Economic Slowdown. Good or Bad?
That seems like a straight forward question. After all, how could anything good come from slower economic activity? While it is generally true that economic slowdowns make it harder for everyone to make and save a buck, if one takes the time to think they can discover many benefits.
One of the hidden benefits to business people is the opportunity to streamline their operations. Without a downturn, a business could grow unbalanced to the detriment of the organization. A downturn naturally causes one to rethink every aspect of how the business operates to cut out what is unnecessary and potentially unhealthy.
When the economy turns around, like it always does, the business can emerge on the other side a stronger healthier organization.
Some general tips on streamlining:
- Take a look at all processes/activities of a business
- Analyze the processes/activities that consume the most resources first
- Celebrate increases in efficiency even if they appear small, little gains add up to bigger gains.
- Be creative in finding ways to do the same or more with less
- Ask yourself how you can simplify something
- Ask if you can you make it bigger, make it smaller, add something to it, or take something away.
- Look to find ways to leverage technology possibly in areas you haven’t considered it before, or in areas that haven’t been updated recently.
- Focus on the things you can control, forget the rest
- Don’t settle for less with less, do more or the same with less, create a net gain for your business
- All wealth originates in the mind, nothing is ever created before it is conceived. Put the ultimate wealth builder to work for you, your mind.
When you use this opportunity to make your business more efficient when the economy does turn around, like it always does, you will be leaner and stronger for it, ready to spring into the next business cycle. If at the end of the day it’s not enough, at least you gave it your very best. And that’s all one can ask.
Wishing you the best!