The global economy is continuing to decline, falling into a deeper recession. Management is no longer focusing on growth, but formulating strategies for survival in uncertain times. Before you take an axe to your business plan, there are a few things to consider:
1) Evaluate the business impact in terms of market risk and company-specific risk.
2) Analyze your pipeline to see which contracts you can still close, which will be delayed or canceled. This is a good time to get on the phone and talk to your customers about the status of those contracts.
3) Find where you can reduce operating cost while still able to deliver product and support to your customers. Markets are moving fast, and not in a positive direction. To survive, management needs to think strategically and execute quickly.
Posted by Dang Nguyen
, on 9 December 2008