By Jeremy Kourdi
All companies wade through hardships, yet their response could make the adaptation among survival and failure. practical yet inspiring, this ebook covers: figuring out there’s an issue, concentrating on what you do most sensible: your center company, spending sensibly, being paid on time, scaling down on inefficiency, steadying the send and preserving employees morale, operating at exterior relationships (the financial institution, buyers, suppliers), figuring out survival strategies (and how one can follow them), and never letting issues slip.
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Extra resources for Surviving a Downturn
Sample text
To do so requires constant effort to find effective new strategies and tactics, applying special attention to detail, and it is vital to surviving a downturn. Techniques for boosting the profitability of an individual product depend on the factors that affect its profitability. One way of thinking about this is to consider what is wrong with the product’s profitability, and then do something about it. If costs are too high, sales are weakened by deteriorating quality or functionality, or sales channels are ineffective, fix it.
People will not be brought along and motivated if they are not given a compelling vision. Moreover, it is better to brainstorm practical techniques when you understand what it is you are trying to achieve. Techniques for boosting profitability are a series of choices, rather than a mathematical formula for success, where if you apply them in the right proportions they equal 43 Page 43 Black green Page 44 Black green SURVIVING A DOWNTURN profit. What would suit your business best? What are your values?
When budgeting, for example, it is useful to know how 39 Page 39 Black green Page 40 Black green SURVIVING A DOWNTURN much money needs to be devoted to marketing to generate a given level of sales. Market share should be read alongside the sales growth ratio. This is calculated by dividing current market share by previous market share. If market share is being taken together with sales growth, the periods need to be similar. Ratios of the market share of each product can be compared between periods to see which markets and product groups are most profitable.