Last night, my wonderful photographers and friends at EyeWonder Photography invited me a business meeting for photographers. They though the topic was relevant to any business owner, and I couldn't agree more. The topic was Managing During Times of Uncertainty, the speaker was Asher Epstein, who is the Director of the Dingman Center for Entrepreneurship at University of Maryland, Smith School.
There was great information shared, but in the end the speaker wanted us to remember the "8 Takes", so I thought I'd share with others.
1. Cut fixed costs - allow for variables
2. Preserve cash
3. Change proposition - Focus on expertise, what differentiates you.
4. Focus on core servicers
5. Generate revenue from exisiting customers.
6. Be opportunistic.
7. Don't blame the macro economics for the micro economics
8. Don't assume that old patterns will return.
*** Be honest with trends that affect your business ****
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