Managing a downturn in work

In our experience there are critical actions that enable businesses to effectively handle the challenges of a reduction in work. This requires leadership, clarity and decisiveness!

What are the lessons of previous downturn?

1. Globalisation and increased competition is more prevalent

2. There is less opportunity to trim operational expenditure

3. Organisations have defined their core business more tightly

4. It is becoming more difficult to operate as a medium size business

10 recommendations for executives and senior managers

1 . Demonstrate leadership – know how and when to react. This is a time leaders need to be stronger and more focused than ever

2. Make sure you have effective and accurate forecasts of future workload –this includes potential work

3. Timely decision making and implementation to match the resourcing with projected workload

6. Increase your efforts to collect outstanding invoices. Keep a watchful eye on your cashflow!

7. Communicate with your people - keep them informed and engage your senior people in the decision making and implementation

8. Review your strategic objectives to anticipate the challenges ahead, rather than simply react to them

9. Look after your clients and make sure you focus on keeping them. One thing that does not change in a downturn is client expectations

10. Focus on what you are great at! Diversification is not the answer. Decide on which functions and initiatives to concentrate on, and which should be outsourced or stopped altogether

In summary, these 10 critical actions will help to answer the questions that leaders are being confronted with. It is vital that leaders do not underestimate the challenges that lie ahead; they are about to prove their real worth.