Introduction
While the economy is getting better, it still isn’t as strong as we’d like. In fact, some say it will be at least 2020 before we truly know if this recession is over. So what does this mean for your company? It’s simple: You need to do more with less. Say’s Walter Morales, that means being smarter, more efficient and creating more value for your customers while spending less on things that don’t matter. In other words: Start doing the right things and stop doing the wrong things!
Keep your company lean.
When times are tough, you need to be lean. That means cutting out unnecessary expenses and non-essential services. For example, if you have fewer customers than usual, don’t hire more staff or buy more office space–just do your best with what you have!
In addition to keeping the size of your business small, it’s also important that every employee knows his or her role in keeping costs down. Your sales team should be focused on selling as much as possible without increasing prices; marketing should focus on promoting products cheaply; accounting should seek out ways for clients to reduce their tax burden; HR can cut back on training costs by focusing on just one thing (like safety) instead of trying everything at once…and so forth.
Make decisions based on what you know, not what you don’t know.
- Make decisions based on what you know, not what you don’t know.
- Be careful about making decisions based on what you don’t know.
- Don’t be afraid to make a decision.
Reduce costs where possible.
- Reduce staff costs.
- Reduce office space costs.
- Reduce marketing costs.
Focus on the things that matter most to your customers and your business.
Focus on the things that matter most to your customers and your business.
Don’t waste time on things that don’t matter. Focus on what you can control, not what you can’t.
Do more with less.
As you plan for the future, remember that you can’t do it all and do it right. Be selective about which projects and initiatives your business undertakes.
Focus on what matters most to your customers, who they are and how they behave. What do they value most in their relationship with your company? How can you deliver more value by focusing on these areas?
Reduce costs where possible to help keep your company lean and mean during these tough times so that when things turn around again, you’ll be ready to take advantage of the opportunities presented by growth in sales or expanding markets
Conclusion
The key to surviving and thriving in a down economy is to keep your company lean, make decisions based on what you know, reduce costs where possible and focus on the things that matter most to your customers and your business.
