| ...beat the competition by being flexible and adaptable. |
Okay - So it's been a wild ride over the past few months in the economy, and predictions for the future may have you sleeping fitfully these days. Many of us are assessing the damage to our retirement portfolios and our ability to access credit and wondering if our current business models are still feasible. And being an election year, there are questions unanswered: What will the future tax code look like? How will health care be structured and who will pay for it? So here's my first piece of advice... Don't Panic! When external factors have changed, it's time to create your own recovery plan. (The government's not going to do this one for you!) When your well thought out business plan has been out-dated by the current reality, it's time to gather the leadership team and see how you can survive and beat the competition by being flexible and adaptable. Here are some pointers to get you started on your business recovery plan.
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Assess the damage: This is the time to check for bleeding and prioritize wounds to ensure maximum survival of your business. Get the data from you P&L sheets and make sure you know what it's telling you.
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Do damage control: Is there immediate action you need to take based on the damage assessment? These are the short-term solutions you may need to act on NOW to prevent any further immediate damage to your business. Make sure these actions are essential for your business health, and allow you to be positioned for a quick rebound in a better market.
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Adapt your plan to be competitive in these times of change and move forward - So you've stopped the bleeding, but what about being flexible and adaptable, lean and mean, to ensure you're competitive and survive in the long haul? Proactive companies survive in times of change by utilizing long-term solutions such as Process improvement. What would trimming 15-25% from your operating costs do to your ability to compete? Consider doing a cost/benefit analysis on implementing Process improvement on one or several of your core Processses.
We'd be happy to talk with you about how to best position your business to be successful in today's changing economy. We specialize in identifying the most cost effective way to quickly improve your business results. We can help you assess your current situation and position your business for long term competitiveness.
Because... We're Focused on Your Success!
Julia Robinson
Steller Solutions
To contact us to schedule a complimentary consultation call 425-485-4250 or email us.
Reprinted from the November 2008 "Steller Ezine", an electronic newsletter of Steller Solutions that is full of FREE tips and resources for your business. Subscribe at www.Steller-Solutions.com
