Business Recovery: Are You Planning for it in 2010?

For most businesses, 2009 was a disaster. Question is, where do we go from here?! Sitting back and waiting for the other shoe to drop is not an option. It is likely that you have evaluated your business and have implemented some cost cutting measures. But now it is time to develop growth plans and boost your performance in 2010.

Growth
I have repeatedly said in my previous newsletters that focus is crucial. And here it is no different, focus on some key growth activities. Here are some initiatives that companies are employing for growth:

• Develop/launch new products
• Strengthen brands
• Develop new markets
• Improve market share

Opportunities
Revisit opportunities you have outlined in the past as contributing to your business. Likelihood is that you never finished it. Evaluate the opportunity and determine if it is something that you should contribute to any of the above objectives. According to a research study, only 4% of companies address or follow through with any strategic planning.

Upturn in the Market
The above objectives will help you through the upturn. By that I mean, when the economy recovers and we produce more jobs. The reality is that consumers will behave very differently when it gets better. Consumers will be more price sensitive and reluctant to purchase. So competition will be fierce.

Act Now
There’s a time to plan, and there is a time for execution. Without the latter, planning is nothing. Look at all your options to improve your services to your customers and your employees today!

So ensure as you plan that your initiatives are actionable and measurable. Make them simple.