While decrease in earnings can cause panic for some, and will most certainly be a challenge for most, the shift in our economy can present opportunities that may actually end up making our businesses more profitable in the long run.
Lets face it, change is not easy. And most of us do not make change happen unless we are really forced to. But sometimes change is a necessary evil. Sometimes the processes we have adopted over the years cease to be effective. Or, the slowing of business may necessitate layoffs. Job descriptions may need to be adjusted in order to adapt.
With technology constantly changing, there may be equipment available today that was not available a couple of years ago, equipment that may be able to increase productivity and cut costs at the same time.
Maybe it is time for your business to set aside a day for a planning retreat and start to take a serious look at the way you are doing things. I bet there is not one of us who cannot find ways to seriously cut costs and become more efficient and more profitable.
Partner, BBG&G Advertising and Public Relations