Your customers are closing their businesses, the collection of your receivables is becoming slower all the time, what do you do? You look at your cash flow and see that you have 2 months cash in the bank and few new business orders. Do you wind down the business or do you hold on and try to expand?
Instead of working on your own all the time, is it better to create strategic alliances with competitors? For example, if you are a placement agency and you have lots of candidates coming to you looking for a job but none that fits the requisition your current assignment, do you lose the assignment by not placing a candidate or do you create strategic alliance with other placement firms and say, this is what I am working on, let’s split the commission rather than me losing the commission because I cannot find anyone.
In tough times, I think the traditional business model is changing. Strategic alliances behind the scenes, i.e. your customers do not know, may be the way that business will evolve for the next 6 to 12 months. Do not be closed minded, think outside the box because you may need to do this for your own survival.