Recession Proofing

Scaling back?

Canceling projects?

Losing budgeted money?

How do you decide what to keep and what to cut to survive potentially another 12-18 months of rockiness?

Stay Invested In Your Strengths and Niches
Be it looking at yourself or your team, keep the strengths and niches you own in tune and ahead of the pack.
Buy Low, Sell High
Have cash lying around you know you need to use by fiscal year end? Nows the time to put your negotiation hat on to get what you’ve been needing to either exploit a niche or retool.
Where to Cut, Where to Grow
Don’t know what your core competencies, or bread and butter work, is? Or, not sure where you are overspending? Better yet, when was the last time you looked at a business dashboard or report that told you where your revenue and costs were coming from?

Often times, while we are searching for ways to cut corners by going to open source or hosted technology, we forget about finding ways to generate more revenue. What if you start adding ads to your website? Or tackling a new industry with the same resources you have? Don’t let cost cutting take control of your business development needs.

Remember, it’s key to look at historical information before making decisions on you and your business. Don’t let emotion get in the way of your business nor your career. While you may not need that employee you’ve invested in for the last 10 years in the next 2 months, it will take a year’s worth of salary to hire and train a new employee when you need them in say 6 months.

Did you enjoy this post?

\|	Email to a friend	\| Print This Post