We have reviewed the three principle areas that your management must focus on to survive and prosper in this period of change:
1) YOUR VALUABLE FORMULA - (read article here for detailed overview )
Re-assess the competitive element that generates profit and sustainable success for the business.
2) MODIFY OPERATIONS – (read article here for detailed overview)
Change the way business works to adapt quickly to the changed environment.
3) CASH MANAGEMENT – (read article here for detailed overview)
Establish the absolute priority of cash over profit and investment while the storm is blowing.
These are the inter-related and ignoring any of them will be detrimental to the long-term success of the business.
Another area of concern during times of crisis is “how do we grow revenue?” and to a conversation about marketing and sales.
If products and services represent the nuts and bolts of the business, marketing and sales is the engine room that provides the drive for the business. In a classic episode of the TV show ‘yes Minister’, civil servants argued that the best run hospital in the health system was the one which had no patients. They had lost sight of what it was all about. In tough times it is quite vital that you do not lose sight of the importance of customers and sales.
The Florida Department of Transportation requires consultants requesting professional services prequalification at the unlimited level (greater than $500,000 in fees) to certify the establishment of an accounting system that separates and accumulates direct and indirect costs, and identifies and records labor charges and expenditures for specific projects or jobs.
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