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Strategies for Dealing with the Economy
Dealing with the economic downturn is a topic on the minds of many, and I've had the opportunity to sit in on more than a few discussions on the subject. Listed below are 5 ideas to
consider based on what I see successful firms doing.
- Get control of expenditures and cut costs. Take a hard look at projects traditionally viewed as "must-do's." In many cases what you've been calling a must do can be accomplished at lower
cost, a smaller scope, or at a slower pace.
- Prioritize based on bang-for-the-buck. You can accomplish more for less if you focus on projects that will give you the greatest return per dollar spent.
- Don't sacrifice customer relationships. You can recover from most cutbacks, but rebuilding is much tougher if your customers are no longer there.
- Pursue transformational change. A crisis may provide a rare opportunity to successfully implement performance-enhancing initiatives that would meet policital or cultural resistance in more
normal times.
- Go shopping, if you've got cash or access to financing. The downturn offers opportunities to acquire new assets and capabilities at attractive prices.
Humorous Strategies for Dealing with the Economy
Here are 5 additional proposals I've heard mentioned. Though they've not gained as much support, the thoughts have been appreciated.
- Acquire a small business. Just hold on to the big one and wait.
- Update retirement plans. Make your new retirement date 2075.
- Put the business on eBay.
- Go back to business school. Demand your money back.
- Be careful investing in September, as it is one of the most dangerous months. The others will be October, November, December, January…
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