I spoke recently with two groups of business leaders that I coach on the topic, “What should we be doing now to weather the down economy?” Seven ideas received broad support:
- Stay in touch with your center and manage your outlook.
- Get busy with personal, executive-to-executive selling.
- Cash is king. Watch it closely.
- Conserve cash: make sure every dollar out is going to come back–soon–in sales or profits.
- Cut your marginal players now
- Hire slowly or leave openings unfilled.
Plenty of talent is coming onto the market.
- If an outlay can wait, let it wait.
- Acquire cash-strapped competitors.
You can acquire talent, inventory, customers, etc. at distress prices if you are patient and prepared.
- 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.
- 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).