I received this article from Gretchen Neels of Neels and Company, Strategic Business Communications, and would like to share it with you. Every cloud has a silver lining and Gretchen reminds us about what is needed for companies to emerge from the economic slowdown stronger and better than before. Gretchen's ideas will show you how to turn lemons into lemonade:
Brains and Courage
After the bloodletting of the last six months in finance, banking and law, industry leaders are asking what steps they should take to ensure their firms emerge from the wreckage cleaner, leaner and with the renewed energy necessary to face the next few years. It's going to be a bumpy ride, without question. Below are a few suggestions I've made to clients who realize that now's the time for brains and courage:
- Don't look to return to "business as usual." The biggest mistake a firm can make now is to assume that they can return to doing business the same old way. The New Economy is going to require all hands on deck – meaning everyone will need to cultivate business relationships, bring in new clients and potentially stand on their heads and spit out nickels to keep them happy. Superior customer service will separate the winners from the losers during this transition. Ask yourself if your people have the relationship building skills needed for success.
- See the opportunities for change. Think about all the policies and projects you had underway that just aren't working. What better time to consider new and innovative processes and systems to make your organization the industry leader it was supposed to be? Brainstorm with your team in a "no criticism" zone for ideas on what could be. Have everyone come up with three new ideas and discuss them respectfully with a spirit of collaboration.
- Review and renew policies. Once you've identified those systems that need to be updated, abandoned, or started from scratch, screw up your courage and make it happen. If you find yourself saying, "This is the way we've always done things," call me.
- Treat your employees like gold. Those left as the dust settles are feeling the pain of seeing co-workers leave and wondering when they might be next. Communication is critical at this time, so share information with your staff as often as possible, being as transparent as you can. If you've lost lots of people, your present employees will be asked to do more with less, so balance that with some TLC, such as more feedback, more training, and more opportunities for those who excel.
- Hire new talent now. Strong performers are out there, ready to contribute immediately. Since few people have the foresight to add to their ranks now, you'll have your pick of the some of the best and brightest. If your firm is solid, you'll be an employer of choice.
Given the drama that has unfolded since October, it's no time to think back to the good old days. Instead, visualize what you want your organization to look like in 2010 and beyond, and take the next 12 months to put policies in place that will make your firm a greater service provider and an outstanding place to work.
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