Business Plan – Your Recession Strategy (Control)
The global recession is impacting most businesses and organizations – for better or worse. For many, the impact is adverse, and for some, it is exceedingly so. The central theme of this article revolves around a single word: CONTROL. We aim to empower you, enhancing your domain of influence.
Consider Your Customers' Changing Perception
If you are losing business, it likely means your customers’ perceived value of your offerings has declined. Carry out market research to understand if needs or priorities have shifted. Find out what now represents good value to customers. See if they favor competitors and why. Listen to how they want to be treated in relationships.
With fresh insights, you can assess potential changes to better meet your customers’ revised definitions of value.
List Strategic Options Within Your Control
Brainstorm possibilities like repositioning your business, modifying offerings, and adding or cutting products and services. Consider enhancing intangibles like service, smiles and thank you’s. Recognize that making no changes is also a strategic choice.
Make Decisions - Or Request Them
Review your options list and determine which choices are within your control to execute. Make those decisions. For choices requiring authority, propose them to decision-makers and request go-ahead or no-go verdicts.
Positive Impacts of Recession
If the recession is benefitting your business or organization, you need a strategy to sustain this success. Identify why customers perceive you as a superior value and consider changes to perpetuate this favorable situation.
In all cases, a thoughtful recession strategy puts you in the driver’s seat. This involves asking questions, evaluating responses, and listing potential actions — including the choice to remain unchanged. Although the economy brings uncertainty, your strategy and actions remain firmly within your control.