It’s just as important to plan for an economic upturn as it is to develop contingency plans for a looming recession. And from some of the leading economic indicators, now is the time to begin planning for a return to recovery. Here are ten strategies to prepare your organization to be well-positioned for the economic recovery.
It’s just as important to plan for an economic upturn as it is to develop contingency plans for a looming recession. And from some of the leading economic indicators, now is the time to begin planning for a return to recovery. Up until now businesses have been coping, and most have hunkered down. In the fourth quarter and next year, a growing economic recovery is expected. Will you be prepared?
Many economists are suggesting an upturn in the economy beginning in the fourth quarter of 2009, and into 2010. Even though there will still be some belt-tightening while earlier contingency plans are executed, firms will need to plan for the beginning of a new business cycle.Putting growth plans on hold for too long could be a costly strategic mistake. It’s not too late to plan for a rebound in the new business cycle. Visionary leaders look for new value propositions, and build a competitive advantage during hard times.
Here are ten strategies to prepare your organization to be well-positioned for the economic recovery:
1. Conduct a SWOT analysis - Planning for a brighter future starts with analyzing your strengths, weaknesses, opportunities and threats. Evaluate your firm internally, coupled with an environmental scan of the competitive landscape.
2. Differentiate your firm - It’s all about creating a unique value proposition. Start with your SWOT analysis. Everything is fair game (e.g. technology, experience, certifications, commendations, price, value, etc.).
3. Invest in technology - Examples would include Web software that would allow customers to place and track orders, ERP suites, HR software applications, and other industry-specific technology.
4. Identify new markets - Typically the more avenues of distribution you have, the better off you are. If, for example, you cater to the commercial market, consider the government space or even the aerospace and the aircraft sectors.
5. Enhance your Website - Your Website should be optimized so that it becomes a powerful Internet marketing platform for generating sales leads contributing to both short and long-term growth of sales.
6. Invest in Training - Great companies realize the value of their employees and staff development. Don’t wait for the upturn to focus on training. Trained employees are be more confident, productive and resilient.
7. Forge strategic alliances - Understand your core competencies, know what customers are looking for, and forge strategic partnerships to shore up your product and service portfolios.
8. Trim costs surgically - Across the board cost cutting is risky at best. Analyze expenses with your key staff, one line item at a time. This way you can make strategic cuts, one cut at a time.
9. Optimize your advertising effort - Go beyond traditional print advertising in trade journals and other publications. Be creative and don’t discount using Web-based technology (e.g. pay-per-click advertising). And be sure to track the ROI for each activity to make your dollars count!
10. Build a strong sales force - Develop a unified sales team focused on customer needs and expectations. Indeed, your sales representatives should become business partners to your customers.
Choosing your ISO Consultant
Selecting your Quality Business Partner
Train in Tough Times
In any economic downturn, it can be easy to postpone training programs—or even cut training altogether. Visionary leaders, however, realize that training should not be an expendable line budget item.
The Baldrige National Quality Program Criteria have been Improved
The Malcolm Baldrige National Quality Award (MBNQA) is the highest level of national recognition for performance excellence, that a U.S. organization can receive. It is a proven model for “business excellence,” and a blueprint for thriving in turbulent times. Although the year-to-year changes have been evolutionary, the cumulative changes to the Criteria have been far reaching.
