Renaud

Step 4: Perfect time to Plan !

Ok so you now know that some companies do better during recessions and you have executed a thorough cost cutting exercise with your staff. By this time you probably agree with me that the economy will turn around. Now what?

Answer: Plan. Plan to be ready when the market does pick up. As the leader of your area/organization you‘ve done well so far by either accident or on purpose, in other words your business has been successful despite itself given the strong growth in Romania. However these difficult times forces us to become more creative. Therefore take a step back and realize that there are a lot of areas that need improvement and the time could not be better. Let’s look at some of these:

1. People planning. Have you prepared some form of contingency and career plan for your key staff? This would be a good time to substitute some key people in some areas since creative ideas come from staff members that are not completely comfortable in a new task. Giving them this challenge and confidence boost reinforces to them that you are giving them an opportunity and it takes their mind off either looking for another job or thinking that they will be laid off next.
2. Outsourcing. Romania ranks in the top 20 countries worldwide that offer outsourcing in a variety of areas. You need to look at this since the savings are immediate and substantial over time. Areas such as call centers (Tweencall), Business Process Off shoring (i.e. Genpact) and Knowledge Process Offshoring (see. EvalueServe in Cluj).
3. Marketing team and Marketing plan. When was the last time you looked at how you communicate to customers and how effective your advertising and expenditures have been? Is your market research supplier up to par? How do you know if you are reaching the right customer segments? How satisfied are your customers? When was the last time you or your company actually spoke to customers? Marketing is often misunderstood and getting good marketing talent is difficult to find in Romania. Renaud Investments can help you here.
4. Sales and Business Development. This is the last place to cut and the most important source of customer data – especially in these times. How effective is your current sales team? It’s normal for your sales team to become ‘farmers’ instead of ‘hunters’ in these times for fear of being rejected and being told the same ‘bad news trip on the economy.

Suggestion: Pump up the sales team! First have a meeting with the sales department (as a team) and let them vent by telling you what the customers are telling them. You’ve probably heard this already but the fact that you actually pulled them in a meeting to hear is a sign that you are aware and that you care about the team. Second: Plan some visits with them. This is good for them and its good for you AND, it’s good for the customers.

Why?

1. It’s the ideal opportunity for customers to tell you what they are not happy about and to share some of their current concerns.
2. Customers will be impressed that you have taken the time to meet them.
3. It reassures them that despite everything, that your company is still doing well. Think about it… Don’t you think that your customers want to deal with a company that is solid enough to weather the storm and will be there when they need you?
4. It confirms your financial strength.
5. Idea sharing for you and for the customer.
6. Networking. If they are happy with your products/services then they can refer you more business.
7. You’ll be unique since your competition is not visiting customers right now.

Now how good is that from planning, getting out of the office and talking to customers…

I have not begun to identify all the areas that require planning and attention. These are only examples. More to follow in my workshops.

One thing is for sure: If you fail to plan, you will plan to fail!