Is there really a bottom to this economic recession?
YES! In my opinion we are officially at the bottom and the crawl of recovery will slowly occur during the remainder of 2009. Many companies have been looking over their shoulders at the economic dilemmas that might be chasing them. Now it is time to turn our attention to the future and position our companies for the economic turnaround. My prediction: the true turnaround will take place in the second and third quarters of 2010.
So what do you do to capitalize? Here are four suggestions to consider:
- Take an inventory of all of your resources and determine if you are positioning yourself to create a competitive advantage. Will you be ahead of your competition in reaching out and serving your customers when consumer demand increases?
- Procrastination is a “Killer!” Too often the leaders of an organization fight these questions: What comes first? Do we begin taking a positive initiative now or is it better to just wait until we see more business and cash flow? The results frequently lead to little or no action being taken and the competition passes you by.
- Would you consider your company to be “lean and mean” with the cuts that have been made – particularly in payroll? Determine how you will remain financially lean and at the same time apply the necessary resources and dollars to meet and beat the competition?
- Run a smarter company. Take advantage of the remaining work force. Cross-train and motivate them to excellence.
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