Lessons learned from surviving it:

I had the opportunity last month to be interviewed for Qwest’s Network magazine – a useful pub aimed at small business owners. I’m told that the reason I was selected for inclusion in this magazine is simple – my small business retooled and survived the great recession. Not an easy task, and I’d rather have a root canal than do it again. Mostly because not all of our retooling was voluntary. But everything that occurred during the past 18 months has made us a stronger contender for the future.

Economists are predicting the next recession to happen sooner than the typical 7-year cycle, although it shouldn’t be as devastating, they say. Here’s my advice to small business owners, embellished from the Network article, which will be sent to Qwest business subscribers next month.

Diversify before you become desperate. Watch business trends to see where shifts need to occur to keep your company balanced. Sometimes those “trends” arrive at your doorstep in the form of late payments on receivables, clients avoiding phone calls or shrinking budgets in one industry. Pay attention to sequential happenings. And remember what your mom said – “don’t put all of your eggs in one basket.” I understand now that she wasn’t just talking about boyfriends.

Continuing education is paramount. When business is “quiet,” spend your downtime learning something new that will better poise your company for the future. When business is bountiful, spend the resources (time, money & talent) to invest in making you and your people the smartest in the industry. Send them to conferences and classes that will benefit your company and their career. It will pay off in the long run.

 Look at your key performance indicators weekly, not quarterly. When times are good, we tend to let the numbers take care of themselves. But watching your company’s metrics is now paramount (and it should always be!). Don’t let accounts receivable push past 60 days. Ever.

 Always be authentic to who you are and what you do best.  Need to bump up sales but hate cold calls? Hire someone to do it. Your prospects will feel the pain of your discomfort and you’ll not properly qualify them as a result. Stay true to your values and your talents.

 Make hard decisions quickly.  Sometimes the best decisions aren’t the most popular. But they’ll save you pain in the long run, so don’t be afraid to be unpopular for the sake of a healthy company. Act fast and strive to do the right thing, always. Again – it may not win you a popularity contest, but you will sleep better at night.

Lead confidently. Communicate business objectives with your team. Business life is easier and more fun when you’re all on the same page. Don’t underestimate the power of communication internally, as well as outside the company walls. Tell your story consistently and with authenticity on all levels.