What’s next? Change Now and Reap Rewards – Part 3 of 3
As mentioned in the previous article, your internal processes are key to identifying your target market to consider and promote sustainability:
1. Every customer is a diamond in the rough, potentially precious. Take GOOD care of each of them, especially the repeat customer.
2. Reevaluate your entire pricing structure. Maintain your margins by market testing increase or decrease pricing strategies.
3. Don’t rely solely on the web. Be proactive and meet the people loyal to your products and services.
4. Evaluate your core business needs. Assess and increase its value. Don’t loose your focus.
5. Managing resources are important and employees are usually the key resource often overlooked. Keep your employees in the communication loop regarding change and how the change process will be implemented.
6. Know your strategic value to the market. Do you provide products and services on cost, quality, flexibility, service timeliness, partner relationship or other areas?
7. A recession is an opportunity to increase the quality of your human resources. Hire quality people for open requirements. Be methodical. Take you time in assessing the candidates. Make the best decision for your company. Remember, change can be a catalyst to improve your organization and morale.
8. Refinement and prototyping extend your knowledge on how your business can be improved. During a recession, your efforts can quickly pay-off when the market opens up, when cost reductions are replaced with productivity, or when new product or service introductions have been postponed.
9. Cash flow is the life beat of your company. Monitor it. Keep you accounts receivable, timely, current and limit bad debts.
10. Cost reduction is important in a recession, but understand the consequences. Know where to reduce. Look for efficiencies in processes. Increase your productivity through reduced costs.
11. Look for strategic investments for they may get a price break during a recession. Focus on new processes, equipment or technology that produces efficiencies, productivity, quality and cost reduction. Most importantly, recognize the project implementation’s lead-time and plan accordingly.
Source: Jarvis Business Solutions, LLC, © 2009, For services: www.JarvisBusinessSolutions.com
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