The Secret to Success During a Credit Crunch

THE SECRET TO SUCCESS DURING A “CREDIT CRUNCH”

Customer centric business development is the secret to being a highly successful company during a credit crunch, according to eleven companies from the South West. You also need to make exceptionally efficient use of resources, inspire your team and create a positive environment. These were the conclusions from a creative problem solving seminar looking at the issue of leading a company through these difficult times, hosted by Paul Maisey of Buffin Leadership International.

Top Tips include

Customer Centric Business Development

- Focus on providing great service to customers and adapt to their current needs
- Consider offering something different to the competition ( complementary products and services )
- Let your customers do your marketing for you ( word of mouth ) so don’t be shy about coming forward
- Look for new ideas each day ( what would make you more competitive ? what ideas could you glean from other industries ? what marketing would be free ?)

Exceptionally Efficient use of resources

- Be on top of your company numbers especially cash flow!
- Scrutinise the benefit of every penny spent and haggle for everything
- Look at cash raising ideas ( capital locked-up in assets , government funding )
- Be realistic about what’s possible in both short and long term

Inspire Your Team

- Increase the two way communication with your team. Be clear on what you want to achieve and listen to their suggestions.
- Re visit your initial vision and values, could you achieve them in a new way?
- Involve your team in “thinking outside the box” and in implementing changes to meet customer needs
- Be highly visible and look after your team ( recruitment is still an issue and is expensive )

Create a positive environment

- Be passionate about what you do and make activities fun
- Do yourself what you want others to follow ( visualise successful behaviours )
- Keep focus and energy levels high , celebrate each “ small “ success
- Be positive and motivated ( read inspirational books to keep you going ! )

From each of the sixteen top tips above each leader and each company will use them in the way most appropriate to their circumstances and industries. The overall themes though are generic to all (and true at any point in the economic cycle). Whether you are the conductor of an orchestra , captain of a ship, or chief executive of a footsie 100 focus on your customers , use your resources well, work with your team and create a positive environment !!
Paul Maisey is the Regional Director in the South West for Buffin Leadership International. Further information is available at www.Buffin.com