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Top Executive Coaching with Tony Mayo
Dear Reader,

This issue can help you thrive in a down economy. Below, you will find the distilled wisdom of many CEOs as well as a link to your free copy of my most useful tool for seeing the truth about your business.

Let me know how this material impacts your life by replying to this email or posting a comment to my blog. I also invite you to forward this email to business people you respect and want to help.

Best wishes,
Tony Mayo

Tactics for the Downturn
I spoke recently with my two groups of CEO executive coaching clients on the topic, "What should we be doing now to weather the down economy?" Seven ideas received broad support:
  1. Stay in touch with your center and manage your outlook.
  2. Get busy with personal, executive-to-executive selling.
  3. Cash is king. Watch it closely.
  4. Conserve cash: make sure every dollar out is going to come back--soon--in sales or profits. Selling In Tough Times Webinar With Tony Mayo
    1. Fire your marginal employees now.
    2. Hire slowly or leave openings unfilled.
      Plenty of talent is coming onto the market.
    3. If an outlay can wait, let it wait.
  5. Acquire cash-strapped competitors.
    You can acquire talent, inventory, customers, etc. at distress prices if you are patient and prepared.
  6. Cover your fixed costs without devaluing your brand by "white labeling" your product or services at lower prices, perhaps with fewer features or less support.
  7. Do the math for your prospects to make the business case. If your product will save cash or improve ROI, lay out the exact numbers for their current situation.
A longer list was compiled by one of my colleagues with his groups (Click to see pdf).

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© Tony Mayo 2008 except as otherwise noted.
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