Six Great Business survival strategies

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

Communicate

Now 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.

Innovate

By 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.

Activate

Creating 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 obstacles.

Identify

Identify opportunities for infiltrating your competitors turf. Take action over your competitors reluctance to act.

Eliminate

Don’t 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 spring-clean.



Negotiate

Form 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.