The ‘R’ Word
Even with the rise of the machines, beyond the omnipresent LinkedIn, the role of machine learning, AI, big data, etc. the long-term growth trajectory should be ever thus.
However, each of those economic cycles came with a down side – Recession. Those downsides were really tough, the tables can turn.
What will it look like when the market dips, and it will dip? What does your business look like with a 15% drop in revenue? How prepared are you and how will you react?
Consider the three ‘T’s:
Technology – the threat then will be even greater, companies will pull back on agency fees, using every new tool in a drive to cut costs. Once on those tools – those technology platforms – how are you going to bring them back?
How are you using technology today? Will it still add the same value during recession? Are you tied to it long-term? Anything that reduces processing time/cost, anything that creates greater client engagement/stickiness will protect your revenues. In a market when supply exceeds demand, will all the candidate attraction and tracking technology still add value?
- Team – in a buoyant market are teams truly high performing or is the market masking mediocrity? The best teams demonstrate excellence in, and real awareness of;
- Clarity and commitment to the team purpose
- Clarity and unity around team goals
- Clear understanding of individual roles
- Living to a clear set of team behaviours/ attitudes
How will your team respond when you go two goals down? When the market drops? What is the revised game plan?
- Sensitise those longer-term forecasts
- Have a ‘downturn’ plan – a business continuity plan that is documented and tested
- You know your key milestones (when that number falls to ‘x’) and how you will react (we will…)
- Your team are aware and see you planning for their future, because they are the ones that will fight it through with you
- Tactics – so make sure your playbook is future proof, you have a plan;
Flo Software Solutions
Nathan Golby, Director
firstname.lastname@example.org | 0844 322 1100