The economy is beginning to turn upward and while there are still major obstacles to its health, there are positive signs and consumer confidence is starting to return.
The all important question for you is “will you be participating?”
Will your company be participating? Have you positioned yourself and your company to get a share of the upturn or will the potential business pass you by?
Here are some questions to ask yourself to see if you are ready:
1. Have we focused solely on cost cutting in order to survive and if so have we actually undermined the opportunity to recover? Many answer this question quickly with a no and then upon further review find they are incorrect and are in trouble.
2. Have we maintained the strength of our core competencies through this downturn? Do we actually know, outside of the executive team, what our core competencies are?
3. Do we have the cash availability to fund the inventory increases that are going to be needed as we start to ramp up production?
4. Do we have the cash reserves to cover the short term increase in accounts receivable that will happen with the new sales? This recognizes that even though some customers and clients will pay within terms, we still will have increased AR. It also recognizes that some clients are going to be cash strapped themselves until they get their cash flow flowing and will delay payment to us and other suppliers.
5. Do we have relevant business goals that make sense in today’s environment?
6. Have we kept the right talent in our human capital to succeed? What is missing and where and when will we get it?
7. Have we upgraded to take advantage of the large, very qualified talent pool that is available and their willingness to accept more modest compensation?
8. Do we have a business plan that is actionable and known throughout the organization?
9. Are our business goals clear and communicated to all employees so that they can participate in driving the business ahead/
10. Have we identified the key issues facing the company in order to participate in the economic upturn and do we have a specific plan in place to address each issue?
11. Is our business progress starting to trend up and can we see means of accelerating our progress?
12. Do we have a clear customer focus across the organization? Are we committed to customer satisfaction and possibly delight? Customers are far more choosy now.
If you can answer all of these questions in the affirmative and have the facts to back them up then you are ready to take advantage of the prospective upturn and will be in a position of strength. If you have answered some or all of the questions in the negative, you may be in a great deal of trouble and need help.
Contact us and let us help you. We have helped many others be ready to get more than their fair share of the business to come.
Maver Management Group