Surviving the Economic Crisis

Project, Adjust, Steer, & Clear.

Every CEO should be focused on the overall health of his company. If cutting expenses in one department will boost productivity in another, thus affecting a positive overall effect should be considered very seriously. In this tough economic time sometimes it’s a question of choosing -1000 over -10,000.

Slow economic times are best for invest in ERP, R&D, Planning & Forecasting.

ERP:
If an Investment in ERP will cost Rs.100,000 and it will cost 30% overhead on productivity. In a viable economic environment that 30% could be a large figure than it could be in a much slower economy.

R&D:
This will give you the cutting edge competitive advantage you need to overcome the slow market. Better product or service has much greater chances to suceed becuase buyr’s are now doing very rigorous risk mitigation thus disqualifying sub standards.

Planning & Forecasting:
This is the single most important stage that can effect the company’s position among its competitors and any impurities in planning can result in serious financial loss. Use of effective planning software & analysis matrix is a key to success in this stage.

The above three are the major arteries of any business and if there is any clogging of communication it should be rectified immediately. Invest smartly in communication & collaboration technology to efficiently manage project cost and timeline. Audit at every level is often overlooked due to the financial overhead but maintaining a resilient workforce requires high standard of audits and control.

There should also be a efforts made to engage employees into the long term sustainably off the company giving them sense that less today could be worth a lot tomorrow. Introduction of hourly wages could also be an effective way to impose responsibility of time on employees. If the planning stage is executed correctly than measuring employees hourly production against the projected estimates will reveal a greater insight into employees efficiency.