Dyer Consulting Group
Invest In the Right Areas
If you cut costs in the recession to better position yourself for the tough times, than now is
the time to loosen the purse strings and start investing in key areas of your business.
Research on previous downturns shows that the future winners made disproportionate
investments in the following areas:
The recession crept up on us and we were unprepared. The recovery may be slow, but it will
happen. This time there will be no excuse for being unprepared. If you keep doing what
you have always done, you will continue to get what you have been getting. Change is
inevitable. Don’t let it just happen — be the one who drives it.
Want a PDF Version of this article? Click here.
Interested in having Aaron speak at your event about the 7 Strategies? Click here
If you cut costs in the recession to better position yourself for the tough times, than now is
the time to loosen the purse strings and start investing in key areas of your business.
Research on previous downturns shows that the future winners made disproportionate
investments in the following areas:
- Employees - When the market recovers, it will be more competitive than ever, so
businesses need to ensure that their employees' skills are sharp. If you've got good
talent and want to keep them, invest in them now. Provide them with more training
as well as developmental opportunities to help prepare themselves to be the best
they can be.
- Sales and Marketing - If your competition is busy nursing their recessionary wounds,
then you should become aggressive in marketing yourself and your products. This
move will increase your market presence and pay off well after the recession ends.
- Product Development - If you believe there is a shift in your customers’ buying habits,
you need to identify where they are shifting and develop solutions that fit this
shifting need.
- Customer Service - Now is also the time to take customer service to a new level. You
must provide not only a high quality product, but also exceptional customer service.
Refine your customer service strategy to insure that every step from taking the order
to delivering the product is client-focused and effective.
The recession crept up on us and we were unprepared. The recovery may be slow, but it will
happen. This time there will be no excuse for being unprepared. If you keep doing what
you have always done, you will continue to get what you have been getting. Change is
inevitable. Don’t let it just happen — be the one who drives it.
Want a PDF Version of this article? Click here.
Interested in having Aaron speak at your event about the 7 Strategies? Click here
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Copyright Dyer
Consulting Group, LLC.
All rights reserved.
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Consulting Group, LLC.
All rights reserved.
Hosted by Yahoo
| Is Your Business Prepared for the Recovery? 7 Strategies to Ensure Future Success By: Aaron Dyer |
When will this "great recession", and the constant talk of it, end? Recovery may or may not be
quick in getting here. But it will be coming. The tricky thing about a recovery is it is very hard to
tell when it is beginning. There will be no sirens or bells going off saying we are out of the woods
and that business can resume as normal. What I want to highlight is what businesses can do
today to position themselves for when things turn around. Here are 7 critical areas that you
need to focus on to prepare your business to profit from the recovery.
quick in getting here. But it will be coming. The tricky thing about a recovery is it is very hard to
tell when it is beginning. There will be no sirens or bells going off saying we are out of the woods
and that business can resume as normal. What I want to highlight is what businesses can do
today to position themselves for when things turn around. Here are 7 critical areas that you
need to focus on to prepare your business to profit from the recovery.
Create a Strategic Plan
What is the point of surviving this recession if you've
learned nothing from going through it? The new world
will be different. Reflect on what has changed, both
inside your organization and within your marketplace,
and create a new vision based on what is now on the
horizon. Strategic plans are key to managing the
various aspects of a business because they help you
focus on the factors which will drive success. It is
also important to communicate this vision and work
towards aligning your employees, so everyone is
moving in the same direction. If you're working on
planning for the better times ahead, you'll not only
have a better chance at surviving the current storm,
you'll be ready to ride the next wave.
What is the point of surviving this recession if you've
learned nothing from going through it? The new world
will be different. Reflect on what has changed, both
inside your organization and within your marketplace,
and create a new vision based on what is now on the
horizon. Strategic plans are key to managing the
various aspects of a business because they help you
focus on the factors which will drive success. It is
also important to communicate this vision and work
towards aligning your employees, so everyone is
moving in the same direction. If you're working on
planning for the better times ahead, you'll not only
have a better chance at surviving the current storm,
you'll be ready to ride the next wave.
Get Your Financial House in Order
You've got to create a firm foundation for growth if you want to participate in the upturn.
To get your small business ready to take advantages of opportunities in the marketplace, you
must understand the financial ebb and flow of your company. Understanding the patterns of
cash flow in and out of your business is a larger part of success than many entrepreneurs
realize. You should be tracing and managing this continually. Doing detailed financial
projections, including cash flow budgets, will allow you to better anticipate the road ahead.
You must also have at your disposal quality monthly (at a minimum) financial statements so
that you can see trends in your business and plan accordingly. If you can measure it, then
you can manage it!
