Surviving the Economic Downturn!
By: Lorraine Ball
In tough economic times, raise the bar, change the bait, find new methods to propel your team beyond its current status.
To gain market advantage during an economic slowdown, here are a few survival tips to consider when mapping out your action plan.
Engage in Dialogue
Remember what Sam Walton said: Trust your customers. Go talk to them. They have all the answers, and all the money.
Next, talk with the rest of your important constituents: employees, suppliers, shareholders. Keep them in the loop–and they’ll keep you informed as to what’s happening in their world.
Reduce Cost Wisely
Cut what is non core. Invest in what is.
Don’t cut your culture. It will not recover easily. If you have to reduce your staff, be sure to recognize the efforts of those that remain.
Reexamine Fundamentals
Ask yourself what you want to look like when the recovery comes. Then drive your business towards that outcome.
Do what you already know is right — only this time, really do it. Don’t just pay lip service to change, make the hard calls and change the things that do not work!
Believe in your own business. Remain positive and focus on what you do well. Your attitude will be contagious. If you believe there will be an upturn, your team and your customers will as well.
A twenty year veteran of corporate America, today Lorraine Ball helps small business owners use planning and creative thinking as a starting point for growth and change.
Active in the local business community, Lorraine is the recipient of 2005 Rainmaker of the Year Award. She serves on the boards of Rainmakers and the Network of Women in Business