If your business is struggling take decisive steps to turn it around and be poised to grow this year. Below is a quick list of things to focus on that can have an immediate impact.
1. Get your finances under control. The most apparent message you get during tough times is your financial performance. Make sure you have good information on which to base decisions. Knowledge is key here in order to determine good choices, invest in high ROI items, and manage your day-to-day finances.
2. Evaluate marketing effectiveness. Don’t cut your advertising and marketing budgets, but put tight controls in place that allow you to gauge the response and adjust your expenditures on a weekly basis. If something’s not working, make changes sooner rather than later.
3. Anticipate opportunities. In whatever form it takes, there will likely be a large influx of government money this year as part of President Obama’s economic stimulus plan. Prepare a strategy for tapping into this and any other opportunities you can take advantage of.
4. Create a rapid response team. Set up a recession-busting team that can anticipate the effects of the downturn and react quickly. You may find that your best answers will come from within your organization.
5. Get creative. Brainstorm innovative solutions to your business problems and begin to execute on them. Make sure you designate a champion for each initiative to be undertaken and to report on its progress within the company.
6. Minimize layoffs. You may have no option but to cut some staff. However, do your best not to make sweeping cuts that will cause morale and productivity to drop among your remaining employees and drive other workers out the door.
7. Touch base with customers. Provide clients with reports showing the work you’ve done for them and the results you’ve achieved. Make it a point of holding face-to-face meetings periodically. Meeting in person says you are interested and gives you an opportunity to literally see things that you can help address.
8. Ask for feedback. Don’t assume your customers are satisfied. Ask how you’re doing and take their suggestions seriously.
9. Take complaints seriously. If clients ask for changes, investigate what it is they want and then accommodate them if at all possible. If not, explain why not.
