Whether the economy turns around this week or next year, we need to continue to hone our business skills with a resolution to keep them sharp in good times as well as bad. The following are three things to think about with respect to your business:

• This is a great time to find talented people who might help you take your business forward as times get better. If, however, you find that you have to go through layoffs, be sure that you have a consistent policy to handle any severance issues. If you choose to tie severance pay to tenure, develop a formula that is applied to each person in the same way.
• Understand which segments of your business are profitable and which aren't like you've never done before. When you do this analysis, look beyond the gross margin if you're evaluating customers, product lines or profit centers. It's important to consider how much overhead is required to sustain an area. Something that looks profitable at the gross margin line can actually be a cash consumer if it requires heavy overhead support.
• Do your customers understand the value of the goods or services you provide? Find ways to communicate those benefits so that when they are making decisions about what vendors to keep, they will have full knowledge of the benefits you provide to them.
  

 

Anne takes roles such as IT Director, Project Manager, Business Analyst, and IT Auditor with her clients.  Her industry experience includes insurance, financial services, transportation, government, and non-profit organizations.