Recession and Crisis Threat or an Opportunity? III
by Sharon Keisha on Wednesday, April 7th, 2010 | No Comments
Some “recipes”
Although it is probably too late to use these “recipes”, better late than never:
- Have a strategic plan (and their respective contingency plans) to balance between the strategy for the short and long term. You must know where you are and where is the organization and involve the whole team.
- Focusing on the best customers. Quoting the book “The Loyalty Effect”, an increase in the retention of 5% increases in profitability between 40% and 95%. Using CRM tools can be very important.
- Reduce costs strategically. It is important that this reduction is made with a clear vision in the long term and always valuing the perceived value by the customer. Costs “cutouts” are those that provide little value to the customer.
- Act quickly but calmly.
- Focusing on core business activities of the company
- Loyalty to the best people.
- Improving communication with employees, investors, customers, suppliers.
In this line, is also very interesting to read “Seven Rules for Leading in a Recession” with the peculiar style of Tom Peters.