Cheshire's Mrs Business Reveals Her Top Tips To Surviving The Economic Storm

Jan. 5, 2012 - PRLog -- DON’T PANIC! Those two simple words sum-up the sound advice to businesses confronting what has been described as the worst economic storm for an entire generation from the woman described as Cheshire’s Mrs Business.

Tracy Griffiths, entrepreneur and founder and director of leading networking group the Business Network Chester, enjoys a unique insight into the day-to-day challenges facing the county’s small to medium sized enterprises because of her closeness to the business community.

“Talking to businesses large and small has become a way of life for me since we launched the Chester group more than eighteen months ago,” explained Tracy. “And when you work that closely with the business community you get a feel for the mood of the day.

“Most of use have been through booms and busts, recessions and slow downs but what is happening now is very different. The papers are full of doom and gloom and radio and television programmes feed us a constant flow of negative reports about the economy and its effects on all of us.

“No wonder some people are down. In fact I believe this constant stream of bad news can have a negative effect on real business. Customers are unlikely to spend as much if they believe they are in a tight situation that looks set to get worse. And then when businesses report a fall in takings they start cutting back on their spending.

“It’s a slippery slope to disaster,” added Tracy, a ‘New Woman’ who manages not just one, but two careers plus a husband and family.

When she isn’t filling her role as the Chester business community’s leading Networking Guru, she might be found running her  leadership coaching consultancy Elianna or spending valuable time with her husband Nick and their children, Elizabeth, 8 and six years old Annalisa.

“Life’s busier than ever for me at the moment and both my businesses are going well,” said Tracy who had a successful senior management career with multi-national brand Adidas before setting up her own business. “But I can feel a growing concern among businesses about the way our economy is heading.

“The great thing about the networking is that it is a tremendous support group for those business owners looking for help and advice when facing up to tough decisions. They can talk to fellow members for tips and inspiration and swap notes about situations they are going through.

“In fact membership of an organization like ours can be a lifesaver for those one-man or one-woman concerns when there is no one else in the office to share your worries with. Meeting once a month with like minded people can be a boon.

“In addition to providing a forum where members can make new contacts and win new business, networking provides an opportunity to bounce ideas off others and to explore new ways of dealing with the daily challenges that all businesses face. And I suspect that aspect of our meetings is more important to our members now than ever before.

“Members will currently be looking for advice that will help them through the difficult times. They know times are hard and they know they need to respond appropriately.”

So what advice does Tracy offer to those small business owners who are feeling the effects of the current challenges?

“Well ‘don’t panic’ is a must,” said Tracy. “Panic is the worst thing a business owner can do. It can lead to rash decision making and that will ultimately lead to ruin. When the outlook is bad, one has to have a measured response. Keep calm, assess the financial situation of the business and then write down a plan of action.

“Yes, make cuts where necessary but be cautious about where you cut. Cutting back on marketing and PR can be counter-productive if that is your main means of achieving sales. But a thoughtful and logical pruning of out-goings is a must.

“Business owners must always stay positive and realistic. You need to motivate yourself. And if you have a team you need to be truthful with them and take them on your journey. After all they could come up with some of the ideas that will turn your fortunes around.

“Also, please look at the broader picture. How can you increase sales? Can you diversify? Can you move the business in a different and potentially more profitable direction?

“And finally – be proactive – do not ask what your customer can do for you but what else you can do for them to make their lives easier too!”



ENDS