Money Is Moving Around: Now If It Would Only Move My Way

Yesterday the stock market tumbled over 600 points. The national news media has their big story and getting everyone all excited about how much value was lost. But if you think about it, there were some very smart or lucky people who were on the other side of the trade that made 600 points, because for every seller there had to be a buyer. So you could look at this stock market as an awful hit to your fortunes or you can look at it as a remarkable buying opportunity. Everything is on sale at 15% off of where it was a couple of months ago.

But this isn't a post about the stock market, because frankly it's not a game I play or am good at. This is more about money in motion. Because of the stagnant economy, tough employment numbers and a rugged housing industry, furniture becomes a very deferrable purchase in many parts of the country. So the question becomes what do you do to survive and thrive if the economy decides to go for a double dip recession? Here are a couple of suggestions:

1. A guy called me from Florida who had been in the office furniture business without a job for over 6 months and wondered if he could take his sales skills over to the furniture industry. In other words he was reaching outside of his comfort zone to find areas where his skills would be transferable.

2. Look at your customer base and see what else they can buy. Most guys think about adding another line of furniture. But a furniture retailer will expand into carpet, rugs, appliances and electronics. What else will your customer buy that you can offer them and still make money.

3. Think about your customer's greatest needs are. Maybe it's getting more customers through the door. If that's the case think about selling them ad ideas, promotional products or anything else that will help move your product and theirs.

If business stays tough several things need to occur in order to survive. 1) Keep your expenses in line, fixed overhead and cash reserves; 2) A constant effort to market for new customers; and 3) Fortify your bonds with existing customers who are most valuable.

You cannot afford waste in any area from expenses to new customer acquisition and especially to the care and nurturing of your current customers. There is always money moving around. It is your job to position your business to be most attractive to have that money move in your direction and manage trying to keep enough of it to ride out the storm.