Preparing Your Company for the Best Possible Economic Recovery Position

As 2010 begins to unfold in the business and economic communities, one thing is clear, last year’s financial turmoil has left most companies and their executives feeling like they have just gotten off the longest Tilt-A-Whirl ride in recent history.  In addition, the idea of potentially having to ride it again in 2010 leaves most people feeling a little unsettled.

The good news is that although 2009 was difficult across the board for just about everyone, in looking back over the year it is evident that there was still money out there to be had.  However, it was diverted into directions that were dictated largely by the changing face of the consumer, who has also been riding the Tilt-A-Whirl.

Victor Cheng explains it this way. “There is still a large flow of money out there, however it has been diverted and it is our job to tailor our business plans to follow that money flow.”

What this means is looking at all aspects of your business to see where your consumer base is spending their money.  While you may view yourself as a company that provides Service A and not Service B, what you might find after doing a little analysis and reflection is that Service B is where your consumers are diverting their cash flow.

Now more then ever, the executive has to be nimble and light on his or her feet to change the direction and business focus in a timely manner to meet this cash flow diversion.

Recession or not, the money is spent, it just is spent differently when times get tough.  The questions that need asking and answering are:
1. How is the money being spent differently?
2. How can your business capitalize on this change?
3. Are there other markets into which you could easily expand given what
 you already know and already do. 

It’s time to move from overworking your defense and to start pumping up your offense. You can re-define the culture and mission of your company and ensure that your company’s actions are in line with this redefinition of culture and mission.  Involving your staff members in this conversation is key, they are the ones in the trenches and have first hand information that could be beneficial to the success of discovering how best to move your company forward and help you achieve the best possible positioning of  your company for recovery as the recession slowly recedes. 

Economic recovery will come.  In the meantime, the company and executive who look at the economic landscape with a willingness to see new and different opportunities, embrace the changes necessary to take advantage of the changes and can execute a company redefinition with staff participation and buy in can be well positioned when economic recovery returns.

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