Times are getting tough, all we need to do is read a paper, watch the news or walk past the ASX for evidence.
In fact the economic turndown has resulted in the federal government spending the surplus via two economic stimulus packages to date. Retail revenue and profit forecasts continue to be revised down. Not to mension the relaease of the 'toughest budget' in a generation.
In business we are being asked to do more with less. Further we are challenged to maintain an upbeat, positive culture. A culture, that was formed and established in times and conditions that no longer exist.
The experts have told us for many years that one of our toughest future needs would be managing a multi-generational workforce with all the different needs, drives and challenges this would provide. They told us about the Y-Generation’s move into positions of leadership and how they have never experienced adversity. Well times have now changed. Adverse times are here and we must face this challenge now.
With pressure on costs and therefore head count in business we are now being asked to do more with less. We have already seen a lift in unemployment in the past months and forecast suggests this will continue through 2009. Productivity and efficiency in business will be critical to current and future success.
A real and current critical shift is required to support all employees with appropriate management & leadership. We must shift our strategic planning to include tactics and development plans for managing in tough times.
Stress today is the number one reason for lost days in business. The current economic conditions do nothing to reduce this burden on our people and businesses.
A significant investment should be made in organisations to educate and develop stress management capabilities at both an organisational and individual level.
With any change however there are opportunities produced.
Are you ready to maximise this opportunity?
In your business have you developed and executed your strategy to ensure you receive your slice of the new pie? Do your employees know your strategic direction and more importantly do they buy in to it?
Even if they do buy in, do they have the skills, knowledge or motivation currently to deliver on your strategy?
In your business have you made the decision to take the opportunity to attract a new client base or will your strategy involve retention and maximising existing clients?
Whether looking to maximise your slice of the billions of dollars of government economic injections or just looking to maximise your market share in the economic downturn the principles remain the same.
It is critical to ensure you have a strong plan, inspired strategy well known and supported by the masses with an employee base skilled and motivated to deliver on your vision.
Today we face the added challenge of needing to achieve the same or greater volumes of activity with fewer resources. It therefore makes sense to educate and support the workforce to handle this shift to more productive work methods.
One such strategy includes reviewing your current customer base. Are you stuck ‘strategically’ attempting to fight a highly competitive battle against your market competitors for the same finite market share?
OR, are you looking across customer bases and market spaces to create opportunities that make the competition irrelevant? A space where you can simultaneously pursue a differentiation and low cost strategy while increasing market share, revenue and profit?
Changing paradigms in our working and personal lives have the potential for great stress and adversity if we take a do nothing approach.
Steps should be taken now to reduce or counter the barriers to successfully adapting to the new conditions. This includes training and development to strengthen business capability through developing individual’s personal capabilities.
Infinity Performance Solutions is one such training and development organisation that develops and delivers training programs which improve the quality of skills, knowledge and attitudes and services for individuals and organisations.
Tony Pearson, Infinity Performance Solutions Director suggests now is the prime time to invest in strengthening capabilities is organisations. “People will need support through skill development to minimise the impact of the changing economic and therefore business conditions. Whilst times have changed there are solutions available to minimise organisational and individual stress. In fact this is an opportunity to take steps to firm up your business for future needs and get ahead of the curve.”
Infinity Performance Solutions
Tony Pearson
Director / Corporate Consultant
Mobile: 0412 412 577
Tel: 02 9863 1536
Web: http://www.infinityperformancesolutions.com.au/
Email: tony@infinityperformancesolutions.com.au
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