During these times it seems that newscasters and reporters are trying hard to describe and define this difficult economic environment. Is worse now? Will it get worse before it gets worse? Sure, psychology plays a significant role in our spending behavior. The economic cycle can slow down when everyone cuts back. But the wheel goes the other way also. The older we are the more cycles we can recall. We have always come out of a downturn and this time will be no exception. The world population continues to grow and people have growing needs for food, housing, transportation, and uniforms.
This is not a news report but a business manager’s viewpoint. How do we handle these rough times until the eventual upswing occurs? As sales dip, where do we make cutbacks? The last place you want to look to eliminate expenses and assets is among your human capital. With few if any businesses excepted, people are your most valuable asset. So you need to think about how to keep your organization in tact given the current economic pressure so that you are properly positioned for future growth and profits. Read More

What lessons can be learned from the current Toyota quality issues? This is a quote from a CNN/Money internet article of February 10, 2010: Read More

In these times of recession, vast uncertainty and global economic downturn, we may want to take a step back and reassess or be forced to reconsider the reasons for our goals, business strategies and other key decisions. But before taking any further paths to implement previously approved plans, consider some guidelines for making sound decisions as if you were to make them afresh today.
Think about establishing clear goals that will address two areas of need. Ask the question about the quality of the decision- is it the right one for these times and market circumstances? And can you be assured of continued commitments and support from key stakeholders who have an interest in your future success? This group would include your employees, managers, lenders, vendors and clients. Are your plans devised to serve the long term and short term interests of the enterprise? Consider and devise methods in advance to resolve issues and conflicts that you may imagine can occur. What will be the impact? Be ready with your back up plan B and C if you can. Use these times of course corrections to increase your intellectual knowledge base and learning’s so that you may strengthen your chances for greater future success. If you’ve already paid a price, get the benefit of that investment and don’t pay the same price twice. Read More