Advice on maintaining your focus during economic turmoil

Debbie Donaldson

Friday, April 17, 2009 | 2 a.m.

In the past months we have all been faced with choices that only a year ago would have seemed silly to consider. You’ve probably heard your share of advice about how to or not to react to our economic situation.

It’s not hard to imagine what most of you are going through right now since we in the media are not immune to the widespread economic distress.

I’d like to share with you some of the advice I’ve heard over the years that seems applicable today.

First, if you are delaying important decisions and find yourself often saying “when I get around to it,” remember that not making a decision is a decision. You have the opportunity to choose before fate or circumstances choose for you. It’s time now, you are in control of your actions.

Second, if you are panicked about your situation and are making quick decisions or executing hastily conceived plans, stop and look in the mirror. If your hair is really on fire, continue posthaste. You know what to do, put out the fire — quickly.

However, if your hair is not on fire, take a breath and ask yourself a few questions. What if this were the opportunity to take a new look at a five-year plan for your company? Given the resources you have available to you today, have you considered all your options for stabilization and growth?

You are correct if you’re thinking that the economy will not get better overnight. So your plans would not look anything like the same plans you may have put in place in 2006, 2007 or even 2008. Yes, this will require some educated speculation from you and your trusted advisers.

Third, beware of the so-called experts drawing fatalistic conclusions about your industry based on this moment in our economic situation. Consider them toxic to your stabilization and growth plan.

Yes, every industry has them, the predictors of doom. What are the rumormongers saying about your industry? Are you buying it? If not, become the voice of reason for your company and your industry. They desperately need you.

These are not magical, crystal-ball ideas, and you’ve likely heard them before. The ideas are sound and pretty simple.

What isn’t simple is the courage it takes to assess the situation, make decisions and execute a well-thought-out strategy. The future belongs to those brave enough to keep their heads up, eyes wide-opened and focused on exploring new and creative ways to do business today and tomorrow.

And if you haven’t noticed, we’re in a buyer’s market for just about everything: houses, cars, businesses. It may be time to talk with your banker again.

Debbie Donaldson is associate publisher of In Business Las Vegas.