Business owners question things in bad times – how they do things, the way they run their business – which they don’t necessarily do in good times. When bad times hit then panic starts to settle in. I’ve seen it many times in the businesses I consult too and there really isn’t any need to ‘slash & burn’ too quickly when you don’t have all the facts at hand. It’s easy to cut staff, reduce spending and slow down business growth opportunities. However when the recession stops, and it will stop, you’re left high and dry without adequate resources to cope with the increased business opportunities.
I’m going to share with you
a few stategies that will enable your business to ride through the
storm and come out of the current financial economic crisis on the other
side, leaner, meaner and ready for anything
is not the time to close ranks, keep secrets, or act in ways that
inhibit business growth in any way. The most important thing is to
communicate to your staff, keep it open and transparent even during the
currect financial economic crisis.
creating a culture of innovation and creativity you will soon realise
that it’s the best way of avoiding a recession or economic downturn.
Keep the creativity and positive cultures nurtured throughout a
recession and you will be rewarded with positive staff and a bright
future beyond any financial economic crisis.
a sense of urgency to engage and motivate your people drives
performance. Be careful not to implement that sense of urgency with
fearful counter-productive tactics. Work together to overcome the
Identify opportunities for infiltrating your competitors turf. Take action over your competitors reluctance to act.
waste your cash. Surviving a recession is not all about making money,
it’s about saving it. Replace unmotivated and unproductive employees
immediately. There are always more motivated and innovative people out
there willing to take their place. Look at your processes and re-write
them if they are out dated, or simply wrong. Now’s the time for a
partnerships that are mutually beneficial. Reach out to your vendors,
suppliers, bankers, distributors for better rates, better deals and
better strategies that will benefit your business.
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