5 Tips for Surviving an Economic Slowdown

Engaging in business Process improvements can be a great opportunity to lower your costs...

There's nothing like rising gas prices, an erratic stock market, sagging sales, and gloomy economic projections to get everyone worried about a potential economic slowdown or imminent recession. What's a business to do? Here are 5 tips to prepare your business so it's well positioned to weather whatever economic storm may be ahead.

Check your strategy

Is the key focus of your business lining up with your customer's needs? Are you focusing on your strengths, taking advantages of new opportunities, and making sure you're not vulnerable in your weak spots? Refreshing your current strategy will ensure you don't grind to a stop in the wrong place.

Play to your strengths

Identify your team's personal strengths and utilize them accordingly. Getting the right people in the right seats on the bus as Jim Collins says in "Good to Great" goes a long way in improving your organization's effectiveness and consequently your organization's profitability.

Don't compromise on quality and customer service

Customers will always remember a bad experience. Some of your customers may switch for low price, but when they suffer from bad quality and poor customer service, they will be looking to take their business back to a company that meets their needs. Companies that sacrifice on quality and customer service will suffer in the long run. Companies with consistent quality and customer service will regain those disenchanted customers.

Be prepared for growth when the market recovers

Make sure that you haven't allowed slow times to cripple your ability to act when the market rebounds. Companies that make permanent decisions to shrink in down times often get bought out or run out of business when the market rebounds.

Check your Processses

Look at your business Processses: do you have duplicate activities, unnecessary steps, high inventory, lots of paper, high wait times, customer complaints? Engaging in business Process improvements can be a great opportunity to lower your costs and allow you to be competitive in tough times. We've seen business Process improvements improve efficiency from 50-700%. This is a quick way to get the edge on your competition.

So don't become one of the nay-sayers about the economy. Figure out what you're going to do to stay nimble and thrive in any market. We can help you identify the most effective ways to maximize competitiveness for your business. Contact us for a complimentary consultation at 425-485-4250 or info@steller-solutions.com.

To Your Future!

Julia Robinson
Steller Solutions

Reprinted from the March 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