The
Art of Business
When Bad Things
Happen to Good Businesses
By Andy Satter
Our management consulting and coaching business has endured several
ups and downs since we opened our doors in 1985, but I’ve never
seen anything like the sea change of 2001. The US economy was already
in recession when the World Trade Towers were leveled and no one knows
when it’s going to turn around. As a small business owner, I can’t
afford to sit around waiting for the phone to ring. I believe I have
a choice of three ways to respond:
(1) Denial—pretend everything is fine and keep rearranging the
deck chairs on the Titanic;
(2) Victim—become depressed, fearful, and watch CNN all day;
(3) Warrior—create the intention to continue prospering and take
the appropriate action to succeed.
I don’t mean to be flip. All three choices are appropriate human
responses to a crisis. Unfortunately, wife Nan can tell you that over
the years I’ve spent my fair share of time in denial or feeling
like a victim. At this bleak moment in our country, I have chosen to
be a warrior because it is the only viable choice for my family, our
business, and me.
In challenging times like these, it’s essential to forgive yourself.
You did not create the recession or the financial repercussions of the
terrorist attacks, you cannot resolve them, but you can take action
to help you prosper.
16 Ways to Improve Your Business in Difficult Times
1. Define/refine your company’s mission. The world has changed
since September 11—what does that mean to you and your business?
What business are you really in? If you were a customer, what would
it take specifically to motivate you to tell a dozen other people about
your business?
2. Trust your instincts. Don’t get swept up with the herd.
3. Stick to your core business. Outsource or eliminate the rest. Don’t
let distractions drain precious resources.
4. Focus on your customers. Make this your mantra.
5. Retain your best employees at all costs. Our friend Daniel is a valued
manager at a famous New York hotel where business is down 80 percent.
Rather than laying him off, top management has Daniel working three
hours a day, three days a week and his hours will increase as business
picks up. This is not a viable long-term solution, but it demonstrates
his employers’ loyalty to him.
6. Communicate frequently with your staff. Be upbeat but realistic with
every interaction. Repeat your goals frequently. The great English explorer
Ernest Shackleton’s ability to keep his crew’s morale up was
a big factor in their ability to survive being stranded near Antarctica
for more than a year.
7. Involve your staff in day-to-day decision making. Regularly encourage
and acknowledge their input.
8. Reward teamwork. A French client of ours brought his entire Paris-based
office to New York when they exceeded their annual sales objectives.
The extra productivity paid for the trip many times over. Pizza and
beer also work wonders.
9. It’s all about relationships. Focus on your existing customers.
The best source of new business is existing business.
10. Deepen relationships with your customers. Get out of the office.
Ask customers and prospects for their suggestions and let them know
how you plan to incorporate them. The Clove Cafe, in High Falls, does
a great job with a monthly newsletter that reports results of their
customer surveys.
11. Add value to your services. Send your best customers newspaper clippings
that are relevant to their business. Inform them about your new product
or service enhancements that will make a difference to them. If I owned
a gas station, I’d start washing my customers’ windshields.
If I owned a deli, I’d introduce Customer Appreciation Day.
12. Communicate with your customers in the way that they prefer. In
our consulting business, some clients prefer phone calls while others
prefer e-mail.
13. Network. Join your local Chamber of Commerce.
14. Volunteer. Immediately following the World Trade Tower attacks,
we offered our company’s consulting services pro bono to businesses
that were directly affected by the blasts.
15. Fundraise. Give a percentage of your new sales to a good cause.
Years ago, when I was in the direct marketing business, I informed my
clients that I would give two percent of my fees to a not-for-profit
organization that protects woodlands from logging.
16. Create alliances with other businesses. Look for ways to complement
another business’ offering. If I were in the catering business,
I’d want to talk with DJ’s, limo drivers, photographers, travel
agents, and wine merchants, to name a few. In our business, we regularly
speak with other consultants whose client base and services are different
than our own.
There’s no guarantee that these suggestions will turn around your
business. However, if you’ve decided not to take action, you might
want to consider this paraphrase of Albert Einstein: The significant
problems we face today cannot be solved by the same level of thinking
we used before we faced them.
—Andy Satter
Andy Satter is president of Andrew Satter & Associates, Inc.,
a global network of Organization Change consultants that work with small
and large businesses that wish to transform their culture. In addition,
Andrew Satter & Associates, Inc. develops strategies to launch and
support virtual teams. Andy, who lives in New Paltz, also provides coaching
to individuals who wish to develop new ways of thinking and working
to achieve their personal vision. In the wake of the September 11 attacks,
Andy is seeking a New York-based business with 300 employees or less
that was severly affected by the tragedy to offer his services free
of charge. For more information, contact: Andy Satter, President, Andrew
Satter & Associates, Inc., (845) 256-0995. andysatter@satterassoc.com.
www.satterassoc.com.
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