Jujitsu Family Business Application??? Business Jujitsu By Steven Strauss Q: When do you know if it is time to call it quits in business? We have been having a rough go of it for some time now and, although I would hate to quit, wonder if that is not the best course. A.F., Jersey City, NJ A: Without knowing more details, I say, hang in there. I say that for two reasons. First, all businesses go through cycles. It may be that you are simply in a bad business cycle, and that the economy generally is in a down cycle, and that when it turns around, your business will too. It also may be that in your crisis lay the very seeds of your renewal. Let me give an example: In 1984, Ronald Reagan was running for reelection against a tad younger Walter Mondale. At the first of their presidential debates, Reagan looked and sounded like a doddering old man. The buzz was that if he didnt do dramatically better the second time around, he might lose the election. It came time for the second debate and everyone was watching the 72-year-old President closely. Soon after the debate began, Reagan took the initiative and somberly broached the subject. He acknowledged that age had become an issue. Then, in his next breath, the President promised everyone that even though age was an issue in the campaign, he would not exploit, for political purposes, my opponents youth and inexperience. With that funny quip, Reagan turned the whole election around. His problem evaporated, the issue never again came up, and he walked off with the election. It was political Jujitsu. If you think about it, businesses can also use a form of business Jujitsu to handle problems as well. The basic idea behind Jujitsu is to use an opponents own weight and strength against him. By turning the tables on your problem, by using leverage, balance, and motion, the Jujitsu master can overpower superior opponents, and a problem becomes an opportunity. For the entrepreneur, business problems may in fact be a hidden opportunity. Dont think that all I am saying is that you need to have a positive mental attitude, and everything will be OK, because I am not. Business problems are real; I understand that. But I also understand that business troubles can become overwhelming, and when they occur, it is hard to see opportunities. So business Jujitsu is an attitude that you can adopt to turn business problems into unique opportunities. For example, Lets say that you can only afford rent in a low-income area. The business Jujitsu master will use this to his advantage, maybe seeing the local residents as another possible client base or profit center. Lets say that you are a lawyer and the Legislature just radically changed your specialty. The business Jujitsu master might learn the new law as quickly as possible and then go teach it to other lawyers, making even more money than before. Lets say that your main distributor just went out of business. The business Jujitsu master will see this as an opportunity to infuse his store with some new products. Is it time for you to quit? Maybe, but not before seeing whether some opportunities exist that you havent seen. Business Jujitsu is an attitude that you can adopt that can help you through tough times. Part strategy, part mental trick, part ancient plan of attack, it can keep you one step ahead. Todays Tip: When looking to buy an existing business, what is the most important thing to look for? Yes, location is probably critical, and yes, the structure of the building is important. The products or services are, of course, key, but they are not No. 1. The most important thing to look for may be a loyal clientele. Building a customer base takes time, and one advantage of buying an existing business is that that critical task should be already completed. So make sure that the business has customers, that they are happy with the business, and would remain loyal to it, even if you took over. Courtesy of Jujitsu Family 787-378-1451 787-379-1423
Posted on: Thu, 10 Jul 2014 14:47:22 +0000
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