as fearful as you are. Be the first one to reach out and lend a hand. People will remember how you treated them in the bad times far more than in the good.

Entrepreneurs should use agility to spot and exploit changes in the market, as well as withstand market shifts. Turning the crisis into an opportunity to strengthen your business is your best choice. Rely on your core competencies and capabilities to help your company and team not only survive- but emerge as true market leader.

So, how does Obama’s strategy affect your business? Are entrepreneurs being bold enough and smart enough to confront the crisis?

What are your comments and thoughts about Obama’s bold new Economic Recovery Plan? We’d love to hear from you.


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