Avoid Panic When Cash Flow Drops

"Don’t just stand there, do something." That or some translation of it has probably been shouted at one time or another by every job supervisor throughout history. Well, it's possible that now would be a good time for you to shout it at yourself. With the worldwide recession dramatically changing what retailers need to do, be sure you're not panicked into inaction by stress.
     But there's another side to it as well. "Don’t just do something, stand there," has been publically proclaimed by a wide range of well-known individuals, from 1960's radical Abbie Hoffman to U.S. President Ronald Reagan to the White Rabbit in the Disney version of “Alice in Wonderland." You see, in addition to freezing us into destructive inaction, panic can cause premature action. Instead of thinking through the alternatives and selecting the least bad choice, the retailer moves too soon.
     Successful retailers are optimistic and action-oriented. They realize that in the fast-changing reality of retailing, those who stand still are almost sure to be left behind. Their motto is more likely to be, "Ready. Fire. Aim." than "Ready. Aim. Fire." They are "Give it a try and see what happens" people.
     In these challenging times, the weaker retail businesses will die off. When economic recovery comes, and it will, those who took the reasoned action to survive will have a more open playing field in which to thrive. Recognize danger. Manage your stress. Be prepared for alternatives. Keep that optimism finely tuned and in abundant display for your staff as you lead them.
     Are you in this for the long term? Okay, then, protect your business. If you ever feel yourself taking action out of panic, start singing Simon & Garfunkel's "The 59th Street Bridge Song (Feelin' Groovy)." It starts off, "Slow down, you move too fast."