As everyone knows, we are all going through an unprecedented period of economic difficulty that still shows little sign of abating and, as such, there is an immense pressure on businesses, not only to succeed, but sometimes even just to survive.
There has hardly ever been a tougher time to run a business, but there are some key tenets of good business practice that ring even truer when the going gets tough.
This piece will run down some of these key ideas for allowing a business of any size to survive and succeed, even in the current difficult economic climate.
Fail to Prepare, Prepare to Fail
It is a well worn saying, but when the going gets tough for businesses it becomes more and more important to concentrate on preparation and planning.
When the economy is in better shape, you are more likely to be able to get away with flying by the seat of your pants and still turning a good profit, but when things are tough you have to plan everything down to the finest detail.
If you can plan and prepare everything so that you know that all parts of your businesses are moving together in the right direction, then you give yourselves the best chance of riding out the economic downturn.
As the economic going gets tougher, every business has to become more and more people-centric in order to succeed.
What we mean by this is that businesses, small and large, have to realise that it is a combination of their workforce and their customers or clients that hold the key to succeeding, and to thus act accordingly.
What this means, in practical terms, is twofold. Firstly, when it comes to the workforce, businesses have to be ultra-careful when hiring to ensure that they only have the very best men and women, dedicated to making their business work.
What it also means is that when you do have that high quality, dedicated workforce you have to make the most of it – a task that involves a combination of good training, good feedback processes and a concentration on keeping morale high.
In terms of customers or clients, being more people-centric means pulling all of your focus into the needs and desires of the people who ultimately bring money into your business.
Without your customers or clients, it doesn’t matter how good your setup or workforce are, because they won’t have anything to work with. It is therefore crucial to both bring in new business and maintain your links with customers and clients for repeat business.
Locations and Facilities
Once you have fully prepared and shifted to being more people focussed, you can complete the triumvirate of good business practices by ensuring you use the very best buildings, offices and locations.
This might mean revamping your office facilities to give your workers something to work with or even hiring out high quality meeting rooms, for when you have to get together off site. There are numerous spaces, such as those offered in Central London by MSE Meeting Rooms, which are available to businesses to hire for that all important meeting.
If you get all of these elements exactly right, then no matter what the wider economic surroundings, you have the recipe for a successful business.