Riding,The,Global,Economic,Tsu business, insurance Riding The Global Economic Tsunami

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Even if your business is in relatively good shape... it's difficult not to get completely caught up in the uncertainty and fear that's gripping many people.We'll have to patient while the past financial excesses -- such as massive consumer debt loads, housing bubble to extreme valuations, commodity and energy price spikes and drops that sapped the purchasing power out of people's pockets... then pulled the rug out for the producers -- all work their way through the system.And that patience will need to take the form of correct action to shore-up your current business -- while keeping your eyes open for the unforeseen opportunities that will inevitably present themselves.On a big picture basis... this is ultimately all for the better... since we'll be able to start fresh from a more stable vantage point. But, in the meanwhile, we've got to weather the storm in the "crisis economy"... and make sure our own "mini economy"... and personal house are in order.So... how about you?How are you coping with your own uncertainties and fears? For my own part, there are many assumptions I've had to throw in the wastebasket as this crisis has unfolded. I didn't count on a complete financial market implosion and freeze-up (I doubt many people did). I knew there would be a contraction back when the housing boom was in full force. There was just no way that house prices could continue to rise so far ahead of people's ability to pay.I've been looking to my own experiences in business dating back to the early 1970's. And even though we're in uncharted waters now... the same basic "universal laws" and human nature will continue to apply. You can count on everything going to extremes in both directions -- with the majority of people ultimately being wrong (just like always).But, this time IS different... and it's happened at breathtaking speed. What's at stake now goes way beyond a business downturn -- because people's attitudes have been fundamentally altered. Unless there is some unforeseen softening of what's occurring that allows people to once again feel at ease and become complacent... we will need to alter our approach to business for some time to come.And, assuming your business makes it through with a full head of steam... you'll be in a great position of strength to take advantage of the upside business correction that will inevitably arrive. Those displaced will get readjusted -- and people will once again find their niche... and get back to being productive.The Freedom to Fail...Through all the recent events surrounding big-finance and big-business bailouts, it's hard for a small business owner not to wonder, "Who's looking out for me?" And... "Why should they get these massive sums of money when I have to work my @%# off for what I get?"Truth is... as always (and as it should be) -- we have to look out for ourselves.The only way government can give us money -- is to take money from others who are productive and profitable... or borrow... or "print" it -- in order to give it to those getting bailed out. And all that bailout money usually does is to perpetuate the bad circumstances that caused the problems in the first place. And the needed corrections (liquidations) of improperly invested or leveraged assets isn't allowed to take place.Frankly, it isn't up to government at any level to be responsible for... or to provide solutions to... independent for-profit businesses that exist in a free enterprise economy (that's assuming we still have one). It's up to us, individually and working together.The only thing that does make sense is for government to provide a stable and level playing field for all businesses to exist -- sink or swim -- and to foster an environment where fair-play and non-coercive competition can vie for the buyers in the marketplace. Only the buyers themselves can determine true and fair value. Only the buyers -- who vote with their wallets -- can decide if something should be produced, or should continue to exist.Needed Corrections...Current circumstances and the crisis are years in the making. There has been a long series of bad decisions and bad policies that have encouraged people to go into debt... and live beyond their means... for some time now (dating back to the early days of the credit card, circa 1967).These are the real-life kinks getting worked out of the system.Government, by it's very nature, can't possibly have all the answers. Just think about who these people are, for the most part. Or rather... who they ARE NOT. They are for the most part NOT people who've run businesses, met payrolls, been profit-focused, or had to be P&L (profit & loss) responsible to others.If anything, all the hand-wringing and rhetoric from governments around the world show clearly is that they have no clue how to deal with the problems. And, they are the ones (at least here is the States) -- who created many of the problems in the first place. It's not only the economy that needs restructuring...it's the arrogant tax and spend mindset of politicians that needs to be taken out to the woodshed for a harsh lesson or two. Your Own Personal "Mini-Economy"So... what's a hard-working business owner to do?There's a show on CNBC, "On The Money" -- where I first heard the term, "Mini-Economy" to describe your personal financial circumstances. And it makes perfect sense. Thinking of terms of your own situation as a complete, self-reliant unit allows us to then consider all the components.First of all... make sure each of the major key areas of your business is getting proper consideration, attention, and scrutiny. Don't make assumptions -- check it out for yourself -- so you'll personally know what's true.If you rely heavily on particular suppliers or vendors -- visit them if possible, check the news and the trade publications, and find out if they're having troubles. The last thing you want to do is have something that is selling right now (or the components for it) -- suddenly become unavailable to you because you've lost your supplier. Same holds true for service providers.If you have just one banking relationship... Go Get More! Right now, relying on just one bank... one merchant account... or one online payments gateway... is a fool's game. If your bank goes under -- or if processing gets frozen up for any reason -- it could take your business down (especially if you are heavily reliant on credit cards). You may even want to consider how you can encourage the use of cash in your business.Right now, back-ups and alternatives for all major aspects of your business are essential... so you can have a "plan B." And, to whatever extent you have time for a bit of extra effort on this front now... it will serve you well to consider them in advance. If there's trouble on the horizon for those you rely on... you'll be best served by getting as far ahead of it as possible.Copyright 2009, Guerrilla Profits International