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Recession Proof Your Business
Recessions will come and recessions will go. Success on the other hand you have to go out and get. The difference between a recessionary market and a normal market is
Remember the 10 rules to survive a recession:
Resist the temptation to panic. Recover the entrepreneurial spirit in the enterprise. Relate to the needs of the customer. Retain the income producing staff. Retrench the income consuming staff. Review your past success and your present potential. Reduce costs and spending, increase sales and output. Reinvent your vision, strategy and direction. Re-engineer your process to become lean mean and effective. Re-energise your team to survive and succeed.
Enough Rs it’s time to get off them and save your business.
Entreprenise every aspect of the business. Entrepreneurship, Intrapreneurship, Venturepreneurship and Entrepreneurial Leadership are key to survival.
Customers, Costs and Cash are the new focus. Cut costs, protect and value cash, and promote customers to royalty.
Empower staff by educating them to think like entrepreneurs.
Strategise for two years, plan for one and focus on the month.
Simplify, simplify, and keep simplifying to keep doing things better, quicker and cheaper.
Imitate to learn, Innovate to improve and Invent to go in search of excellence.
Offer excellent goods with extraordinary service at demand related prices.
Not all customers are worth keeping some will drag you down. Watch cash flow, it is not a lack of profit that will kill you , but slow or no cash flow.
Protect your market-your customers, your suppliers and your competitors. Without them there is no market.
Reward your staff entrepreneurially.
Over deliver on promises.
Opportunities abound in a recession. Organise systems and process to give quick feedback. Knowledge is the new currency- Innovation the new action. Think export with a weak pound it makes sense.
Follow the trends they will show you where the market is going not where it is. Position your business just ahead of where the market is going to be.
Copyright © C.N.Bradshaw 2009 |
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More articles on managing a small business Financial Failure in Business - 10 Tips on How to Avoid It Cashflow: Is Success Killing Your Business? Removing Business Costs - Seven Deadly Sins to Avoid |
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