Fighting the recession recovery battle requires the discipline to focus on results and the best measure is the bottom line. Too often friends and associates in various businesses I see from time to time seem preoccupied with recovering sales or market share.
Most often it is so much more expensive to recapture sales volume levels when the customer base may be in survival mode. Short term look at cost reductions may keep the bottom line intact and this is the more important measure.
You need the right tools to stay on top of trends that facilitate recovery. You can find the help you need to develop an effective plan simply by learning from others who have the experience and have learned to manage through difficult times and have maintained strong profitable businesses.
It is important to set specific goals:
- Set profitability goals
- Get to know and network with leaders in the business community
- Clearly understand your current strengths and weaknesses
- Set a path towards where you want to be
- Use leaders as sounding boards where practical
- Emulate successful tactics of peers and competitors
- Focus on core competencies
- Keep the organization lean and eliminate waste
- Work on continuous improvement
- Keep administration simple – focus on needed information
Make sure the planning process is in place before the worst case scenario sets in.
No comments:
Post a Comment