According to the media & the highly qualified common man, the last month has been extremely bad for India, with inflation at a record high etc. etc. These articles, comments (most of them given by people who have no clue or at times by people who can only retain their job provided they comment) are mostly to be taken with a pinch of salt. Whilst there is some truth involved, some thoughts that occur to one that can be practiced maybe now or forever by businesses –
1 Remember what Sam Walton said: Trust your customers. Go talk to them, bad times or good times.
2 Ask yourself what you want to look like when recovery comes & start working towards the outcome.
3 Run your business the same way in good times the way you would in bad times & you’ll always be ready.
4 Believe in yourself & your business, Upturn is just around the corner.
5 Constantly talk with your customers, employees, suppliers and shareholders. Keep them in the loop.
6 Cut out what’s non-core to your business & invest in what is.
7 Look for technology-based efficiency, utilize the web to cut costs and boost productivity.
8 Leverage realtionships
9 Look outside your own walls for good partners. It can save money or make money.
10Take a calculated shot at something that could change the game: a new marketing push, alliance something out of the box.
11 Simplify something or as much as you can – it’s bound to help cut costs. Complexity equals expense.