More money by Adam Hawkins http://anodizeproductions.com
So the recession is officially over.
Hooray!
Now for the really hard part – surviving the post-recession downturn that most pundits expected and most firms are now experiencing.
Strong leadership can make a huge difference to success or failure – never more so than today, so here are some things to consider:
1. Understand the big picture in your industry or sector – be sure of the true position.
2. Adjust sales forecasts to accurately reflect the true circumstances. Review every month.
3. Cashflow must be maintained, but it’s catch 22 because that can take resource away from sales and other vital activity. Deploy your people to be effective TODAY.
4. Target cuts carefully – at waste rather than core activity.
5. Keep an eye on the future – don’t act precipitously. Short term cost savings can result in being under-resourced when the upturn comes. Judgement is crucial.
6. Focus on customers – understand and try to help resolve your customer’s problems.
7. Innovate. If cashflow allows don’t stop all R&D. New products and services will help boost turnover and profit when markets improve.
8. Look for opportunities. Asset values are low and research by McKinsey & Company shows that effective acquisitions during a downturn “created significant value”.
9. Motivate. Make certain that you get staff on your side to retain the best and make sure they don’t leave as soon as the jobs market improves.
10. Action. Don’t be paralysed by fear, focus on your USP and take appropriate action.
Anything you’d like to add ? Leave your comments below ….