Operating Strategies for Surviving the Economic Slump

connectingLarge businesses are scaling back and the bubble looks to have burst, but don’t count yourself out just yet. There are ways to succeed where others have failed. In fact, smaller companies have a better chance of surviving an economic slump than larger corporations because change is that much easier to implement. Corporations have layers of processes that slow down their reaction times. Smaller companies have fewer layers and so are able to react much faster and with much more accuracy. Over the next few days we will share 5 elements that you can implement in your business to not only stay in business, but to flourish!

One of the easiest ways to react is to operate lean. That’s all well and good, but what does it mean? Operating lean is a way of managing your operations, budgets, and processes so they are as effective as possible at as little expense as possible. This means in essence cutting the fat. If you’re paying for a service you don’t use, stop! If you’re a member of an organization that you never meet and get nothing from, drop them. If you don’t have enough work for a full-time employee, think about hiring a part-time contractor. Cut out both the employee expenses and the wasted time you spend every day finding work for that person to do.

Streamlining your business is the simplest way to increase productivity and profits. You know what you do best and where you need to focus. If you consider all the extra tasks you are doing in addition, it becomes obvious that a little help could in fact help to increase the bottom line instead of pulling it out from beneath you. Consider out-sourcing the tasks that are wasting your valuable time and energy. Professional VA’s work towards achieving your business goals and require little more than instructions on the task to be completed and a deadline for completion. There’s no need to supervise, to walk through each task step by step, or deal with breaks and habits that grind at your nerves.

We’ll see you tomorrow when we delve into the media advantage…
Kristi

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