Most of the business owners I’ve spoken to so far this year have made their plans for success and growth in 2009. They know that they need to stay focused on what they want to achieve, and not be swayed by all the negative messages about the economy.
It isn’t being irresponsible to want to grow your business despite what’s happening in the High Street. Planning helps keep you on track, working steadily toward your goals.
What will halt your growth and could even damage your business is playing the ‘wait and see’ game. It’s become obvious that the economic situation isn’t going to be resolved any time soon. It’s even possible that things will never return to quite how they were before.
I was chatting with my dad at the weekend about the differences in buying habits between our respective generations. For example:
- My generation grew up with readily available credit, and adopted a buy now, pay later attitude.
- My dad’s generation saved up until they had enough to buy what they wanted.
- My generation is lured by the latest, shiniest, fastest gizmo as it becomes available.
- My dad’s generation looked after what they had and expected it to last a long time.
- My generation has amassed an incredible £1455bn of personal debt (as at 1 December 2008, source Moneybasics UK)
- My dad’s generation feared debt and were wary of taking out any loans.
As always, there are lessons to be learned from previous generations, even if circumstances aren’t quite the same.
Planning ahead for your business (as well as in your personal life) means you can identify when you’re likely to need to buy – whether it’s printing, equipment, seminar tickets – and, dare I say it, save up beforehand!
(If you missed my free planning call (inspired by Sherman Hu) and the Planning Template I gave away just before the New Year, you can still hear it here http://blogtalkradio.com/louisebj click on Show FLR #1)
What planning or financial lessons have you learned from previous generations? Please feel free to share them by leaving a comment below.