Managing Through A Financial Crisis
Business 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.