Special to the Pinoy Reporter
June, 2009
By Alexander Borromeo, President
With unprecedented numbers of foreclosures, business failures, and unemployment, it is clear the ability to adapt to changing circumstances provides an important lifeline for small businesses.
President Barack Obama signed into law the American Recovery and Reinvestment Act. The purpose of the Act is to provide the investment needed to stimulate the economy while also enabling America to reinvent itself on a number of platforms.
What is needed now is to take reinvention to a new level. It is not business as usual as owners struggle to meet the challenges of tight credit, lower consumer spending, and a contracting business climate. Instead of business as usual, it must be business as reinvented.
First re-evaluate your current business practices to determine if they are too limiting. It may have been profitable to operate the business in the past when local consumer spending was high enough to support the business. But it might be necessary to extend the business reach further by attracting new customers with innovative ways, products and services.
The market strength and contributions of small businesses cannot be ignored. It may be time to reinvent the small businesses through strategic alliances or partnering with other businesses in better positions. The micro or small business may offer the perfect complementary services to fill a gap in the larger businesses enabling them to better serve a larger market niche.
The power of networking should never be underestimated. Collaborative teaming between businesses can create synergy. Collaborative agreements between businesses are powerhouse tools for business survival and building and reinventing.
The key to surviving an economic crisis is to open your eyes and look beyond your current limitations. Business owners must use the very resourcefulness and adaptability they have relied on for success. Reinventing your business does not mean starting over. It means being innovative in finding and capitalizing on new opportunities.
In fact, it is important than ever that the Fil-Am business community increase meaningful dialogue and networking efforts with political and business groups. A business that hides its head in the sand, because times are tough, may very well find there is no business left when seeking the light of day.
You must be aware of opportunities and prepared to utilize them whenever possible. One of the best ways to stay informed and participate in the economic loop is through memberships in local business groups such as the Chamber of Commerce. You don’t want to be the last to know about programs, funding, and opportunities.
Reinventing the Fil-Am business will mean creating an even more powerful economic unit, because during a crisis, it is not business as usual.
“Just as the tumultuous chaos of a thunderstorm brings a nurturing rain that allows life to flourish, so too in human affairs times of advancement are proceeded by times of disorder. Success comes to those who can weather the storm. – I Ching”