Anytime is a great time to increase productivity
. In this economy, you need to have the capacity to handle today’s business and continue to grow. When demand returns and your rate of profit will be higher. Meanwhile, you save expenses now and improve cash flow from higher turning assets. This makes your company stronger and your people more capable.
Here are some ideas on how you can improve performance:
- Identify and protect your positions at your most profitable accounts.
- Define how you measure productivity for your business and each department.
- Analyze your business for the best opportunities to increase productivity.
- Change processes, the organization and technology based upon profit prioritization.
- Reduce your employee expense by doing each process, just once.
- Stay on top of your Average Days to Pay and AR Totals
- Use technology to reduce expenses and to better market your products.
- Consider new ways to go to market and to prepare for the post recession.
- Increase inventory turns and receivables turns to reduce asset costs while maintaining demand.
- Adjust your pricing strategy to maximize margins while remaining competitive.
- Review personnel and overhead expenses, pruning where feasible.
- Examine your customer base and find the customers that have staying power and pay their bills.
- Utilize technology to analyze what your customer is buying or not buying from you and your company
- Seek ways to redeploy resources to fund growth initiatives.
- Studies have shown that companies that invest in sales and marketing during recessions or at anytime, grow at a much higher and more profitable level while others contract.