With the Slowing
Global Economy, companies are looking to spend their time and money wisely
on initiatives that will bring a return on investment, reduce costs or
Robert Anderson, Vice President of Research at Gartner suggests there are
certain strategies companies need to incorporate to survive the economic
slump, and even come out of the downturn with a competitive advantage.
1. Focus on what is important
Reviewing the company main strategies, goals and objectives to determine if
opportunities exist to cut out high cost activities that may have low-margin
results. Companies need to focus on retaining existing customers with
superior customer service. Ensure all projects are aligned with company
objectives and investing in the right technology.
Strategic Planning - PDF
costs, increase efficiencies
Improve processes efficiencies such as sourcing practices, controlling
inventories and receivables and keeping better control of production, and
logistics. Review current operating expenses to reduce costs such as
business travel, and increasing telecommuting options.
BVS #2 - Advanced
Warehouse Management - PDF
overall Technical infrastructure
Anderson states 'Businesses that invest in innovation are likely those
that will recover first, and lead their markets once the economy improves.'
Investing in technology to be more efficient is a wise decision during a
facing initiatives such as CRM
Intelligence helps to steer the business through turbulent times - click
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improvements to modernize business processes and eliminate complexity,
utilize more of the features, functions or modules that you may already
states that we need to take advantage of downturns in the economy to
position us well for when the economy recovers.
information was taken from Richard Anderson's webinar, "Small and
Mid-Sized Companies in a Slowing Global Economy."
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