Keep That Thinking Cap On

Word is that the recession is slowly winding down. Even if this is true, do not expect to see a quick turnaround. The  economy did not crash overnight and it will not recover overnight. And it is certainly not clear what a "recovered" economy will look like. But do not expect it to soar to the heady heights of two years ago.  There will be a new "normal."

So, we cannot pop out of our bunkers like hurricane survivors and just go about our business. We have to be wary of jumping into old patterns. We cannot spend in anticipation of improved sales. We can't ease restrictions we have put in place. In fact, for many businesses, it is still going to get worse before it gets better. Not everyone got slammed in the same manner at the same time to the same degree. Our economy was hit in waves and it will recover in waves. That recovery may take years.

Many business owners who feel they may have escaped with just mild bruising may still be in for a beating- especially if they lose their focus.

It is important to recognize and remember those factors that are critical to the ongoing success of the organization. If there are ratios or other metrics that tell you the crucial facts, keep your eye on them. If you need 100% effort from everyone, stay intent on making sure you communicate clearly and credibly and you work hard to maintain employee engagement. Employee engagement can be the difference between succeeding or not, staying alive or shutting your doors. There is a direct correlation between employee engagement and customer loyalty; and ultimately to profitability. Don't leave your employees hanging or guessing. Let them know what is going on and inspire them to align themselves with the company goals and objectives.

Stay in touch with your customers and your suppliers. You need to understand their situations. You need to know if their capabilities have changed in the downturn. You need to know on who you can count.

Catalogue your good habits and make sure they stay habitual. Follow the behaviors that are positive and abandon those that take you down the wrong path. Remember, everything has to be geared toward survival.

When the economy does turn, some companies will be in position to take advantage of it, and some won't. You know in which group you want to be.

Comments

[Evening Dresses]

I like Politico and have really enjoyed their online info. Newspaper and print advertising is completely going to the wayside, so it is just natural progression to bring the papers online for all. I wonder what will happen in the future with world online newspapers

[Swarovski Rings]

You need to know if their capabilities have changed in the downturn. You need to know on who you can count.