We ran our seminar on "maintaining momentum in a downturn" back in October 2008 just before the recession began to really kick in. While researching the topic, I developed a short list of quick tips and I thought you might find them useful.
Checklist: Strategies for Survival and Growth
1. Focus / concentrate on profitable activities
2. Reduce Wastage (money, time, underemployed capital)
3. Review team dynamics, the way people work, eliminate unnecessary bureaucracy
4. Review Suppliers, refocus them, reduce number
5. Encourage Entrepreneurism and Creative Proposals
6. Formalise Growth Path and Steps
7. Evaluate Opportunities for Diversification and Specialisation
8. Review cost of sales and pricing more strategically
9. Manage Cash. Collections and Payments.
10. Get much closer to your most valuable customers
11. Refocus Marketing and Sales Teams accordingly
12.Encourage a TMT Culture (Test Monitor Tune)
13.Reward Results as well as Creativity, Innovation and Smart Risk Taking
14.Invest in your best People
If you'd like to know more or see the seminar in its entirety, feel free to contact me.
(This article was originally published in 2008-09)