They say that in business, to stand still is to go backwards. They also say, if in doubt, do nothing.
In these frightening times of economic downturn, where every positive line of action to protect investments appears to be blocked, I firmly believe that doing nothing is an inherently dangerous course of action to take.
I totally agree with the financial advisers when they say that people should hold onto shares, if they can, until the markets begin their inevitable recovery. I also agree that people shouldn’t sell property for a while, unless absolutely necessary.
As far as the commercial world goes, this, in my opinion, is a time for action. The cake may be smaller but that is a greater incentive to want a bigger slice of it. Most businesses, whether small medium or large have hungry machines to feed, in terms of their staff, premises and equipment costs. Under this kind of pressure, companies will need support, they will need to join forces with ‘like minded’ people and they will need to think laterally about how they stay in business and go forward.
I am not advocating throwing massive budgets at marketing communications but I do feel that, with a little creative thought, companies can open up new opportunities or make more of existing ones.
Business plans are useless if they are written and then confined to a desk drawer to gather dust. What I advocate, is an ‘action plan’ that lives up to its name. A plan that identifies what the company needs to do to feed that hungry machine and to ensure its growth and prosperity. It must have clearly described objectives, action deadlines and clear lines of responsibility for each individual action. Everybody in the business should be encouraged to sign onto the plan and it should be re-visited at regular intervals to ensure that it is being implemented. If the plan is not working – change it.