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Three Ideas that Work in a Slow Economy

Business leaders trying to develop ideas and strategies in this slow economy need to ask this question: What resources do we have that give us security at this time?

I have three ideas that will help you deal with the slow economy. I think you can get new equipment, replace supplies, but without investing in your human capital, you are limited in what a workforce can accomplish.

There are three important ways to look at each situation:

What do you do in lower economic times? In difficult times, the best companies invest in training. For example, a large manufacturing company asked me to do as much training as possible during a “low” time. We trained in skill areas important to business success: teams, better decision making, supervisory skills, and process improvement. By the end of the “low” time, people were fired up, trained, and that company’s next quarter was better than the same quarter the year before.

Let employees know the economic reality the organization is facing and ask them for ideas to become a lean organization. They are aware of the organization’s vulnerability. Tap into the ideas they have about ways to make the organization successful in this economy.

Leaders need to put in place strategic plans that require benchmarking—a lot of diagnostic activities. Such actions can give you the data that identifies barriers and hurtles so you can develop appropriate solutions.

This is what has worked for many companies. What suggestions do you have? What has worked for you?

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