It's about how to survive and thrive, no matter what the economic outlook.
Why some businesses thrive while others implode during an economic recession remains a puzzle to many business-owning entrepreneurs. Some mistakenly assume that all businesses must suffer through recessionary cycles. But the fact is that some companies are essentially recession-proof, and it is not necessarily because they are bigger, better known, or more generously capitalized.
What really separates the successful enterprises from those that collapse during down cycles is that they are organized around a uniquely dynamic and healthier approach to business. They plan for the future and have contingencies in place to confront whatever challenges might arise. They sell products and services that do not go out of fashion as easily; and they focus on profits in an intelligent manner that helps them grow and prosper in both good and bad economic environments.
Here are some ideas for creating a company that will greet a recession successfully:
· Set, measure, and consistently monitor inventory targets, sales goals, and revenues. But make profit – net profit – the main overriding focus.
· Weed out unprofitable accounts and lackluster ventures, services, campaigns, or products. Reward top performers and either reposition those who are not contributing to make them valuable or let them go for the benefit of the overall team.
· Keep in close touch with customers and track their demographic patterns and consumer preferences. The better one knows his or her customers, the better one understands one’s own business.
· Develop strategies to attract new customers, retain existing customers, and sell more products or services to each and every customer. Grow the customer base but also grow net profits in order to capture tangible bottom line benefits.
· Advertise and market aggressively but constantly refine and redefine the campaigns to strengthen the brand and enhance the equity of the brand name to give it greater power, meaning, and recognition.
Excerpt from ActionCOACH's white paper "Recession Proof Your Business".
In today’s fast-paced, dynamic and ever-changing business climate,
executives in Puerto Rico need to not only keep up with the pace of the market, but
also remain proactive in developing their own abilities as well as
those of their team members.This is where executive coaching comes in.
Executive leaders are highly effective people in positions with
significant responsibility. They have their calendars and minds
populated by their major concerns, such as bottom-line results, cost
reductions, globalization, and IT.
Increasingly, executives feel the need to do more with less. They
have to face multiple responsibilities, each as important as the other.
Often, they may feel limited because they do not have enough hours in
the day to effectively stay in charge of all areas of responsibility.
Many organizations are turning to a coach who can be a trusted ally,
friend and motivator. And, just like a sports coach, an Executive Coach
helps guide an executive to success with a winning plan to streamline
strategy and operations so the executive is able to manage ever more
with ever less.
Executive coaching is a one-on-one session between a coach and an executive. The aim of
executive coaching is to enhance the on-the-job performance of the
executive. Executive coaching also helps enhance individuals as well as organizations by providing
content, services, processes and attitudes to help leaders improve and
sustain results.
Executive coaching services are meeting this need in the corporate
world. Just like all businesses need the services of consultants and
coaches, even the most highly skilled and capable executives need such
services in order to stay on top of things in today’s frenzied pace of
organizational growth and environmental threats.
For information on how to get in touch with an executive coach in Puerto Rico call 787-661-1994, or if you prefer, send an sms message and text the word 'coach' and we will contact you.
We’ve all heard of the KISS
principle and we’re all generally in favor of simplifying as much as
possible. We understand the “Less is More” concept.
And we know
we only have 2 hands and so much time everyday. So, what really happens
when we are suddenly confronted with a “complicated” situation?
When it comes to making tough decisions or decisions we are not sure of
, we say “that’s a hard decision”, or “we’ve got a tough choice to
make”. All too often that is followed by – nothing - because we don’t
know how to make a decision and we give in or give up.
So, why
don’t we know how to make a choice we can live with? It seems
complicated only because we’re not sure what we ultimately WANT. If we
always start with the end in mind, with knowing what we want next week,
next month, next year, for our life and for our family, we’ll find that
every decision is much easier to make.
Once you know THE WHY –
the Why becomes the compass for EVERY decision you need to make. Every
decision gets much simpler. You may even find you no longer have any of
those “tough decisions”. Now we can K.I.S.S. those problems goodbye.
Any e-mail sent to the e-mail address set forth in this Blog will not be treated as confidential and will not create an attorney-client relationship.
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The information contained in this blog is published as a public service. It should not be viewed as legal or professional advice and is not a substitute for legal counsel. You should not act on information contained herein without further, specific, legal consultation.
