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Quick Checklist-Is Your Firm Ready For Success In The Coming Economic Rebound?
Written by: Leonard ScottArticle Overview: This article provides a quick checklist for a company to use in beginning to rethink and plan its management and operational strategy for the economic rebound ahead. It touches on changing a company’s orientation from “defense” to “offense,” attempting to move away from price only relations with customers to price and long term relationship connections with customers, re-establishing training throughout the organization, bringing in some mavericks, creating a new company mission statement, and locating a new top management recruiting resource to bring in top notch executive resources as the market for these individuals tightens in the rebounding economy.
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Quick Checklist-Is Your Firm Ready For Success In The Coming Economic Rebound?
—No doubt your management
structure is lean and knowledgeable in playing “defense”, that is, cutting
costs, not paying close attention to employee dissatisfaction, cutting corners
on safety, “telling” rather than “telling and listening", giving special "minimal
margin deals" to customer rather than beginning to sprinkle these “deals” with a
few "margin raising deals"; But is your company ready to start listening to employee ideas,
complaints, and requests? It should be because once the economy starts to gain steam, some of these
critical human resources could be off to other companies, especially in light
of the fact that the new health reform legislation will allow portability of
health insurance coverage.
—Did your top executives barricade
themselves in their offices during the economic downturn and stop their
management-by-walking-around (MBWA) routine? It will soon be time to resume
full force MBWA.
—Training at all levels went by
the board in the recession. It is time that training at all levels is resumed.
Rusty planning, motivation, people, innovation, and evaluation skills need to
be brushed up and made ready for the upcoming expansion phase of the economy.
—Start thinking about beginning to
bring some mavericks and risk-takers into the organization. These are the
people who know how to contribute to company growth by playing “offense”
through new ideas, new products, new organizational structure, new innovations,
and new markets.
—Take another look at the
customer, but this time see if a relationship can be built based on assured
reliability, personal contact, extra service, and long term commitments rather
than just price. Find out what the customer is thinking about in terms of
future products, markets, and operational configurations so as to be ready to
meet the customer’s needs that will be generated by these new things. Visits to
the top management of customers by your top management is a most effective way
to secure this information and build the above mentioned personal relationship.
—Start thinking again about
pushing profit and loss accountability down the organization. Consider
loosening the recession induced tight control at the top of the organization
regarding financial, purchasing, wage payment, and other operational decisions.
This approach will change employee attitudes from fear and anxiety to security
and trust and get their full commitment and “brains back in the game.”
—Think about creating a new
company mission and organizational philosophy statement. In the bad
recessionary times, everyone in the organization knew what was important: cost
cutting, “CYA”, and keeping your head down. This kept the ship afloat, but it
did little for innovation, ingenuity, and out-of-the-box thinking. Now that a
new phase of economic growth is around the corner a new view of the company’s
mission and corporate culture are needed. A refocusing from pulling back to
pressing forward through new ideas, new people, and new markets is the order of
the day.
—As soon as the economy picks up
and the surplus of executive and management resources disappears, there will be
a drastic shortage of executive and management talent. Your company will need a
new source for recruiting at all levels of the organization. Internal resources
will likely not be adequate to fill the bill in a timely manner as the
expansion unfolds. Using full fee executive search firms is passé. Consider
employing an hourly fee search consultant to identify, screen, and present
candidates for top executive and management openings that develop as the
economy strengthens. Savings of time and tens of thousands of dollars can be
enjoyed using this approach to executive recruitment.
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Are things getting (slightly) better?
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