Get the Right People on Your Team
Finding good employees is a key success factor for your business. Evaluate your team and if
you have doubts about anyone, consider replacing them. There are a lot of free agents on
the market, and you can use this time and their talent to upgrade your team and take your
company to the next level. Regional labor markets vary, but on the whole, higher
unemployment rates mean there are more people available when you need staff. Prepare
your company by using effective hiring practices, making your business a great place to work,
and keeping your eye out for high caliber people is always important for small business
owners.
Look to Your Customers
You may be feeling uncertain about your where your company is headed, but your customers
are feeling the same thing. The companies that weather economic turmoil and who will be
ready for the recovery know their customers well and know how to work with them during
both good times and bad. By asking your customers how they feel, what they need, and how
your company can help, you can establish the basis for focusing on the most important
values, issues and products for your customers. By being clear about what your customers
value, you are demonstrating to them that you care about them and that you understand
how their business is being affected and are looking for ways you can help.
Look to Your Competitors Customers
Companies that invest in knowing who their customers are can also be quick to respond to
opportunities to save customers stranded by their competitors. Not all businesses will make
it through this downturn. One or more of your competitors may choose to retreat, drastically
cut expenses and go dark on their customers. Now may be your best chance to increase your
company's market share and earn the loyalty of your competitors' customers. Start by taking
stock of your competitors, their recent market activities and their potential weaknesses.
Store closings, reduced marketing and advertising activities or poor customer
communications can all be signs of an opportunity for you.
You've got to create a firm foundation for growth if you want to participate in the upturn.
To get your small business ready to take advantages of opportunities in the marketplace, you
must understand the financial ebb and flow of your company. Understanding the patterns of
cash flow in and out of your business is a larger part of success than many entrepreneurs
realize. You should be tracing and managing this continually. Doing detailed financial
projections, including cash flow budgets, will allow you to better anticipate the road ahead.
You must also have at your disposal quality monthly (at a minimum) financial statements so
that you can see trends in your business and plan accordingly. If you can measure it, then
you can manage it!
Get the Right People on Your Team
Finding good employees is a key success factor for your business. Evaluate your team and if
you have doubts about anyone, consider replacing them. There are a lot of free agents on
the market, and you can use this time and their talent to upgrade your team and take your
company to the next level. Regional labor markets vary, but on the whole, higher
unemployment rates mean there are more people available when you need staff. Prepare
your company by using effective hiring practices, making your business a great place to work,
and keeping your eye out for high caliber people is always important for small business
owners.
Look to Your Customers
You may be feeling uncertain about your where your company is headed, but your customers
are feeling the same thing. The companies that weather economic turmoil and who will be
ready for the recovery know their customers well and know how to work with them during
both good times and bad. By asking your customers how they feel, what they need, and how
your company can help, you can establish the basis for focusing on the most important
values, issues and products for your customers. By being clear about what your customers
value, you are demonstrating to them that you care about them and that you understand
how their business is being affected and are looking for ways you can help.
Look to Your Competitors Customers
Companies that invest in knowing who their customers are can also be quick to respond to
opportunities to save customers stranded by their competitors. Not all businesses will make
it through this downturn. One or more of your competitors may choose to retreat, drastically
cut expenses and go dark on their customers. Now may be your best chance to increase your
company's market share and earn the loyalty of your competitors' customers. Start by taking
stock of your competitors, their recent market activities and their potential weaknesses.
Store closings, reduced marketing and advertising activities or poor customer
communications can all be signs of an opportunity for you.
Leverage Technology
One of the best ways to stay ahead of your
competitors is by keeping up with current
technology. Things are slower right now, so now’s
the time to take advantage of the time available to
do your research on what technology’s out there
that can help you become more lean and efficient.
This may include using accounting and inventory
software so that you spend less time on balancing
the books, customer relationship management
software to manage the sales process, or utilizing
social media technology like Twitter and Facebook
to get the word out about your product/service.
Current technology can also open access to clients
in the next city, in another state, or even enable
you to compete in the global marketplace. You'll
have the potential to contact millions of people
who would otherwise have never heard of you or
your product.
One of the best ways to stay ahead of your
competitors is by keeping up with current
technology. Things are slower right now, so now’s
the time to take advantage of the time available to
do your research on what technology’s out there
that can help you become more lean and efficient.
This may include using accounting and inventory
software so that you spend less time on balancing
the books, customer relationship management
software to manage the sales process, or utilizing
social media technology like Twitter and Facebook
to get the word out about your product/service.
Current technology can also open access to clients
in the next city, in another state, or even enable
you to compete in the global marketplace. You'll
have the potential to contact millions of people
who would otherwise have never heard of you or
your product.
