The natural tendency of entrepreneurs during a recession is to cut people, programs and reorganize. Examples are daily newspapers and Web sites: banks, technology firms, builders, retailers, and even the so-called growth sectors such as health and viability, many more small and medium enterprises, which did not hit the media. There are alternatives to cutting and pulling back during the current recession.
Strategy
Check yourBusiness Strategy. And 'good? Can be done? E '"pie in the sky." How are your markets and your business address core competencies? A strategic plan is clearly the basis for success during good times - and bad.
Execution
The best strategy and business plans are useless without enforcement. Do you have measures in place or metric to measure performance against financial and operational objectives (goals)? What strikes the target or not, who?Why? Who is responsible? And what is being done to address the weak areas of performance?
Customer
It seems that during an economic downturn are rapidly businesses of all sizes for customers - those who brought the bills - last salary. No! This is the time re-evaluate what your business does not inspire your customers. No matter the company, product or service - your customers have choices. Take the necessary steps to get your business their first choice. To do this, I ask howand what can be done to improve it.
Costs and expenses
The companies are ready to cut expenses and people when softness in the economy. This is so simple that a child with a lemonade stand can do so. But it is not always the right answer. First, where reserves are used to seeing. The majority of resources should drive revenue and inspire your customers are involved. Stand up to a minimum. If that means reallocating and retraining should. Secondly,There are no redundancies contractors and consultants first cut and work at home. Even the salaries and bonuses the first cut to the head of the organization. The largest cuts of the greatest bosses - not the customer facing employees and representatives. Finally, we ask for input, the people on earth and in the back office usually know where there are greater opportunities for efficiency gains REAL. Ask them to act on its recommendations and recognize them for their ideas.
Speed
ItIs amazing to read me, which has mobilized the United States to resources in a very short time during World War II on the home front. The factories went out to make cars and refrigerators, tanks and aircraft in large quantities in amazingly short time. This was before the computer as we know it today. So why does everything (except perhaps on the Internet) so long now? The time required to develop new products and services, often years rather than months. Look at what timeYour company needs, and cut today by 25% to 50% for the same quality, if not better. Can be done. And it is a competitive advantage.
Innovation
And 'the natural tendency of businesses of all sizes have received fewer risks when times are lean. This includes new and innovative ideas for products, services, marketing and business travelers. The best time for taking risks and innovation is when the economy is a challenge. While most of the limited liability companywho take risks and push innovation stand out among their competition. And innovation is not confined to limited research and development or marketing, it should include all the features and aspects of each company.
Recession, recession, soft economy. All these terms shivers through people drive more businesses at every level. Even money is tight and the market opportunities shrinking, there are winners and losers in the economies of good and bad. With the following areas: strategyExecution, customers, costs and expenses, speed and innovation, enterprise - regardless of their size, market or industry - to be a winner during this recession.
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