Last night (Tuesday 29th July) the regional news programme “The West Tonight “started a mini series featuring local companies and the impact the credit crunch is having on them.
Over the next few evenings they will be looking at retail, housing, tourism and other industry sectors – assessing the impact and exploring what businesses can do about it. How are you responding?
You will see me popping up with shorts comments on strategies these firms could consider.
Last night I suggested that every company could usefully look at 3 areas
Cash – effective management of cash flow, checking that every penny spent is helping to grow sales
Customer – adapt to changing customer needs, keep up marketing activity
Creativity – be innovative, involve employees in generating ideas
Also I gave my personal definition of the causes of the credit crunch – what would you say?
It is going to be tough now for at least a couple of years – every business will need to adapt to changing consumer demands to survive. A few will use this as an opportunity to show both customers and employees what they can really do!