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Opportunities for your businesses during a recession

Which of your competitors are faltering? How can you refocus, leave a market or enter a new market? Which accounts need your help? Which costs is it now the perfect time to let go of? You must grab opportunities now which will make you even stronger after the recession. Here's how.

1. A real opportunity

We human beings are funny in so many ways. But one thing is for sure, there's nothing quite like a common goal (especially a tough one) to get us really focused and, with a bit of good leadership, get us really performing, too. So, here's your common goal: surviving the downturn, the recession, the threat of our livelihoods being taken. This business situation is a real opportunity to do the stuff you know has been needed for over a year now. It's time to get more focused, get leaner and maybe even get a bit meaner. Let's not be glib, but it really could be good news. So take that opportunity.

2. A chance to really focus

Decide to decide. Decide to make the main thing, the main thing. You've probably been in business long enough now to know what you are really good at. Even if you have just started you believe you know what you are good at. Get back to it. Stop being distracted, determine your unique selling points and start selling them. Create a brilliant support team. Get the lab developing something cool. Say yes to what you're here for and politely say no to the rest. Focus maximises return, energises everybody and allows measurability. No focus means poor return, a demoralised workforce and poor metrics. Get focused today.

3. A chance to reinvent

This recession is the sharp end of changing global markets. It means that what you used to do, even when you come out of this recession, will no longer be good enough: you'll need to reinvent. This is a chance to do it. Whether it is a gradual process, or whether you effectively close down the company and start again you'll need to reinvent. What you used to do well will no longer work.

4. A chance to grow

Even though times are tough it is worth thinking big. Customers will be buying even more carefully; they'll be more discerning with their hard-pressed budgets. Of course they'll have a strong focus on price but you'll sell well and convince them that it's more than just that. Some of your competitors will cut costs in the wrong places. They won't have the support or account management infrastructure in place, they will let their customers down and budget pricing will be insufficient recompense. This is a real opportunity for you to take some of their accounts. Stay determined, maintain quality and sell rather than just taking orders. It's a really good opportunity to grow.

5. Did success seduce you?

What is your core business? Where do you make your money? What are your people good at? Are you local or global? Are you big, small or medium? Are you direct or indirect? Are you basically you? Do you know what you do and what you are about or has success taken you down some routes which now seem difficult to maintain or unattractive? Everyone will understand if you now begin to resist the temptation to carry on regardless, and get back to what you are good at.

6. A chance to recognise talent

There are one or two people in your team or in your organization who are really good but have been held back to date because there haven't really been the opportunities. Now here is a chance. As part of your restructuring give them a temporary project: more responsibility, more decision making. Let them know there'll be no more money until the end of this period but encourage them to go for it and impress you anyway.

7. A chance to be honest

There are one or two people in your team or in your organization who haven't been performing. This is a chance to give them some clear goals and ask them to now deliver their very best. Otherwise, they need to be reminded, the organisation cannot carry them any longer. Ask your human resources people how you need to approach those conversations or get some employment law guidance from your solicitor.

8. An opportunity to freshen up

Here's a great opportunity to tidy up the office, redecorate with budget paints, refile or discard obsolete paperwork, get some decent office cleaners, install some new lights, fix stuff which was broken and irritating, clean the whiteboard so daily figures can be displayed, start a library by asking people to bring in their best business books. Yes, it is cosmetic, but it works.

9. A chance to lighten the load

There are too many costs which until now have just been absorbed. These need to go: the offsite storage, the overgenerous expense policy, the incentive scheme with too much focus on revenue and too little on margin.

10. A chance to be radical

Now may be a perfect time to think about a short-term partnership which might become a long-term strategic partnership with someone. Who could complement your markets and products? Who could follow what you do? On whose business could you piggyback? There is a potential partner who would mean lower cost of sale, more account opportunities and access to extra resources if they and you can be open-minded enough. Maybe you want to go even further and merge to achieve more presence or credibility in the market, or maybe you want to sell up and get out. That wouldn't mean defeat or failure - as long as it is thought through it's a good strategic decision. What you have created to date will be keenly acquired by someone. That really does give you an opportunity to reinvent from the ground up.


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