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Bad Economy, Maybe it is Time to Start a Business

The economy in bad, people are depressed, and no one is shopping.   Busy is terrible.  There are layoffs galore.  Maybe it is time to start a business.

According to an article on AdAge CNBC Television has placed Donny Deutsch’s nightly business show on indefinite hiatus.  The show related to entrepreneurial success and provided what it called the “tool kit” for success.The network believes in this poor economy there is no place for a television show about entrepreneurs.   As AD Age points out, sardonically and accurately, perhaps the network believes it is time to put on a show about failure.

I believe as well that they are wrong in ending the show.  I think there may be no better time to go into business. It may be risky, and you definitely watch your bucks, but as Inc.com has pointed out in a variety of articles, people who can start up a business and succeed in a lousy economy are the ones who flourish in good times.   Additionally, there are businesses that are made for recessions.  Businesses that can give value, service and be innovative in their delivery.

To start a business, like I wrote, you need to watch your bucks.  You have to keep your overhead down.  So this means hiring the right people who are multi-faceted in their skill sets.   You should be running background checks to be sure your candidates are up to the task.  As for your vendors or clients, you need to conduct corporate research and business credit reports to make sure they are whole enough in this economy so they can pay you.

Check them out and get going.   Especially if you have been laid off and the next job is hard to find.  Start a business.

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How Laid Off Journalists Can Rebrand Themselves

For several blog pieces now I have taken note of the slaughter in the media industry.   The news industry, especially, has been decimated by layoffs and publication failures.   For every media group, it seems, laying off a thousand employees or more is only a start in the cost cutting.   Marty Pompadur, the exiting Chairman of News Corp Europe recently predicted a steep recession for the media industry.   Long and very deep.

In the face of the downturn I have been suggesting in different blog articles that savvy business hire laid off journalists to handle some of their proposals, marcom materials and to assist with public relations opportunities.   Apparently, Former General Manager of MSNBC Dan Abrams had a similar idea, only he took the concept a major step further and went into business for himself.

According to the Wall Street Journal, Abrams has founded Abrams Research, a media strategy firm.  The new firm is designed to assist senior executives in dealing with the public relations challenges they confront on a regular basis.    The public relations issues can range from blogger adversity to mergers and acquistions.

Abrams has assembled a network of media personalities who will work with clients.   The firm will be charging an hourly fee.   In all, it is not only a terrific idea it is one whose time has come.   Certain public relations firms may be equipped to handle this kind of subject matter.   But a good many are not.   Additionally, this kind of work requires hand holding and lobbying, interfacing with the media on levels the average public relations executive would find inaccessible.

Given the roster from which Abrams can draw, I am sure the preemployment screening aspects will prove a snap.   As more and more media people are laid off, he will have a rich pool to choose from.  So will you, if you belive you can retain media savvy folk for in-house assignments.   Even for contractual work, or part time.

It’s a smart move.   Check them out before you hire.

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Is it Time to Makeover Your Business?

There is nothing like an economic downturn to think about doing a business makeover.   You might want to consider the business model itself, your branding, logos, colors, symbols, and especially your marketing and merchandising efforts.

Pepsico is doing a total business makeover.  To the tune of $1.2 Billion over the next three years.  A recent article in Advertising Age reports that Pepsico will be closing six plants and laying off thousand of employees.   The business will revamp the branding on its carbonated soft drinks and will review the branding on its Gatorade products as well.

Why?  Business is lousy.  Sales have fallen off.   With respect to soft drinks, in tough economic times people will drink tap water and eschew the dubious virtues of carbonated soft drinks.   Pepsico will change its logos so that the core Pepsi Cola will show a series of smalls on the white part of the label, a grin will be used for Diet Pepsi, and Pepsi Max will display a laugh.  I say forget the smiles, laughs and grins.   Perhaps it would be better to reexamine the possibility of switching out the icky corn syrup sweetener and replacing it with sugar, just like in the good old days.   That would go a long way, I believe, in gaining new appeal.   But, hey, for $1.2 Billion they are entitled to make their own mistakes.

So with Pepsico doing this huge makeover, is it time for you to look at your own business?   In this great economic bakeoff it’s time to see which aspects of your programs work for you and which do not.   Look for ways to cut costs by making your business more efficient.  Look to hire employees who can bring you up to the cutting edge of business technology.   Be sure to have a preemployment screening program in place to make sure they are who they say they are.   Conduct business research and business intelligence so when you conduct business development you are not fishing for loser clients who can’t pay their bills.

If you have cash, then use it as a resource to cut better deals with your vendors and suppliers.  There are so many late pays right now you can cut yourself better rates and service by virtue of your ability to pay, and to pay quickly.   Look over your branding, your logos.  Make sure you business model is fresh and not outmoded, reminiscent of these sorry times.  Change what you need to change.   As for the forthcoming Pepsi-type smiley faces, I’ll leave that up to you.

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As Suggested by George Soros, Fed Will Buy Equity in U.S. Banks

U.S. Treasurer announced the the United States government will buy equity in U.S. Banks.   The government hopes that will hope stem the economic downfall.   We shall see.

A few days ago, I wrote about the very controversial billionaire, George Soros, being the one who first proposed this very plan.  It was pooh poohed at first, termed socialistic and from a bad source at that.   Then the United Kingdom moved on this plan, and now the the United States had seized the notion.

Hopefully, this will reverse the economic downturn.   Money will be made available for small businesses, and the larger corporations may move forward, no matter how tentatively.  Hopefully.   Whether this happens, remains to be seen.

But the smart money will take bold steps in this economic environment.   While others stagger or freeze in their tracks, the more intrepid will seize opportunities.   They will expand their businesses and profit from their competitors’ indecisiveness.   They will hire the employees who can not only help them sustain their businesses, but take them to higher levels.

While others listen to the talking heads talk about what you know already, and while the rest are pointing fingers and searching for new ways to place the blame, there will be those who use this time to move forward.   If you are on of those, conduct business research on all your potential clients.  You want to be sure they are not coming to you out of desperation, because they have burned their bridges elsewhere.   We had one client who just discovered that was indeed the case with one of his customers.   But, unfortunately, he found out after the fact.

Be smart.  Do your research before you extend credit, ship goods, or make available your services.   And be sure to be careful who you choose to hire.   You want a job candidate that can help you move forward and not some other company’s dead wood.  Or worse, corrupt wood.  So be sure to conduct preemployment screening searches on whomever it is you are hiring.   It can save you a bundle in the long run.

As we always say around here–Check them out before you hire.

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