Inter-related Tips For Managing Through The Economy

Business owners and managers have probably never faced such a period of change as we have seen this year and continue to see even today. Change carries risk, but where there is risk there is also opportunity.

There are three principal areas that management must focus on to survive and prosper in this period of change.

• Revise your valuable formula-that competitive element that generates profit and sustainable success for the business.
• Modify operations-change the way the business works to adapt quickly to the environment.
• Manage for cash-while the storm is (still) blowing, prioritize cash even over profit and investment.

These are inter-related and ignoring any one of these while focusing on the others will be detrimental to the long term success of your business.