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Race for higher profits

While we are waiting for a rebound in the economy we should be preparing for the return to “Normal” while things are still slow.  Below, I have listed five things to focus on to get ready for the return to higher profits.

  1. Company morale.  It has been a long economic downturn, you may have had layoffs at your company, and people may be doing the work of two people or are worried they are next one to go.  Have you assessed the morale of the company?  Have you had a special treat for the staff like a pizza lunch or an afternoon snack just for the heck of it?  View your employees as an asset not a liability – they are the key to your success or failure.
  2. Are skills up to date?  Have you been hunkered down worried about making ends meet and neglecting technical or other skills?  Before things pick up again maybe you should schedule your training so you and your employees can maintain your cutting-edge status.
  3. Maintenance.  Have you kept up with maintenance programs for buildings, machinery and equipment?  Have you deferred maintenance during the downturn or let equipment get obsolete?  Now might be the best time to get a plan together to assess your needs for capital expenditures.  If your company is in good financial condition, you can take advantage of good pricing and low interest rates to get this done. 
  4. Is your “message” in need of updating?  Do your flyers, business cards, promotional materials and website properly reflect your image?  Is it time to start a blog, Facebook for business page or some other new low cost way to get your message out to a wider audience?  Does your website accept payment for goods and services?  If you have a website, can it direct sales to you?  Can a customer place an order on your website?
  5. Are you in compliance with regulations and industry standards?  The increase in regulation by government at all levels has been staggering.  Federal, state and local governments are also now aggressively enforcing regulations for one main reason – money.  It is becoming very clear that fines for all sorts of infractions are a source to balance budget shortfalls due to decreased tax revenues.  If you have not been a victim of this tactic, I am sure you know of a company who has.  Spend time now doing a complete assessment of your compliance with all aspects of your operations.  This will be an ongoing problem even after business returns to normal levels. Remember, increased tax revenues will not begin immediately.   They will lag and your higher taxable income year will not help the taxing authorities until after you file your tax returns.

 Have a great week getting ready for better days ahead.

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Written by pacelinebiz

November 1, 2010 at 10:11 am

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