How to turn your business around amidst a changing economy.(extra credit)

Many business owners and managers report that their industry is changing rapidly and they feel that it's more difficult to do business today than it was just a few short years ago. Certainly, the nightly news is complete with stories of industry after industry facing its share of woes, from financial setbacks to employee shortages to increased competition to globalization issues. But just because those setbacks are occurring and companies are struggling to get ahead (maybe even some companies you've admired and tried to imitate) doesn't mean that same fate has to happen to you.

In fact, if you take a new look at your company and the situation you're in, you'll likely find many opportunities for growth and success. The key is to embrace the change that is happening rather than dread it, as so many people often do.

After all, let's face it ... change is scary. Life is simpler when everything remains the same: same customers, same orders, same processes and same routines. But hidden within sameness are mediocrity and complacency--the two enemies of growth and success. Therefore, if you want to come through a changing economy unscathed, you need to view your company, customers and processes in a whole new light. To do so, consider the following five guidelines for making the most of any economic challenge.

1. Focus on what you already have.

Your existing customers are your number-one asset. Therefore, survey them and talk to them about their needs, operations and product lines. Is there an unmet need you can fulfill for them? Can you supply parts for another product line they carry? Can you make their business easier to run in some way? A simple way to find out is to ask, "What other product lines do you carry?" or "Where do you need additional help in your business?" You may discover that they carry another product for which you can supply materials. Even though they've been your customer for many years, they may not be familiar with all you offer. The fact is that most of the time we sell people the same product or the same line. In a changing economy, you need to find out what else your customers do or what else they need. Since their industry is likely changing too, they're probably adding new products and services to stay competitive. You may just be the perfect supplier for their growing needs. But until you ask them, you'll never know.

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2. Do a sales analysis on your current customers and clients.