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Use these tips to prepare for an economic recovery
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Published: March 16, 2009
While I have studied economics and on occasion have made some sound economic predictions, I am not an economist. Therefore, I cannot predict when we will see an upturn.
I will, however, go way out on a limb and predict we will see an upturn. Even today, as markets are up and down, thousands of employees are being laid off and grim economic news is surrounding us, I believe you should start getting ready for an upturn. With that being said and in hopes that you agree with me, let's talk about how you can prepare yourself and your company:
1. Get creative. There is no time like down time to be creative. Innovation is one of two things that make money for companies. Use the down time to think and prepare. Spend time brainstorming with your employees, friends, coaches, whoever. Get everyone's juices stirring around products, services and processes.
2. Get your operations house in order. Start spending time with your customers, even with the ones that aren't currently buying from you. Let them all know you value their businesses as well as their business. Then ask them how you can improve. Find out your strengths and weaknesses as an organization, and then work on them.
3. Get your financial house in order. You've got to create a firm foundation for growth if you want to participate in the next upturn. Have all the necessary documentation ready for the bank if you might need to borrow at the onset.
There could be a race for the funds and you'll want to win that race.
4. Have a strategic plan. Make sure you have a game plan for game day. A true strategic plan is all about tactics, techniques and implementation. If you're going to beat the competition out of the gate and down the stretch you need a strong strategy.
5. Get the right people on your team. Evaluate your team and if you have doubts about anyone, consider replacing them. There are a lot of free agents on the market, and you can use this time and their talent to upgrade your team. I highly recommend you bring in an objective third party to help with this process, especially around interviewing and selection.
6. Invest in your people. When the upturn comes, so will the war for talent. If you've got good talent and want to keep them, invest in them now. Help them prepare themselves to be the best they can be. Provide them more training as well as developmental opportunities. Investing in your people now will demonstrate a commitment from you that will factor big time if and when the competition attempts to steal them away.
7. Carry the torch of hope. When times are tough, a leader must spread hope throughout the organization. The times are tough, but that doesn't mean the talk has to be. Don't let your employees dwell on the negative. Rather, help them see the positive. Find ways to energize and lift them. Spread cheer. Consider bringing in an inspirational speaker.
Making it through an economic downturn is not an easy process, nor is it something we all can sit back and wait to see turn around.
If you're working your company goals and objectives as well as planning for the good times ahead, you'll not only have a better chance at surviving the current storm, you'll be ready to ride the next wave. If I can be of any assistance, call and ask Coach Dave.
Dave Ferguson is the owner and head coach of The Growth Coach of the Carolina's, a Mooresville-based business coaching, consulting and training firm. Reach him at (704) 907-0171 or at Dave.Ferguson@TheGrowthCoach.com.
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