Most companies have spent the last several quarters cutting and cutting and cutting costs. The focus is on minimalization. Unfortunately the tough economic climate is continuing and is expected to remain for some time. Now what? What focus do the company and the employees have and what are you going to do to actually bring in revenue?
Here are twelve tips to not just survive but thrive in the midst of tough times.
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. That doesn’t mean just cost cutting. It means being smart about what you are doing.
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. Take a look at all of your procedures and find simpler methods.
5. Look outside for good partners both as alliances and suppliers. Leverage relationships to save money or make money. Others are looking for help too, so work together.
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. Stop doing what doesn’t work and reallocate the resources.
7. Go talk to your customers. They are hurting too and want your love and leadership. They will remember you when things turn around.
8. Keep some investment 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. Believe in your own business and your future. There will be brighter days ahead and you want to be part of them
12. Hire a good consultant. Their experience and objectivity can show you ways to accelerate your positive business progress. They are not an expense. Good ones are an investment. The ROI can be astounding.
Contact me and let me know how I can help you.
Maver Management Group