The UK economy shrank for the first time in 16 years between July and December 2008, according to the Office of National Statistics – suggesting that the UK is now in a recession. We are all wondering what tomorrow will bring, and we can’t take anything for granted. However, we can be certain about a few things:
We must adapt quickly to the situation
We need to become more discerning in our management, more responsive to our environment and more decisive. We need to develop the ability to adjust daily to market condition changes and to guide those around us. Long-term focus must be complimented by very close daily management and excellent customer care.
Amongst the many threats, there are also opportunities
We must adopt a mindset where we actively look for opportunities; to challenge faults within our business, improve internal processes and create ways to add new and different value for our customers.
There will be winners and losers
Market positions will change and the most competitive players will rise to the top. Organisations need to continue to invest in their competitiveness. And in these times, making small savings is not enough; if anything, we should be cutting back on the unnecessary to invest more in the important things…
Motivated and engaged teams will be the key to success
Motivated employees will make the difference between winners and losers. We should make employees and customers our priority, and get them focussed on achieving our business objectives; stay close to our teams, communicate, reward and recognise them. This will help to retain the best and elevate others.
We must also ensure the maximum return on our reward and recognition investment if it is to be worthwhile. The delivery of the reward becomes more important than ever; a good reward isn’t any good if it isn’t delivered appropriately.