Managing Through A Financial Crisis

21419798_sBusiness owners and managers have probably never faced such a period of change as we are currently seeing. Change carries great risk, but where there is risk there is opportunity.

There are three principal areas that management must focus on to survive and prosper in this period of change:

  • Your Valuable Formula. Re-assess the competitive element that generates profit and sustainable success for the business
  • Modify Operations. Change the way the business works to adapt quickly to the changed environment
  • Manage for Cash. Establish the absolute priority of cash over profit and investment whilst the storm is blowing

These are inter-related and ignoring any one of them will be detrimental to the long-term success of the business.