One thing is for certain, the recession will end and there will be an upturn in the economy!
What can we do?
- For years in the “good times” we’ hoped for an island of calm – a period of consolidation to shore up the foundations. A chance to get those IT systems “sorted”, a chance to really look at costs and get even better deals with suppliers, exploit the the systems we have rather than add more systems, a chance to exploit Knowledge Management and show the value it can really deliver. As an individual, a chance to get some training done or at least to read the latest business books and research on the internet.
- It’s a time to review our approach to technology and where it is going. How can we future proof our organisation and be ready to exploit what is available when the upturn appears. And not be chasing the pack trying to implement these systems when they are the norm and our firms are growing. Remember some of the new technologies now will be the next equivalent of corporate email (and email will probably be dead!). As an individual now is the time to educate ourselves about these new developments – social networking is an obvious example
- Time to be wary and look after your remaining staff. Growth will bring churn into your departments, there will be opportunities galore for people as other firms grow and need to move beyond the skeleton staff they’ve had to operate with under current times. Your best people will be out the door first if they haven’t been “looked after”. As an individual again begin to look out for the signs and prepare to be wanted again – what choices will you make for yourself?
- Maybe now it’s time to use any downsizing to re-organise and refresh your teams, mould them for what’s to come. Not for what is now but for the future! How can you and your employees work more flexibly and be ready for future changes – how can you become more resilient?
But basically get out of the bunker, be creative and get ready! The upturn is coming!