The sky isn’t falling. Yet.
And while I truly believe that opportunity comes out of chaos and market uncertainty, today is not the time to wax theoretical. Today we acknowledge the 1,000 lb gorilla in the room. Economic conditions are brutal…and they’re getting worse.
{warning: if you’re squeamish, you might want to skip this next paragraph]
Amongst the stockpile of economic news, here’s the event that clinched it for me: Last week the U.S. Treasury sold $30 Billion in 4 week T-Bills at a rate of Zero Percent. This happened on the same day that rates on 3 month Treasuries turned negative for the first time since they began selling them in 1929. What’s this mean? It basically signals that institutional (read: BIG) investors would rather provide the government an interest-free loan than invest elsewhere. Some even seem willing to take a guaranteed loss on their money than take any other risk. [story here]
Wow. That’s something. Even in a week where Congress denied the nation’s automakers a government bailout (for now), news that institutions continued to stampede towards the relative safety of short-term government debt despite Zero percent interest tops my radar. Fear rules the day.
Bring the Marshmallows
My goal when writing this column is to translate my observations and experience into information and ideas I hope you can use to build your business. Most times I tell stories to make a point. People tell me it’s more interesting that way.
No stories today, just some direct advice. At the risk of sounding like a one trick pony (I’ve been writing a lot about this lately), if you haven’t already begun to do so, please formulate and execute your plan for building and activating alliances.
Embrace your staff and contractors. With the holidays upon us, you may find it a good opportunity to include their families in a more personal fashion. Don’t cancel the holiday party. If necessary, have it at your home. Don’t isolate people, connection is more important now than it ever has been.
A holiday card just won’t do it this year. You need to ‘touch’ every one of your customers. Retail store owners: Walk the floor and shake hands with a word of thanks – to customers and staff. Senior managers: Visit all key accounts and top producers. Executive Directors: Personally call all top and second tier donors and have associates call as many others as they can to share your plans. Keep in mind that if you don’t take the time, your competitors will.
Aggressively reach out to other businesses that touch your customers. Become part of a select group of like-minded businesses and coordinate your marketing message to maximize its reach. Protect each other. Nurture each other. It’ll take some leadership. If you don’t know how to start or who to approach – get help.
Here in the Albany area, we were hit with a massive ice storm this week that left about 1/3 of the population without power. It was cold, dark, and lonely. Those left alone always face the greatest risk.
Thriving in this economic ice storm requires us to huddle together for warmth. Everyone’s afraid. Start a campfire.
Posted by: Steve Banis