As I see it (and you may too), the economic downturn is a transformative game changer, whereby the winners (real survivors) will be those business leaders who will pay attention to tomorrow and thoughtfully pursue the golden opportunities that are waiting to be discovered.
Here are 9 paths to CYA that you can follow in order to achieve a head start on making next year a surprisingly great year.
1.
Review the 3 best opportunities you could create longer term, and assess in great detail what you need to do to pursue them.
2.
Examine the 3 top longer-term risk areas of your business today, and focus on how you will respond when those concerns materialize.
Since J P Getty, one of the richest people in the world used this approach, it can benefit you too.
3.
Assess your short-term risk tolerance and develop a contingency plan to stop Murphys Law in its tracks -- include as much detail as necessary to establish a clear picture in your mind.
4.
Evaluate the 3 most crucial infrastructure issues you will face over the next 2 years (key people or skill set needs, financing, or system and process upgrades).
5.
Analyze your staffing levels and determine whether you should staff on a "green field" basis.
Ask yourself these questions: "If I were starting a new company, would I hire the same employees I have today? If I were to hire them, would I have them in the positions they are in today?" You may be surprised at your answers! 6.
Learn which products are losing money and get rid of them immediately, or raise prices on these products/services.
7.
Determine the cost of the risks you do not know, such as potential inventory mismanagement, product defect or service quality problems, and inaccurate or unrealistic financial projection and statements.
8.
Ascertain your company 10 top customers not only in revenue but in terms of profitability.
Ask yourself what complimentary or add-on products and services you can sell them to balloon your profits.
9.
Evaluate and improve the speed and quality of your cash flow and key metrics monitoring in order to prepare for a challenging and choppy, turbulent year.
Bonus Tip: Pull this list out every six months to see how you can better manage company operations and resultant cash flow.
Feel free to add notes or comments and change any words to "make it your own".
After all, you gain when you internalize information.
And in this case, you stand to reap some tangible benefits.
Cash!