Biz Talk: Weathering the Economic Storm

While I prefer to focus on the sunny side of life on this blog, it is hard to ignore what is happening with the economy right now. It seems like we're still not through the thick of it, and it is incredible how the recession has hit all industries. Scary, really!

In speaking with friends this weekend, we agreed that even in chaotic times there are opportunities for success. It is about being smart, minimizing risk and positioning yourself and your business to weather the storm. Below are some practical ideas that we're applying in our personal and business lives:

Be Smart & Make Good Decisions -- Now is not the time to upgrade your cell phone or buy a new car. Be smart about how you spend your money, personally and for your business. In addition, be conservative when taking on new projects or launching new products. Minimize risk as best you can, but don't be afraid to keep moving forward.

Focus on Core Business -- Whether you're an employee or an entrepreneur, now is the time to focus. Know your industry and continue to develop relationships with colleagues, clients and peers. Continue to provide top-notch customer service. Do your best to position yourself as an expert or thought leader within your industry.

Keep Moving Forward -- There are opportunities in a down market, it is just a matter of identifying and pursuing them in a smart way. Even on a shoe-string budget, it is possible to ramp up marketing efforts. Use tools like twitter, blogs and other social networking sites to gain exposure and enhance your brand.

Where are you focusing your business efforts? Do you think there are opportunities in a down-turn? Are you making changes, personally or professionally?