When you’re sick take medicine – Don’t tough it out!

We have all seen this. A sick spouse, friend or co-worker decides to “tough it out” when they aren’t feeling well. Inevitably, it results in extra downtime, loss of productivity and overall inefficiency. Taking that quick trip to the doctor for the cure that ails you puts you back in action and more productive than ever!

Just like a sick friend your business needs to take its medicine to get healthy. In this case it’s not hiding in bed and hoping to “tough it out” when a rough business climate presents itself. Sluggish sales, flat or declining budgets, increased competition and headcount reductions isn’t the time to “tough it out”.

This is the time to take your medicine and look for the opportunities to invest in success. As the fever breaks and the appetite returns so will your business.

Get lean

Improving operational efficiency is one of the best ways for you to invest now.  It will pay off down the road. This is the time to eliminate waste in your company, which also frees up capital. Be sure your processes are lean and delivering results as you intended. Think about how automation can improve operational efficiency. Don’t hesitate to seek outside advice to find ways of improving your operations. Bringing in an outside perspective could help you spot areas where you can be more efficient.

Size up new markets

Exploring new markets is another area where investment might make sense during an economic downturn. As competitors fold, this is the time to take market share.

One of the first steps is to assess your market to see where the opportunities lie. Get out there and do research. You might want to consider an acquisition or potential alliances with other companies to gain access to new markets. Launching new products and services, or at least improving existing ones, can also pay off during a slowdown. Scrutinize your customers’ changing needs and make sure that your products or services are in tune with what they want. Keep your eye on your competitors and see where you can outshine them.

Look to your team

Getting employees involved in this process is paramount during a slowdown. Encourage your team to brainstorm and generate new ideas that could help you reach new clients. After all, your employees are on the frontline and have a lot of insight into market needs.

Ultimately, during tough times, it’s important to keep a positive outlook rather than focus on a bleak picture. It takes courage to invest in times of uncertainty, but if you do it wisely, you’ll see positive results down the road.

How can we help?

Predict360, uses unique mapping and cognitive computing technologies to provide regulatory insight, predict risks and drive operational excellence.

360factors’ offers EHS consulting through its professional services consultants. RSA offers a wide range of professional services in regulatory compliance and permitting (air, water, and waste), site investigation and remediation, environmental and dredge material sampling and evaluation, and health, safety and risk management services. RSA maintains a staff of experienced key personnel including registered professional engineers, geologists, and health and safety specialists.

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