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Survival of the fittest

“The credit crunch is a personal trainer - are we as good as we can be?”Tom Crawford, E-on - May 2009

We always look for the silver lining in every situation, and remain positive no matter what is going on. And the credit crunch is no different. One of the positive aspects of the recession is that only the best are good enough; so people are ‘upping their game’, improving their services, enhancing their added value, and ultimately becoming better places to work. Or they should be.

We believe that companies should be doing more, not less, so that they not only survive the crunch and come out the other side stronger and ready to ‘clean up’. More development; more service; more creativity; more focus; more market awareness; more to enthuse and inspire their people.

Now is the time to take a very honest look at your company: are you the best? Are you delivering the best? Do you have the best people working for you? It’s time to do a health check:

• Remember cash is king

Make sure everyone is aware of the numbers – metrics and measures; selling prices; gross profit; overheads and, most importantly, the bottom line. Do people understand this important view of the business? We are always surprised at how little people know about the finances within the company if it’s not directly related to their role. If you spend time educating them about this, they are in a better position to set realistic targets, reach them, and help to bring down the cost of sale wherever possible. They will be more focused on cash flow and in the process gain some valuable skills and business know-how. Now is the time to reassess your costs, and see where you can creatively make changes. Why not ask your people where they think they could save cost – where it won’t adversely affect the product or the service you offer. Strengthen your relationships with your bank, and your suppliers. Can you change any of the terms you currently have?

• Recognise the value of your people

How are your people performing? What else can they offer that you aren’t aware of? It’s time to utilise people’s strengths, getting people to do more of what they do well, and develop the areas that need it. Ask them about their hidden talents – you might be surprised. How about using our free online employee engagement survey to assess how engaged your people are? Without motivated and engaged teams, you will be unable to create a workforce of people who are fully committed to going the extra mile to help your company through these times.

• Be motivated and motivating

It’s important that you believe in both your people and your company – and that everyone knows that. Even if business is challenging right now, it’s important that your people don’t see your fear. What they need now is optimism, to be reminded of your values and your vision, to set short-term achievable goals to help build morale, and to celebrate any good news. Communication is absolutely key. This is a time for leaders to really show what they are made of. Are you inspiring every single one of your people to give their best?

• Honestly assess the quality of your product and service

Get your teams involved in assessing the different elements of your products and services, and then report back to you. The customer journey, experience and offer is very important right now. It’s what will make the customer choose you over the rest. Once your people have identified any possible areas of change, empower them to make those changes. When it comes from within, they will own the experience and be more committed then if they are just told what needs to change. Ask them: if this was their business, what they would be doing right now?

• Take advantage of opportunities

It’s time to be creative. To be tenacious. To move fast. Work on your relationships – even those companies who don’t have any work for you right now. It’s all about the big picture and keeping the relationships intact and flourishing.

• Added value

Before succumbing to drastic discounts and deals, consider whether there are other ways you can add value. Brainstorm the no-cost / low-cost options to enhancing your offer.

• Partnering

This is a great time to forge relationships with others who operate in similar fields to you or may have complementary products. Maybe a joint offer of two or more products or services well packaged would be more appealing, and a quicker sale than going it alone. Find likeminded people to partner with who share your values and standards and have forged good client relationships.

These are just some of the top tips we believe are key to surviving the crunch. We have a bespoke ‘survival of the fittest’ training session available (rave reviews so far – for example: “ very interesting & inspiring course. I will definitely go back to work and change things. I’m starting by asking staff what they would change to improve the business” Kay Smith, Avenance, Event Sales Manager) which could be tailored to suit the needs of your specific organisation.

It’s so important to lead from the front, and have everyone communicating a consistent message and its interesting how many creative ideas are sparked off by just one session...

5 October 2009