Smart companies thrive
during a recession
We are all doomed! Doomed I tell you!
Well, so the media would have us believe, with daily reports on the
dire state of the housing market, yet another lender reaching crisis
point, energy supplier hiking up their prices and the soaring cost of
food and transport.
As business owners, just how can we hope to grow and prosper when we
are being squeezed from all sides? Surely it is just a question of
battening down the hatches and riding this thing out.
Well, jolly good luck to you if that is your view – and by god,
you’ll need it if you are to survive.
Make no mistake, though, that many businesses will not just survive,
but will truly thrive in the current economic climate. They’ll
grasp the opportunities to grow and prosper – and believe me, an
economic downturn unearths a good many.
So, will you grasp these opportunities with both hands - or would you
prefer to leave the field open to your competitors?
During boom times, any idiot can make money, as people have plenty of
it to part with! Businesses get flabby – costs are not tightly
controlled, customer service standards slip a little, you don’t
even need to have a particularly good product or service to find a
market. Remember the excesses of the dot com boom? Boo.com burnt
through the thick end of £100m before going bust, to name just
one!
Conversely, during tough times, survival of the fittest is the order
of the day and the flabby and unfit will perish.
So, what is it that fit companies do differently?
| 1. | They offer real value to their customers. They understand clearly why their customers buy from them and they deliver this consistently. |
| 2. | They truly value their customers. They thank them for their business, give excellent service, check in with them regularly and sort out any problems swiftly and efficiently. |
| 3. | They truly believe in the value they offer and are passionate about helping as many people as possible to benefit from it. |
| 4. | They understand the vital importance of positive cash flow. They extend credit only to the creditworthy, chase late payers and negotiate favourable terms with suppliers. |
| 5. | They continually strive to improve the effectiveness of their operation. They test and measure each and every activity and invest their time and money in those that generate the best return. |
| 6. | They keep a tight rein on costs – but never cut corners. |
| 7. | They constantly improve the value of their offer – and compete on value, never price. |
| 8. | They know where they are heading and have clear plans in place to
get there. They know what is required in all areas and are
purposefully building their business to deliver this. |
| 9. | They consistently invest in the growth and development of their business - in their people, their systems and highly effective marketing. |
| 10. | They work with a first-rate business advisor to ensure they keep everything on track and build the business they deserve. |
So, how do you measure up against the fittest out there? Are you confident you can thrive – recession or no recession? Or does each damning report on the economy further feed the dread in the pit of your stomach?
Perhaps, like most of us, you are somewhere in the middle. Your business could do with toning up those muscles a little to ensure you are fighting fit in all areas and heading purposefully in the right direction.
No matter how talented you are, it is not always easy to keep an eye on the big picture when you are involved in the day to day of running your business. With so much to do and consider on a daily basis, it is all too easy to blow a little off course and not even realise it.
I work with a limited number of first-rate business owners to ensure they remain very much on course and build the top-performing business they deserve. I combine my experience of working with some of the best companies in the world, a range of tried and tested tools and pure passion for their business to help them achieve at the highest level.
If you are talented, passionate about your business and ambitious to achieve at the highest level, then don’t delay joining the elite who truly excel!
Click here now to find out more...
