The down economy has been hard on many companies, and it’s showing no remorse. It does not have a conscience, does not know right from wrong and is unforgiving.
There seems to be no turnaround coming in the near future. Consumer debt is at an all-time high, job growth remains stagnant and there is uncertainty about terrorism.
What does this mean? It means you have to get your company faced in the right direction to survive the downturn. Here are four things you need to do to turn your company around.
* Have a flexible plan. This plan will detail how you’ll get from where you are to where you want to go. Once the plan is complete, it should be reviewed and approved by others with experience. Too many companies operate from the seat of their pants, going from one fire to another.
* Be patient. It’s important to have realistic expectations. The economy is slow and business is hard to come by. Don’t expect in a bad economy the same sales you had before the recession or you’ll be setting yourself up for failure. Set realistic goals and do everything you can to help your employees reach them.
* Work hard. The Book of Proverbs says the diligent hand brings forth wealth. You have to outwork your competitors to survive. There aren’t any easy dollars anymore. Set an example for the rest of your company to follow.
* Innovate. Differentiate yourself from your competitors. Don’t get caught in a commodity battle that bogs down into a price war you can’t win. Highlight the advantages of your products or services and deliver more than the customer expects in both service and value. Customers are looking for a good price, but also want service. Show them you can deliver both.
Don’t assume the economy will suddenly improve and turn your company around. Take control while you still can.
You have to set the direction your company will travel and do everything possible to stay on that course. It won’t be easy, but with the right attitude and hard work, success is assured.
