Rebounding after a Downturn: How to Restart and Move Forward

“Forget past mistakes. Forget failures. Forget everything except what you’re going to do now and do it.” – William Durant

During a downturn unemployment can rise and economic uncertainty can abound in both B2B and B2C arenas. Consumers and businesses will continue to spend, although what they consume will likely change. Businesses will make purchasing changes based on supply chain availability and selling changes based on necessity. In some instances, these changes can be temporary, but more than likely they will be further magnified as things start to pick back up again.

While an economic recovery will almost certainly happen slowly, your business needs to be poised for revenue growth ahead of time to quickly seize opportunities as they arise. So, how will your business capitalize when the economy starts swinging upward again?

Do you know how to move forward in a restart? Ask yourself these questions:

  • Do you know how to control your spending without thwarting growth?
  • What will you do to preserve essential customer relationships?
  • Are you equipped to find revenue in new ways?
  • Do you understand where new revenue opportunities exist?
  • Can you change your way of thinking to adapt?
Topics: Profitability Leadership Strategy Strategic Revenue Growth Planning Forecasting Revenue Development Action Plan Change Management

Well, That Escalated Quickly!

Two weeks ago, I wrote in this blog that the chance of a recession being triggered by the COVID-19 as being “Probable.” This situation has changed very quickly. At this point, we are way past “Probable.” We are in the early stages of a recession. You heard it here second. The stock market, which is always about the future, was the first to tell us that a recession is upon us.
 
The questions, at this point and in my mind are, how bad will it be and how long will it last?

Topics: Profitability Forecasting Economic Trends

Anticipating Economic Downturns and Maintaining Revenue Growth

When the economy is strong and business is booming, it is easy to focus on present success and delay planning for future challenges. Newer business owners and entrepreneurs often prefer to delight in their own accomplishments rather than engage in long-term strategic planning. However, no boom lasts forever, which means that this naïve approach can be quite costly.

Contrary to popular belief, it does not take a severe recession to hinder business operations. Even small changes in the overall economy or an individual vertical can negatively affect revenue growth. Economists and experienced business owners understand that waiting to plan until an economic downturn has occurred can be a catastrophic mistake.

Topics: Revenue Growth Planning Forecasting

Smarter Sales Forecasting - Important Questions You Must Ask Your Team

“The goal of forecasting is not to predict the future but to tell you what you need to know to take meaningful action in the present.” - Paul Saffo

Market volatility and economic disruption are once again becoming the norm, making it more vital than ever that businesses have a strong grip on their revenue forecasts. Not only does strong revenue predictability provide a solid platform for critical decision-making, but it has also proven to be a winning business practice.

Topics: Leadership Planning Forecasting

Predictions for 2018 (and My Recommendations)

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I believe it is important to start working on next year’s strategy about four months in advance of the new year. By doing so, you have enough time to make an impact on the last quarter and lay the foundation for the next fiscal year to start well. If you find yourself working on your 2018 strategies now, don't delay - there's still time to complete them.

Have you seen the predictions for this year? Some are wild and crazy, and others astound me.

Topics: Business Development Planning Forecasting