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The Edge of Bankruptcy

One night I went to bed a genius and woke up the town idiot. –Michael Volkema, the chairman of Herman Miller

One day you will find your business shrinking or on the edge of bankruptcy. This won’t happen to me. Yes, that’s what I am subconsciously thinking as I write this. I know too much. I have too much experience for this to happen. I’ve been through downturns before and know what to look for.

I’ve created an illusion for myself that my business will continue to grow and the marketplace will always have a need for my services and products. It’s simply an illusion.

The best way to minimize (not eliminate) the chances of the downturn for your business:

  • Don’t take for granted the times the business is going well
  • Continue to spend time & money in R&D of new products, trends & services
  • Be a flexible leader that listens to members of your team, your clients and your industry
  • Adopt successful principles from outside of your industry and comfort zone
  • Position your business to follow the natural flow of trends better yet position yourself to start trends (naturally)
  • Take risks and choose the courageous path
  • Remember that you get the highest rewards when you invent something new rather then make something old a little better
  • Evolve yourself and the business will follow your evolution
  • Share one of your own rules in the comment field

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