By Jackie Greene on Apr 27, 2020 12:32:43 PM
"You adapt, evolve, compete or die." — Paul Tudor Jones
We are living through unprecedented times. For many businesses, this means looking for new ways to cut and control costs internally while creating new ways to reach customers and generate revenue externally. As a leader, your creativity is being stretched and tested from every angle. If you are sleeping soundly through the night, you are the exception, not the rule.
There are many different levers you can pull internally, and our team is always here to discuss different Management Objectives™ with you. A few items to consider:
- Rotate your staff in two-week shifts to avoid layoffs
- Put a hold on 401k matches
- Talk with your suppliers about changing your credit terms
The external challenges are likely to push your creativity further, as they are challenging you to think outside the box. While it is tempting to wait out the stay-at-home orders and wait for consumers to return to normal buying patterns, waiting will also mean that opportunities are passing you by. As a leader, you must be asking yourself how you are adapting and evolving so you can compete not just during today’s pandemic but in tomorrow’s future. This pandemic is creating a mini economic forest fire, clearing out the inefficient companies and leaving space for the green shoots to grow. Look for ways to take market share, in your current market or a new one. This is difficult to say the least, but it is essential for growing even as the economy contracts.
Almost everyone grows during the good times. Breaking the mold and creating growth during the bad times is what legacies are made of.
Director of Economics