On a call the other day I had someone comment they were the “incredible shrinking company”. Although a few industries proved to be recession proof, most of us had to take a hard look at our business and make significant changes to ensure sustainability.

I value old sayings like “When the going gets tough, the tough get going” and “Necessity is the mother of invention”. The immediacy of shrinking business revenues forces us to take the actions necessary to get our business back on track. And for the majority, it’s been a dramatic transition from where we were just a short time ago.

From my experience and listening to the views of other business owners and managers, there are 10 basic fundamentals that most agree on.

1. If you don’t love what you do develop an immediate plan to get out, however painful.
2. If you used to love what you do but are in a “recessional funk”, do a reboot and reenergize with a clear vision and action plan complete with time lines and task champions.
3. Communicate your concise vision to your entire team and for those who don’t get it in a timely manner, politely suggest a new and exciting career path for them ...outside your organization.
4. Address every hurdle keeping you from achieving your goals and take action, take action, take action!
5. Treat your people, customers and suppliers like they matter most.
6. Fine tune your menu of services through the “good to great” criteria. What are you passionate about? What are you best at? What gives you the best economic return? You need all three firmly in place for the best results.
7. If you are a generalist, fully understand this “convenience sell” from a customer perspective and make sure you have conquerable levels of quality across your diversified service mix. Good execution of one can win you another. Poor execution of one can cost you everything.
8. If you are a specialist, make sure your niche offering is still relevant. Sometimes a recession causes a slowdown that a recovering economy corrects and sometimes there is a permanent swing that doesn’t swing back.
9. There are many new ways to reach your existing and future customers. Experiment and assess what works best for you.
10. Make sure your product is solid, your message is compelling and you assign the proper resources to deliver it to your market with clarity, consistency and confidence.