1. Shifting the leadership focus
2010 was principally focused on cash, costs and the overall crisis. With company procedures and policies in place, smart companies in 2011 will be re-weighing their innovation efforts from cost to growth.
2. Challenging your high-performing talent
Smart companies have invested in high-performance talent management approaches. Clever companies are working with their high performers to address growth issues.
3. Categorizing client revenue opportunities
Smart companies are sitting down with their suppliers to discuss the supply chain process with a medium- to long-term view to create a closer partnership.
4. Reshaping supplier relationships
Smart companies have carefully prioritized client categories, are working with key growth clients in reshaping new service approaches and new products, and are identifying cross-selling opportunities.
5. Challenging the business model
Recessions re-order the market ranking of all players. Smart companies are re-inventing themselves to create value propositions for clients, their people and their shareholders.
6. Investing in the product/service portfolio
Smart companies are investing in re-designing existing products and experimenting with new products. They are also shortening their speed-to-market times.
7. Targeting growth industries and markets
Smart companies are redefining their traditional markets by focusing on growth industries (e.g. health care), emerging or hybrid industries (e.g. aging population, sustainability), "recession proof" industries and global growth markets.
8. Refreshing your acquisition list
With reduced asset values, acquisitions are more affordable. Cultural misfits are the principal causes of merger failure. Smart companies are researching the people values of the priority targets as key merger criteria.
9. Increasing market scanning globally
Smart companies are setting up market intelligence systems to be the first mover in capturing upturn opportunities.
10. Creating the upturn plan and team
Smart companies are forming special upturn task forces.