Difficult times ... here's what I'm doing

These are challenging times.  People react in two fundamentally different ways - "fight or flight."  If your reaction is "flight" then this message may not apply to you. 

Sharing ideas, strategies, and tactics is a good thing - and I welcome yours.  Here's what I'm doing:

1. Stay calm and think rationally - There will be opportunities I don't want to miss.  I don't want to over react either.

2. Examine expenses - I'm reviewing all my business and personal expenses.  There are always some discretionary items that can be slashed.

3. Conserve - Look for ways to use less of everything (gas, electric, office supplies, entertainment costs, etc.).
4. Be a smart shopper - Take advantage of special offers and promotions, negotiate, buy in bulk.

5. Accountability - Make everyone more accountable. Hold everyone from back-office operations and administration to front-office sales and marketing, and even myself, more accountable for their performance.  As they say, "If you can't measure it you can't manage it," so I will do more reporting and "open-book management" so we can see results. 

6. Manage receivables tighter - I don't want customers to transfer their financial problems to me.

7. Reassure staff - Everyone's nervous and it's not necessarily a bad thing for your people to "value their jobs" more.  By the same token, I want them to know my commitment to them is still strong provided they step up to the challenge and put the effort in that I expect of them. 
8. Better opportunity and project management - This is the crux of our business and I know we can improve on this for the sake of both our customers and ourselves.

9. Invest in technology - We need a new phone system and there's never been a better time to do it. 

10. Marketing & sales - Just because business is off is no reason to back off on your marketing & sales.  I liken these times to "pushing a ball up a hill."  You can do it if you keep pushing!  But if you stop and give up the ball will roll down hill three times (3 x) faster! 

 
From Bob Ritter of 1st Direct,  http://www.1stdirect.com