Is the uncertainty about the much publicised credit crunch deterring you from preparing for the inevitable turnaround. Michael Gerber (E-Myth Revisited) says that the best way forward in a period of instability is to focus on fundamentals. Continued retraction in the credit industry and financial markets has deeply shaken the business world. There is not a day goes by that we don’t hear another horror story from the media. So, what's a wise and savvy business woman to do?
The following tips are based on an article written for the E-Myth website entitled ‘When The Going Gets Tough’
Preparation - Gerber suggests that we prepare for the inevitable upswing. Take this time to use our strategic radar to identify opportunities ahead and document plans to enable our businesses to reach specific goals. Now, he says, is the time to clean house, re-tool and seek training that will deliver major competitive advantages. Use any slack time in your business to make your business better. Here’s how …
Innovate, Quantify & Orchestrate: Repeat - Work on innovation, product development and building your brand. These efforts are not top-line, discretionary cost centres, but integral structures supporting your business. Working consistently in these fundamental areas, like doing regular exercise, can improve the strength of your business.
Innovation, Quantification and Orchestration, are cyclic processes of successful businesses. Commit to this disciplined routine of inspection, measurement and iterative improvement to keep your business solidly on track.
Reward Excellence - Tough times may not seem like the best times to give bonuses, but if one of your departments is truly excelling, you can build great staff loyalty by acknowledging successful efforts monetarily. Also, listen openly to your employees and communicate honestly about business conditions. Simple courtesies like these can have long-lasting positive effects.
Listen To Your Customers - Ignore your customers' opinions at your peril. Seek out your best customers' opinions, and then act on the knowledge. Difficult times are changing times, and you need to be able to adapt to new conditions.
Improve Your Business Skills - An economic downturn may be financially uncomfortable, but a slow time is also an excellent time to deepen your business acumen, broaden your management capability and strengthen your self-discipline.
It goes without saying that one of your strategies should include continued networking. After reviewing all of the above tips it will enable you to get specific about your requirements ... then ask!
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