Monday, March 9, 2009

What are the smart leaders currently doing???

Recently we came across what are the smartest 15 things that can be done right now and should be done right now to get out of the recession before the recession gets you. We were browsing on the Entrepreneur website (www.entrepreneur.com) and came across this interesting, useful, and helpful list of things that should be done. You can explore ways to improve your business from the inside out. But don't forget to pounce on outside opportunities, too.

This list involves internal improvements that you can make and external opportunities that you should look into.

The internal list is as follows:
1) Monitor your cash flow: Cash is King!!!
2) Review your strengths and weaknesses: It is key to know who you are and what you can do.
3) Rethink your sales strategy: Identify your profitable products.
4) Categorize your customers: Who is profitable and who is not.
5) Improve work process: Find those excessive costs and eliminate them.
6) Increase throughout: Don't turn away the little man.
7) Ramp up marketing efforts: Cut back on marketing.
8) Review your compensation: Get the most out of your workforce.

The external opportunities is as follows:
1) Create strategic alliances: Form simple partnerships, it saves money.
2) Renegotiate with vendors to reduce expenses: Pay promptly.
3) Target your competitors customers: Attract competitor customers to you.
4) Acquire your competitors: If in position, buy out competitors.
5) Upgrade personnel: Talented people are looking for jobs....
6) Keep your eyes open: Opportunities are always right in front of your eyes.
7) When the going gets tough, smart leaders get going: Prepare and be proactive.


We thought this was an interesting list of improvements and opportunities. What are your thoughts and any suggestions about this list or improvements that could be done to this list to improve???

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