Downturn Tips
The tips offered here are general in some senses but significant in others, because they may be obvious to most managers but how many actually put words into action? It takes a strong mindset to redouble ones efforts in the current climate rather than develop a bunker mentality which for most businesses will only lead to commercial uncertainty later.
Cut Costs Where it Matters
The choice for senior managers is how to cut relevant costs during an economic downturn? In our experience a significant way to effectively do this is by reviewing all business projects where ultimately savings CAN ALWAYS be made. This can be done by either reviewing project scope, or postponing projects for the future if they have less strategic value than others. In this instance the business can still achieve delivery of core business strategies and thereby safeguarding future prosperity, whilst also saving vital costs protecting the bottom line.
Automate Where Possible
Efficiency comes from working smarter. There may be many manual business processes that could benefit from being automated using the latest technology. In the longer term this will make the process cheaper as a operating cost over the use of human resources to do the same task. Business Process Management is a continual improvement mindset of managers in forward thinking companies that builds business competancy for the future. This does not necessarily mean the purchase of expensive technology as this may already exist within the business, it may simply be putting it to better use.
Remain Bold in Business Thinking
Now is not the time to develop a trench mentality for your business. No matter what the commercial or economic circumstances are the difference between you and your competitors is what you do now. Maintaining a holding position is not an option. Those companies that drive harder for success in current times will be best prepared and forge ahead more than those companies that implement a holding strategy.
Partnerships Are key
Overall the use of external companies like Mulholland Hobart to work in collaboration to manage and implement your business projects will bring to your company a high level of project management experience, leaving your own staff to concentrate on internal and operational customer care service provision.
Spend More Time on What Matters
Follow the 80/20 rule without deviation. 80% of your business income is from 20% of your best customers so treat them exceptionally well. This also goes for projects. Review your project portfolio now and DO NOT waste time on projects that are delayed, thereby deminishing their benefit realisation or at worse still which will ultimately fail to deliver your business case.
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