Raw 04 - December 2008 - (Page 12)

RAW RACHEL ELNAUGH R achel E lnaugh f there was doubt in anyone’s mind, the Chancellor’s recent Pre-Budget Report has removed it. This country’s economy is in serious trouble. The next year or two is going to be really tough, not just for small business owners but also for individuals everywhere as they either struggle to service massive debt and keep up with mortgage repayments, or for savers who have seen returns on their money slashed following the recent interest rate cuts. There’s very little free cash around, and that means entrepreneurs are going to need to work even harder to keep their businesses afloat in the coming years. Never mind trying to make your first million in the current climate, the bigger question is ‘Will you survive the downturn?’ As an entrepreneur who started my first business (Red Letter Days) at the start of the last recession, personally I think there is a lot to be said for trading through hard times. Not only does it make you extremely I Speaks of the latest financial crisis determined, it also makes you brilliantly resourceful. The entrepreneurs who survive the current recession will look back on these years and realise that they were probably the best business training they ever had. Here are my Top Tips on how you can survive through: Ask yourself: Is your business really worth saving? It’s very easy to struggle away for years with a business which you’ve invested time and money in but which is really going nowhere. I’m a great believer in the qualities of persistence and determination, but battling on against the odds when you are making very little progress can be gross stupidity. You need to be ruthlessly honest with yourself; is there any future in your current business? Or would it be better either to close it down or perhaps dramatically restructure it to take advantage of new opportunities or markets? Not all sectors are waning; the renewable energy sector is a great example of a growth market and there are huge grants and incentives available for companies specialising in solar, hydro and wind power. Remember, life is short and time is your most precious commodity. So, if it feels like pushing treacle through sand or worse, if you have grown to hate what you do, it may well be a sign it’s time to get out. Don’t let the doom and gloom get to you I was recently asked by a wealth guru how my book was selling, to which I replied ‘It’s doing OK, but then you don’t make much money out of books’ (which is what my PR advisor had told me). ‘JK Rowling would disagree with you! Jeffrey Archer would disagree with you! Michael Gerber would disagree with you!’ boomed his reply. And he was right. 12 millionimpossible.com http://www.rachelelnaugh.com http://www.millionimpossible.com

Table of Contents Feed for the Digital Edition of Raw 04 - December 2008

Raw 04 - December 2008 Contents Imran Hakim Linda Klassen Brown Bradley Chapman Heidi Weir Colin Stroud Emma Thompson Raw Business Have a Care JPR Mortages TLB Events Alexander Davis

Raw 04 - December 2008

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