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How To Take Advantage Of The Current Market Realities

14 April 2009 No Comment

Without question these are tough economic times for lots of business owners. We’re now in an environment that no one has seen before and no one knows quite how to manage.

Even more than usual, growth comes from constant adaptation. Now is the time to take advantage of the huge opportunity that exists while the market and competition are in a state of flux.

You need a short term approach that doesn’t distract you from your long term strategy and goals and still has an immediate impact in times of uncertainty. Leverage your skills and knowledge with other perspectives and resources and focus on those things that will produce immediate impact and lay the groundwork for future progress.

Here’s how we recommend you approach these situations

Start with the fundamentals of your business. Tighten up operations, make doubly sure you have the right people in the right places, and focus on cash flow. Taking this approach helps in two ways. It reduces slack and inefficiency so you capture as much from your existing activities as possible. Over time in every business inefficiencies creep in and there’s no urgent call to stamp them out. Now is a good time to do that. Often you can do it with existing staff and no extra costs. Second, it gets everyone focused on execution with a clear understanding of how they add value to the business. Having a clear focus reduces uncertainty which reduces stress.

We have a four step process that augments your own efforts with some additional resources. Combining our process and expertise with your intimate knowledge of your business produces results that neither could alone.

Identify
We begin with the issues you already know, then work to find the inevitable hidden roadblocks and blind spots. We look both inside your company and outside to the market and competition as well. Our perspective gives us a vantage point to see influences and connections that you don’t. Our diagnostic process has been refined over years of helping CEOs grow their companies.

Prioritize
There are always too many things to do and there is no sense in just adding extra tasks on top of your current workload. Combining the high value findings with your existing plans ensures that your efforts reap the maximum benefit. You need to be able to adapt and make changes quickly in order to stay in control.

Plan
We work together to design a short term action plan that will make an immediate impact. The plan includes specific “who does what by when” tasks so everyone knows their part, no one gets overloaded, and everyone can see how they support the progress of the whole company. We also check to ensure that this short term plan fits properly with your overall strategy.

Attack
As quickly as possible we begin implementing the highest priority solutions. Metrics are put in place to objectively track progress. Speed of execution makes a huge difference when you need immediate results. We and our network of resources are available to help as needed.

Making and executing a good plan is essential to navigating when you can’t predict what’s coming. It gives you the foundation that is key to being able to adapt quickly and to seize opportunities. It’s also a good idea to get some outside perspective from a peer group, a colleague, or an Advisor. If you’d like to explore how we may be able to help you with this, email me at John AT InterSource DOT net

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