Act decisively

What is the issue?

Strong companies won’t sit back and wait for the challenging times to pass. The winners will be those who act decisively, take tough decisions and position themselves to take advantage of the upturn.

Companies who benefitted from previous economic downturns are those that acted proactively and decisively. Many took advantage of previous downturns to move ahead on their competitors who didn’t adjust to shifting market conditions.

What questions should I ask myself?

• Strong leadership is required with different skills necessary – do you have the right people in the right roles?
• Are you ignoring ingrained biases and tackling sacred cows?
• Is there a determination to focus on the ‘have to do’s’ rather than the ‘nice to have’s’?
• Have you re-assessed the key risks facing your business and are you completely focused on those risks?
• How are you responding to the changing landscape? Are you acting decisively or taking the initiative?
• Are you agile, thinking innovatively and re-focusing resources on the value drivers of your business?
• Are you taking decisive action on costs, key customers and suppliers? Are you being careful with cash?