Executives and entrepreneurs should take advantage of the economic recession as prime time to re-evaluate policies, refine processes and remove ‘deadwood’, as in strip down to the essentials. The outcome would be a business machine that’s leaner, perhaps greener and easier to manage when things turn to the better.

Here are 10 steps one could perform to make the most of the slowdown of business and to get ready when business picks up.

1.) It’s a buyer’s market out there. While rates are competitive, review vendor contractual terms for extensions, particularly pricing.

2.) A follow-up on Step 1, negotiate with your vendors for an optimum deal. Decide which services, software and/or hardware you will need later.

3.) Determine which vendors and consulting firms will be required to help with quick response as the business rebounds.

4.) Establish scenarios of growth with corresponding budgets, projects and resource plans et cetera.

5.) Establish sound financial visibility into costs so investment in the upturn is clear and improved fiscal management continues.

6.) Establish a frequent and close working governance model with an internal Advisory Board to recognize and respond to changes in direction.

7.) Recognize what changes should occur and when to modify priorities.

8.) If pent-up demand could strike your firm quickly, prepare projections for what departments, services and processing infrastructure might suffer with increased volume.

9.) Review the staff for proper skills, gaps based on attrition, as volume increases and projects are resurrected.

10.) Consider staff stress and burn-out and how relief is provided once the economy rebounds.

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Venglarik, Jim. “How CIO’s need to prepare for the economic recovery–Now!.” 8 July 2009. CIO Blogs. Acessed 9 July 2009. Link Here


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