In ANY economy it’s essential for an organization to improve their core business processes in order to increase efficiencies. However, when adversity calls, many companies’ first inclination is to cut their way to success.
Several years ago I worked for a company that fell on hard times. They reacted with layoffs and service cuts—seemingly the easiest/quickest way to maintain profitability. Unfortunately, companies get stuck in this paradigm and never break the cycle. The more they cut, the more adversely it affects their business. Before long they’re running a skeleton crew, orders are harder to fulfill, and new business opportunities all but dry up.
Although increasing operational efficiency is necessary for survival, it alone does not guarantee success. Consider the following steps:
- Listen closely to your customers. Find out their pain points and work on innovative solutions.
- Evaluate your existing customers and determine organic growth opportunities. It’s much easier/faster to increase business with existing customers than to develop new ones.
- Think “flexible”! You may need to modify your business model to adapt to an ever-changing environment. Listen, adapt and become a problem solver.
- Utilize every social media platform available to promote your business. This will improve brand recognition and grow additional revenue streams. Do not be intimidated! It may take time to learn and maximize effectiveness, but the gains quickly deliver positive returns.
The way we do business today is changing at warp speed while the economy conspires against us. We must have the ability to listen and adapt in order to thrive.
Lou Biedka, Executive Vice President
Office – 212 239-4275
Mobile – 646 370- 9792
48 West 37th Street, 2nd Floor
New York, NY 10018