subject: Key Business Drivers In A Recessionary World [print this page] Key Business Drivers In A Recessionary World
According to leading consulting firm, Bain and Company, "six out of 10 executivesare planning for a downturn lasting at least until early 2010," in asurvey conducted to judge strategies in a recessionary world.
There are a couple of elements that can help the business world efficiently deal with financial storms. A more commonlast-resort strategy that kicks into immediate play is downsizing. Itisn'tuncommon to open upa news website and read about a large corporate laying off 2-300 workers. Albeit, what happens once the new corporate landscape has emerged? Alot of different corporate tools kick into play in order to mitigate the risk going beyond that point.
First, the focus should shift to the improvement of critical processes. Since these are the only functions that remain intact after condensation of the overall business model, to optimize these functions should become priority. This leads to the second tool, innovation. By innovating the existing processes, the company usually will end up creating a new business process, which at the end of the day will add to the service portfolio; thereby adding a newrevenue line. Ovex Technologies, a South Asian BPO service provider was able to weather financial hits by creating niche services forthe media industry.
Sincenavigating through rough waters requires constant transition,the entity should be change-ready at all times, with a plethora of pre-meditated strategies in order to mitigate those risks. These steps should eventually make the company more resistant to losses that such financial conditions can reap.
