The Economy Will Come Back – Will You?
Wednesday, 07. 8. 2009 – Category: Enversa Companies
A smart company plans for a possible recession during the good times. Managers seek capital for investments, keep jobs lean and efficient, and stock away some surpluses for that rainy day. Well, we are in the middle of a recession now, and it is a doozy. Although it may be counterintuitive, that means now is the time to begin planning for the upcoming economic recovery.
That may be hard to do if the balance sheet is blood red and the accountants still will not emerge from under their desks. But these economic downturns create numerous opportunities for change and innovation. Planning now will allow your company to react more quickly than others.
To do that you need smart people. And right now there is a glut of qualified workers who are looking for new jobs. Create a most-wanted list and figure out how best to hunt them down. That way when the moment arrives, you can snatch them up before they realize that they may have other job opportunities out there.
And for the superstars employed with you now, reward them. They are more likely to stay if they feel appreciated. And they will be less likely to leave if they know that their current place of employment treats them well, even during a downturn. They will then be reluctant to leave a good thing and face the risks associated with joining a new company.
Now is also a good time to look at technology investments that could help your company. Prices are depressed now, and vendors will still be accommodating. There may be something new out there that somebody invented designed to improve efficiency in your industry. Necessity is the mother of invention, and many inventors are anxious to feed the needy.
The worst thing to do is to permanently lock in whatever cost-saving measures that were needed during the economic bust. It may make sense at first to stay the course. After all, the company is still up and running and you have managed to cut out much of the waste and inefficiencies. But the clients who were patient with your belt tightening during the bad times are going to expect a little more from you when things get better — or they will look for it elsewhere. And your employees may not have had many options during the past few months, but that will change. They really do enjoy those office parties. And when they talk to colleagues at other companies who say how great it is to work there, they may seek out those little perks.
If your business is still standing tall in this slump, that means you have done a good job of managing through one of the worst economic crises in decades. Many other companies have not been so fortunate. But, like all other recessions, this one will end. Nobody knows for sure when that will happen. But the companies that make the most of this catastrophe will be those that are not just bold, but smart, with an eye towards the future. Now is not the time to look at now. Tomorrow is a new now, and you need to be ready.
Marc Pickren is the President of Enversa- a performance-based marketing agency.
Tags: Economy, employees, Marc Pickren, recession, strategy, technology investments