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The Best of Times, The Worst of Times
By Karyn Greenstreet |
copyright © 2007, by Karyn Greenstreet. All
rights reserved.
What would happen if your revenues decreased by 44%
in one year and looked like they would
continue to fall in the next 12 months?
Or
increased by 30% rapidly and because of an
unpredictable series of events?
The recent downturn in
the mortgage market reminds us how quickly things can go sour.
Countrywide, a mortgage lender, reported recently that the number
of mortgage applications have decreased 44%. While the real estate
slump and sub-prime mortgage mess might have been predictable,
businesses were too busy raking in the money to create a contingency
plan.
On the other hand, Lauri Toys, a USA toymaker says that her sales
have increased 30% over last years' numbers, all because of the
spate of China-made toy recalls. Now she has to find more workers to
build her toys and the big holiday shopping season is coming up
fast.
Imagine your market has a sudden upturn or downturn: are you
prepared?
For most businesses, the answer is a pre-planned strategy
to deal with these types of events AND access to capital to weather
the changes. Don't stick your head in the sand and pretend it can't
happen to you. Create a plan to deal with these types of
contingencies -- including your own illness or disability, or losing
a key team member, or a landing a big contract.
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Karyn Greenstreet is a Self Employment expert and small business coach. She
shares tips, techniques and strategies with self-employed people to boost
clarity and focus, create sustainable motivation, and increase sales and
profits.
Visit her website at
www.PassionForBusiness.com
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