Here are some things you can do for your business

Over the last 4 years, the Greater Halifax Partnership has met with over 1800 business leaders as part of our award winning business retention and expansion program, SmartBusiness.

Some of the best ideas on how to deal with tough times come from our own business leaders. Some come from our ongoing tracking of international business best practices.  This is what we hear companies should be aware of to deal with the challenges of the current economic climate.

• Recognize that it's not the 1990s anymore and talent that walks out your door will not be back.  A progressive human resource strategy will secure your most important resource today and make you an employer of choice in the future.

• Review business plans for opportunities and challenges given current economic circumstances. What was relevant to your business two to five years ago won't prepare you for immediate challenges or the next growth cycle. Do your homework, make adjustments and double down where your efforts are going to make the biggest difference.

• Develop an early-warning system to detect problems and challenges.  A good track record, successes and solid bottom line is a good indication of future stability and success, but they are not a guarantee.  Watch corporate outcomes closely.  Attitudes of employees and customers are critical.  Don't hide the bad news if it comes, deal with it.

• Work to solidify your value proposition.   Understand what drives profit now and in the future.  Focus on what you do best.

• See the opportunities and go for them.   This is the worst time to slow down or run for cover.  Now is the time that the best organizations gain market share with aggressive marketing, buy needed equipment and technology at bargain prices and pick up some talent from companies who are more short-term focused.

• Secure the confidence of suppliers and financial service providers.  Every business owner should be on the phone and face to face with their whole supply chain and also be open to finding alternative sources of inputs and funds.

• Don't believe everything you read.  Bad news may seem pervasive, but remember much of the negativity comes from organizations that are using the recession to drive their own agendas.

SmartBusiness allows us to listen to businesses, hear their concerns or issues and solve problems. SmartBusiness partners with over 30 public and private organizations in our community to identify and remove roadblocks to business success.  We are strengthening our economy one business at a time. 

We have tough and innovative businesses that are relentlessly optimistic, that see great opportunities even in tough economic times. As we enter the eye of the economic storm, it's important to remember that Halifax will be sheltered from the worst effects, but we can't be complacent. 

Our SmartBusiness representatives are on top of the changing needs of business, especially now given current economic conditions.    We know about the most up-to-date trends, resources, programs and initiatives that can help your business. 

Please contact our SmartBusiness Account Executive, Sandra Wood, by phone at 490-2599 or by e-mail at to arrange a SmartBusiness consultation.

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