The idiots guide to recession riding
Are you bombproof? Can you weather thesetimes of economic and financial turbulence? A few suggestions that might helpand if some are a little tongue in cheek then the times dictate the need forhumour too! So heres what to have in your recession survival kit:
On the one hand, the New South Wales government seems to implacably believe in the competitive model that says a third stevedore will break what in the past has been perceived as a comfortable duopoly between Patricks (now part of the Asciano group) and DP World (formerly P&O Ports).
CASH: If you have this you are well equipped indeed. You can not only survive but you can probably prosper off the reality of one man’s misfortune being another man’s gain.
VISION: Know where your market sector is heading, read the signs, and react sooner rather than later. In short, be proactive and not reactive.
ADVICE: Don’t be “penny wise and pound foolish”; it is even more important in turbulent times to pay for the right advice and to take it.
CONTACTS: One of the entrepreneurs in the UK BBC’s Dragons Den television programme recently made the point well that we can make more use of our contacts – revisit them, use them.
GOOD HOUSEKEEPING: If it is a luxury and/or doesn’t make a tangible return get rid of it – or to use another very English expression “cut your cloth accordingly”. A business/budget review is always a good policy in tough times.
COMMUNICATION: Internal with the workforce and external with the client base – it is very important to formulate a team approach.
MARKETING: Don’t give this up! When Kellogs Cornflakes stopped marketing because it had secured the dominant market share it promptly lost market share. You have to be seen for people to believe in you.
FLAIR: Whatever the business climate, there should always be room for ideas and ingenuity, nurture this belief.
TENACITY: Face the reality: competition will get tougher, prepare for this and up the level of service rather than compromise on price.
STRATEGY: Well we couldn’t leave this out could we? Knit all the foregoing elements into an astute strategy not just one geared to survival but one geared to growth as well. When the good times return you will be ready to roll.