Seven Secrets to Downturn Survival
Existing cost management programs may not be sufficient to survive and thrive in a downturn
In times of economic downturn, companies invariably pursue “quick-fix” belt-tightening strategies such as hiring freezes, reduced travel and across-the-board budget cuts. The results of a Deloitte survey, however, show that these sorts of initiatives usually deliver only incremental results, and are rarely sufficient to protect companies through the uncertain times that follow.
Organizations are better off seeking sustainable improvements to underlying cost structures, such as streamlining infrastructures, adjusting service delivery models and redesigning business models. Such strategies often require a higher level of attention on strategic structural improvements, but in turn may help organizations prosper during an economic downturn by helping protect margins, capitalize on opportunities and capture market share. These initiatives also may provide sustainable advantages that may even help companies get a step ahead of competitors.
“Seven Secrets to Downturn Survival” provides time-tested tips to help companies implement sustainable cost savings, including:
- Deciding how much cost improvement is needed
- Starting with the obvious
- Taking an enterprise view
- Balancing short-term and long-term improvements
- Choosing the right business model
- Protecting strategic investments
- Actively managing change
To learn more about the "Seven Secrets to Downturn Survival", download the article below.
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