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What specific steps are you taking to create a competitive advantage for your company as we claw our way out of this economic recession?
On Tuesday July 27th, 40 CFOs came out on a hot sticky morning to dissect, discuss and debate whether we are actually in a recession or not. Each of the tables were presented with the facts about this current recession as it compares to recession periods of the past.
They were then asked to discuss this specific question and share the steps they are taking.
- Keywords
- business, management, finance, accounting
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These are some of the key points captured and shared with the group at large:
Table 1: Retail and Business Services Group shared the following steps:
* Focus internally and increase training for sales teams and customer service. This is a time where we need to be more aggressive and informed to better serve our existing customers and prospects.
* Look at growth areas and shift resources to support those lines of business.
* Increase or maintain overall marketing spend.
Table 2: B2B business service group shared the following:
* Focus on supporting high margin product lines.
* Take the time to add the right talent to position the company for growth.
Table 3: Mostly representing non-profit organizations shared the following:
* "Do more with less", this seems to be the new theme or norm.
* Need to ask themselves, how to determine the strategy when Revenues, giving, endowments, etc. are all down?
* Work at paying down debt.
Table 4: Manufacturing organizations shared the following:
* Position yourself to capture market share in a recovery period and stay ahead of the curve. "Don't want to be a day late and a dollar short".
* Effectively manage your workforce, whether dealing with a skilled or unskilled labor force.
Table 5: Service and manufacturing based companies shared the following:
* Now that we have cleaned house, is the time to streamline processes and build up inventories.
* Consider alternatives, take a look at emerging or expanding countries and explore ways to market and sell products to those markets.
We ask you to weigh in.