Release Date:
January 2, 2009 The Society for the Advancement of Consulting® (SAC) has developed some best and worst practices in current economic conditions, based on the observations of its global membership and the tens of thousands of clients they serve.
Worst
- Panicking as leaders, and allowing employees to witness dissension, indecision, and vacillation.
- Withdrawal and downsizing so severe that the probability of being positioned strongly when the upturn arrives is remote.
- Sacrificing productivity of remaining workers through rolling and seemingly arbitrary layoffs.
- Failure to spread sacrifice, and a perception that executives are not sharing the burden.
- Poor communication of short and longer term plans to the workforce.
- Failure to manage the public relations and media speculation and reporting.
- Follow-the-leader mentality instead of carving out a singular approach to the conditions as they affect the organization.
- Failure to provide incentive for "franchise players" and key talent which can't easily be replaced.
- Cutbacks in the wrong areas, such as customer responsiveness.
- Poor use of existing credit and financial reserves.
Best
- Delivery of new products and new services to existing customers.
- Creation of the perception of increased value and worth.
- Strong public and community image.
- Strategic initiative to plan for inevitable upturn, no matter when it occurs.
- Daily efforts to build trust, confidence, and interaction with employees.
- Development of new markets for existing products and services, including global markets, even for smaller businesses.
- Paying local and smaller suppliers first, to help keep them in business and become their priority customer.
- Creation of banking relationships, credit lines, and financial reserves.
- Industry/professional leadership, assuming a visible and assertive role and becoming leaders in discussing conditions and solutions.
- Constant presence in the customers' eyes through all available media which are relevant.