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Leveraging the Recovery
The world economy has started showing signs of recovery from the slump. However, we still cannot afford to be complacent, as these times are the real test of our skills and survival instinct. Surviving the business successfully at such time will segregate a leader from the crowd. I am sure, we’re on track for our first profits in 2009, but will have to fight to make it happen. With few brave and precautionary measures, we can definitely beat the slowdown and manage to maintain the desired growth rate.
Fund management
Fund management is a major issue that all businesses are grappling with, be it customers, vendors or channel partners. Everyone is trying to retain as much working capital as they can and it is hard to decide on proper investment resources. On the other hand few segments need investment and they are growing irrespective of recession. We should invest energy in identifying these segments and going the whole hog after them. Segments such as telecom, government, healthcare, education services are still growing and have a lot of projects lined up this year.
Be wise
Don’t take your eyes off your goal but pick and choose your investment wisely. Such times are good to invest in your work force and train them. What you sow now is what you will reap later.
Focus on value propositions, current customers
Focus on retaining your old customers. Getting new ones will be tough, but retaining an old customer is easier. Now is the time to bond with them and show them you care. The way you can strengthen your relationship now, you won’t be able to do it in your lifetime. Focus on making the most of recession to grow and nurture relationships. They will yield result when things are fine in future.
Work with your vendor closely
At times like these you need your vendors as much as they need you. It is advisable to work together to achieve the targets. Combined efforts will triple the result. You need to understand that even the vendor might be looking for support from you. Working together will benefit you in more than one ways - strengthen relationship, you can share resources and increase your profitability, acquire skill sets that you have not been able to, so far.
Create Simplicity
When Obama first heard the proposed slogan “yes we can,” his reaction was, “Too simple.” But a leader’s job is to create simplicity. The time is good to stop, step back and evaluate what is needed to make a decision. When things are hard to explain, you will not understand it and are bound to make mistakes. The real challenge here is to make things simple and master the complexities that were being ignored so far, and now is the time to act on it. In business we always emphasize on speeding things up, but what’s really important is to know when to slow them down.
Attack
It is high time you realize that even the competition is hurt. Be the aggressor, not the victim.
Stay focused and organized
To survive the ups and downs of the industry, you have to make yourself strong, organized and focused. The closer you get to become a big company, the less glamorous reality may seem. But you need to head forward, struggle and keep yourself updated vis-à-vis the competition.