Tuesday, November 6, 2007

Twelve Tough Times Tips

By John Maver

Here are twelve tips to not just survive but thrive in the midst of tough times. (They will also work when times are good.)

1. Re-examine your business plan and recheck your business fundamentals. You may be surprised at the opportunities that will be presented.
2. Do what it takes to remain profitable. Negative numbers become an excuse for almost anything and you will not only lose focus but you will lose more business.
3. Focus! Cut what's non-core. Invest in what is. Know who and what you are and BE THAT!
4. Simplify something – it will help cut costs. Complexity equals expense.
5. Look outside for good partners both as alliances and suppliers. Leverage relationships to save money or make money.
6. Do what you already know is right -- only this time, really do it. Many companies know the right path but continually choose not to take it for a variety of reasons.
7. Go talk to your customers. They are probably hurting too and want your love and leadership. They will remember you when things turn around.
8. Invest in your R&D. You'll need it. This can give you the competitive advantage when the sales start to flow again.
9. Look for technology-based efficiency. Use the Web to cut costs and boost productivity
10. Enlist your employees' support. Ask them for ideas. They are closest to the action and will have more good ideas than you could possibly execute
11. Hire a good consultant. Their experience and objectivity can show you ways to accelerate your positive business progress. The ROI can be astounding.
12. Believe in your own business and your future. There will be brighter days ahead and you want to be part of them

John Maver
Maver Management Group

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