5 strategies your organisation could adopt during economic downturns
In this video, ECLEVA’s CEO Patrick Northcott shares 5 strategies your organisation could adopt during economic downturns.
- Use the time to brainstorm new value-add opportunities for your customers. Innovation often gets relegated to the bottom of the to-do list.
- Run workshops (virtual if need be) with each functional team to identify inefficiencies. Ask your teams:
- Which systems and processes are causing them the greatest pain?
- Where are most customers complaints coming from and why?
- Encourage your team to up-skill. There are so many e-learning platforms available.
- Use the time to develop marketing content. Writing blogs, customer testimonials, eBooks and thought leadership pieces will ensure your organisation has plenty of collateral to use when trading conditions improve.
- Start scouting the market for good talent that may be let off due to companies being forced to downscale during these times.
Economic downturns can be extremely challenging. However, they can provide opportunities to identify strategies to become more competitive when conditions improve.
The right technology partner can help you identify inefficient practices and advise you on how to make your business more profitable. They can also help you develop innovative prototypes to test with customers.