1 Provide excellent customer service. We can’t survive without customers, so don’t forget them. Listen and respond to their needs, demonstrate the value you place in them. Review customer and client feedback formally – this will be the litmus test of what you are delivering (and how) and will help to inform positive changes where necessary. Always go the extra mile for your most profitable and loyal customers.
2 Innovate. Develop new unique products and services to distinguish you from the competition. Focus on those that add tangible value or reduce costs for your customers and clients.
3 Invest in people. Offer customer-focused training and reward high performers. The most talented and valuable members of your workforce are those most able to move on during a slowdown. Introduce simple, cost-effective recognition programmes and allow them the flexibility to work where or when they need to.
4 Maintain quality. If you trade on quality, do not cut costs that are visible to the customer in the short term, compromising your reputation in the long term.
5 Reduce debt and manage cashflow. Tighten internal financial procedures immediately and look to secure longer term contracts where possible. The single biggest regret of struggling businesses was that they did this too late, or not at all, which speaks volumes.
6 Respond to the market quickly. Be flexible. Ccapitalise on your size and ability to change direction quickly. Carry out detailed risk assessments on all areas of your business and customer base – identify ‘safe’ areas to focus on.
7 Prioritise marketing. Do not cut budgets or stop advertising as a knee-jerk reaction to challenging trading conditions. The most successful businesses use slowdowns as an opportunity to grow, share and broadcast their message louder than the competition. Crucially, you need to remind your customers that you’re still in business and instil confidence in your existing clients. Slowdowns also offer greater scope for canny businesses to negotiate for favourable deals.
8 Forecasting accurately and plan realistically. Super SMEs tended to have a ‘slowdown plan’ in place. If you haven’t written one, start now. Encourage open and honest communication with your teams on what is realistic. Revisit old order-books to ensure no opportunities are being missed.
9 Know your market. Increase market knowledge and insight. Be seen as the thought-leader in your field and enable your workforce to become experts through sharing information. Use readily available free research online to boost your expertise.
10 Invest in technologies to help your people. The need to work more efficiently has never been higher up the agenda. Invest wisely in IT solutions focused on optimising your workforce productivity, reducing wastage and enabling smarter (not necessarily harder or longer) working.
Extract from: A Guide To Plain Sailing Through The Recession - Plantronic
s - www.plantronics.com.
The full guide can be downloaded here: http://www.sme-guide.co.uk/
www.ukba.co.uk
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment