The current economic roller coaster is not as much fun as the Batman at Six flags. The market gyrations and financial market meltdown is definitely no fun and most of us has not experienced this before. The post-2000 dotcom bust now seems like a walk-in-the-park.I’m sure there are tons of good advice out their. Here are my favorites:Here is John Doerr‘s (Mr VC) top 10 tips, with the HCM Gartner guru, Jim Holincheck sharing his thoughts on the impact on the HCM market (maybe a bit dated), and finally my favorite entrepreneur guy, Guy Kawasaki’s post on the subject from a CEO perspective. This Sequoia capital presentation is very interesting (and potentially depressing) reading.I belong to Vistage, a global organization for CEOs and their top economist, Brian Beaulieu provided sage advise regarding the next 18 months. Here are a few actionable items for business owners:
- If you have future cash needs. draw down your credit lines and hold the cash.
- Use CDARS (a network of FDIC insured banks) as a way to protect your cash.
- Take all necessary actions to maintain a positive cash flow.
- Retool your management objectives with the understanding that this business cycle has a rise on the other side of the recession. Position your business for the next ascent.
- Lead with confidence and optimism, with the attitude that “we can beat the business cycle.”
- Find clients in these resilient sectors: healthcare, food distribution, water purification/distribution, electricity, natural gas distribution, consumer non-durables, education (community colleges in particular) and exports.
- Expand internationally, and don’t overlook growing markets in Brazil and Chile.
- Always give your clients a compelling reason to buy from you.
