This economic crisis is expected to be long-drawn and turbulent, so how will you to face the looming threats that will present themselves now and over the coming months?
Many are turning to belt-tightening measures, while some are looking for silver linings in the dark clouds. How you react and adjust to these dire conditions depends on your financial position and strengths
If your company is in a strong financial position, take a closer look at the opportunities the downturn presents. If you are well positioned to dominate critical market niches, you could step up your marketing efforts and pinpoint viable long-term investments to gain an edge over the competition.
The best options for a company in a weak financial position are to exercise tighter cost management and reduce debts to improve cash flow; divest non-core assets; reposition by selling weak operation and focusing on a sustainable core business; and to employ practical methods of boosting revenue and profit margins to keep the business moving forward.
If ever there was time to network, this is it. Now is when you should bank on the strength of your alliances with business associates (vendor, bankers, partners), customers and employees. If you are a member of any civic, professional or industry organizations, garner their support, expertise or resources when the going gets rough, or seek their assistance in exploring avenues of growth in areas where opportunities exist.
By making the utmost effort to strengthen your capabilities and seek out new opportunities, you could emerge stronger and more competitive when terrible blows over.
Survive and Thrive
