- Invest - in technology which will improve quality or reduce costs in the long-term
- Retain the best people by being generous, not by assuming that they have no-where to go.
- Hire managers over 55. As Baby Boomers retire, there is a looming shortage of managers. Older managers stay longer, take less time-off and fewer sick days, and need less training and supervision.
- Solidify vendor relationships. Make sure that when the economy booms again, your best suppliers are not tempted away.
- Build your brand. Your brand or your reputation are vulnerable, but good management and judicious investment will return much more than you anticipate.
- Fill the innovation pipeline. After an economic slow-down, demand for existing and new products increases dramatically, Position your company to meet this demand.
Thursday, September 11, 2008
Six ideas to change the game and succeed in the current economic malaise
Most people are well aware that the US, and indeed, Global, economy is under pressure. In the US unemployment is rising, the budget deficit, both Federal and for most states, is growing, the balance of trade is moving increasingly negative, and income inequality is growing. Companies are responding by hunkering down. While some of this may be necessary, there are steps, which during each cycle, only a few companies take. Here are six ideas to position a company for the future: