Tweet

Preparing for Recovery

Written by: Allison Grace

Article Overview: The economic upheaval of the past year has undoubtedly impacted your business in some manner, and we can only imagine what the journey will be like for the next couple of months. The government and the media tell us the economy is turning around, and we're all hoping that's true. Whether it's the latter part of this year or the first quarter of next year, the question is, are you ready?

Preparing for Recovery

The economic upheaval of the past year has undoubtedly impacted your business in some manner, and we can only imagine what the journey will be like for the next couple of months. The government and the media tell us the economy is turning around, and we're all hoping that's true. Whether it's the latter part of this year or the first quarter of next year, the question is, are you ready? Focusing on your CORE can help you prepare for the turnaround ahead: Communication - How we communicate with each other has changed so dramatically in the last few years. From email to websites to handheld devices and social networking, the manner in which you communicate with your employees, your clients and the community at large may be vastly different than when you first started out in business. If you've been resisting the changes happening in the world around you when it comes to communication, now is the time to take your head out of the sand and face facts. To compete in the new economy, you need to be up on the latest technology, or surround yourself with people who can do it for you. Make sure your website is current and appealing. Learn about search engine optimization so prospective clients can find you. Talk with experts who work in social networking to find out how you can use the new social media to grow your business and keep up with the latest trends.

Organization - Because if you have a strong foundation like we have, then you can build or rebuild anything on it. But if you've got a weak foundation you can't build anything. Jack Scalia

Every organization needs a well-build infrastructure that will scale as the business grow. Are procedures documented so everyone know what they're supposed to be doing? Do you have a current Employee Handbook in place to ensure your employees know the policies of the company and the expectations you have of them? Do your employees have job descriptions that outline their job responsibilities? Are you conducting regular performance reviews and setting goals for your staff that are aligned with your business needs? What are you doing to train and develop your employees so they can learn new skills and put them to use for your business? Are you recognizing and rewarding your star performers so they don't bolt out the door as soon as the economy turns around? And are your benefits the best they can be, or are there more options you can add to your benefits plan to make your company an even more attractive place to work? All of these questions will help you determine whether you have a solid foundation on which to build your business.

Realignment - Certain aspects of your business may have changed over the past year and realignment may be required. Look at your business plan and your mission and vision statements, and determine whether they accurately reflect where you are in your business or where you want to be. If not, update them. Review the culture of your organization. Do you need to make changes in the way you do business in order to meet the demands of consumers today? Take a look at every aspect of your business and determine whether there are certain functions that can combined, outsourced, eliminated, and what you want your business to look like moving forward.

Employees - Now is the time to assess whether you have the right people in the right positions to move ahead. Once you have realigned your business, you may find that there are certain skills lacking that can be picked up by current employees through training or by hiring from the outside. And you may find that there are some employees that just aren't the right fit for the business as you prepare for the economic turnaround and tough decisions will need to be made. Make those decisions now so you can be ready to move forward with confidence.

Related Articles
  Orchard survey shows that CEOs expect business climate to improve in 2010
  Data Retrieval
  The Best Data Recovery Software
  Should I ask that my loan application be submitted as a Recovery Act loan?
  SBA what is the Transition Phase Alert System?

Article Tags: economic upheaval, email, employee handbook, face facts, first quarter, handheld devices, infrastructure, jack scalia, journey, latest technology, latest trends, nbsp, new economy, prospective clients, search engine optimization, social networking, strong foundation, turnaround



Related Forum Posts
Contingency Planning and Disaster Recovery: A Small Business - Contingency Planning and Disaster Recovery: A Small Business Guide Donna R. Childs, Stefan Dietrich 2002 "Among the countless tragic lessons of 9/11, an overlooked but important discovery was the lack of preparedness among small and midsized businesses for responding to disaster. While most of the media attention was naturally devoted to...., the very existence of thousands of small businesses was determined by whether or not they had adequate insurance, sufficient technological support, and viable disaster contingency plans." (People who live in hurricane prone areas need this as well...and who knows when a fire might not strike...) Table of Contents 1. Preparation 2. Response 3. Recovery 4. SAmple IT Solutions Basic safety practices Okay, the TOC isn't [i:2fu76idt]too [/i:2fu76idt]helpful, but there's lots of valuable info in this book, as to ensure that [i:2fu76idt]your [/i:2fu76idt]losses won't be catastrophic. How people cope with suddenly seeing their homes and all their possessions gone, what kinds of insurance to get, etc. etc.
Preparing for the worst - long - These forums exist to help entrepreneurs start and successfully maintain their businesses, but I thought I'd get in a thread about entrepreneurs protecting their families should the unexpected happen, and they pass on in a car crash, plane crash, natural or man-made catastrophe. No one expects to die - even old folks! - but especially not young, healthy, strong folk like most of us here. But, as is evident any time you read the news...stuff happens. So, what happens to [i:4atezzia]your [/i:4atezzia]family if you die? Or are seriously injured...or if your house is leveled by fire or flood? Do you have a will? Does your will state who in your family is to get what, so that there will be absolutely no argument come probate time? Better to get everything in writing so that there will be no bad feelings when the time comes. Do you have insurance, including long-term disability insurance? If you've got a family, this is something you need to have, even if you have to scrimp and save to pay the premiums. Same goes for funeral insurance. Funerals are very expensive, and your family shouldn't have to come up with that money on their own when they're busy trying to grieve. What will happen to your business if you die? Is there enough money to pay your creditors? Will your family be able to figure out who your creditors are? Where your stocks and bonds are? And so on. We're living in an increasingly uncertain world. Preparing for the future is imperative.
Books for Women Entrepreneurs - There's a thread for good books in the Resources folder, but it doesn't target books for businesswomen particularly, so I figured I'd start such a thread here. It doesn't matter how successful you are in your business - it's always possible to learn something new. In subsequent posts I give Table of Contents and brief descriptions for various titles - most of them devoted to the businesswoman - and sometimes a review. If anyone else has read a review, or has read the book and found it useful, please comment! 1. The Old Girl's Network 2. Mother's Work 3. The 7 Greatest Truths About Successful Women 4. Pitch Like A Girl 5. Workplace Warrior 6. Treasure Hunt: Inside the Mind of the Modern Consumer 7. Contingency Planning & Disaster Recovery 8. She Wins, You Win 9. Napoleon On Project Management 10. Why Good Girls Dont' Get Ahead, But Gutsy Girls Do 11. Comeback Moms: How to Leave Work, Raise Children, and Restart your Career even If you Haven't Had a Job in Years 12. The One Minute Millionaire 13. Talking From 9 to 5 14. Soloing: Realizing Your Life's Ambitions 15. 101 Best Home Based Businesses for Women: Everything You Need to Know About Getting Started on the Road To Success 16. Work With Passion: How to Do What You Love for a Living. Revised and Expanded 17. Fail-Proof Your Business: Beat the Odds and be Successful 18. Confidence: How Winning Streaks and Losing Streaks Begin and End 19. Women Don't Ask: Negotiation and the Gender Divide 20. Millionaire Women Next Door: The Many Journeys of Successful American Businesswomen 21. Start Small, Finish Big: Fifteen Key Lessons to Start - and Run - Your Own Successful Business 22. Rewired, Rehired or Retired: A Global Guide for the Experienced Worker 23. The Martha Rules: 10 essentials for achieving success as you start, build or manage a business 24. The Essentials of Entrepreneurship: What it takes to create Successful Enterprises 25. Net Ready: Strategies for Success in the E-conomy 26. The Promotable Woman 27. Leave The Office Earlier: The Productivity Pro shows you how to do more in less time and feel great about it 28. The Work At Home Balancing Act: The professional resource guide for managing yourself, your work, and your family at home 29. Secrets of Six-Figure Women


Share this article with your friends. Fund someone's dream.

Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.

Tweet

Newsletter

Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!

Name:
Email:

Popular Articles

Ten Steps to Go from Idea to E-book for Sale

Angel Investors Where Are You?

Email Marketing Made Easy #11 - Avoiding Spam

Suggestions

Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.