20 commandments in a recession
Paul Milligan, June 11, 2009
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Following requests from attendees of the AV100 you can read the ’20 commandments of running a business in a recession’, which is an excert from the keynote speech given at the event on ‘Leadership in a recession’ by Colin Lloyd, CPP group director, The REaD group director and Motivcom PLC chairman.
- Love your clients to death…at multi and senior level and don’t become dependent on any one of them
- Prize ideas and innovation above everything
- Never resort to price cutting
- Protect your margin…remember: 2.5% more sales at 2.5% less COGS on 2.5% less overheads increases profits by 50%
- Cash is King…manage the business for cash
- Risk Map your business – Embed throughout – turn risk management into a sales advantage
- Perfect excuse to make strategic changes
- Procurement is here to stay! Embrace and educate CIP’s
- Look after your people…particularly in these lean times
- Value NED’s/Advisory Boards – Add real value in difficult times
- Demand the best…of your people, suppliers and your board
- Lead from the front
- Keep on keeping it simple
- Sell ideas that sell…be a salesman first and foremost
- Listen and Respond…give customers what they want not what you think they want
- Trust you instincts…gut-feel rather than reason
- Hype the business..demand massive and positive PR – makes you really think about your business
- React quicker…capitalise faster on opportunity
- Your 1st mistake is your cheapest one, stop digging
- Love the business…every waking hour…and in your dreams!
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