WINNING IN A 롤 스포츠토토: SIX ACTIONS TO TAKE NOW
By UDO JUNG, REINHARD MESSENBOCK and HAROLD L. SIRKIN
From Boston Consulting Group
According to many indicators, a recession is either looming or already here. Yet because the business landscape has changed so much since the last recession, in 2001, the defensive and offensive tactics that worked then may not work as well this time around.
Now is the time to get ready. Many executives believe that their 롤 스포츠토토 are better equipped to tackle tough times than they actually are. In a recent BCG survey, fewer than half of the respondents said that they had taken any measures beyond basic cost cutting.
Such complacency is risky. Most companies that succeed do so by focusing on six actions: assessing their risk, sharpening their 롤 스포츠토토 radar, getting in shape, creating a prioritized action plan, thinking counter-cyclically and being ready for the unexpected.
롤 스포츠토토s should be viewed as opportunities: League tables are significantly changed during such times: On average, three out of the top 10 companies drop of the list in most industries and are replaced by competitors. Companies that are prepared will have the room to maneuver, to attack rivals and extend competitive advantage. The aspiration should be offensive -- "winning in a 롤 스포츠토토" -- not defensive.
Here are six 롤 스포츠토토 to take now:
1. Assess 롤 스포츠토토 risk. Start by analyzing how susceptible to a downturn 롤 스포츠토토 company would be, and the likely effect on sales, costs and margins. How cyclical is 롤 스포츠토토 business? Is the degree of cyclicality changing? Have you diversified 롤 스포츠토토 product lines, customer base, and target regions to balance out these fluctuations? Answering these questions will help identify and prioritize the actions you'll take if the economy sours.
To determine where potential risks lie, examine 롤 스포츠토토 different lines of business, the company as a whole, the links of the value chain and the resilience of 롤 스포츠토토 suppliers and customers. In essence, a company is a portfolio of products, industries, regions, markets, currencies, customers and suppliers. Each of these components may affect the others -- in positive or negative ways.
Assess 롤 스포츠토토 company's strengths and vulnerabilities. Are 롤 스포츠토토 production facilities efficient enough to be profitable in a downturn? What impact would a lower utilization rate have? How asset-intensive are 롤 스포츠토토 operations -- and how flexible? How global is 롤 스포츠토토 customer base? How vulnerable are you to exchange rate fluctuations? Have you matched the needs of 롤 스포츠토토 global customers with a global network of suppliers?
Evaluating 롤 스포츠토토 competitors is important, too. Analyze how well prepared they are for a downturn and how much relevant experience they have. Investigate key issues such as how sophisticated their planning approaches are, how much cash they have on hand to pursue opportunities that arise, how susceptible their business portfolios are to a downturn, how vulnerable they are to changes in supply or demand and how diversified they are overall.
2. Sharpen 롤 스포츠토토 downturn radar. Too often, companies ignore the first signs of a downturn, such as slower customer payments or rising inventory levels. An early-warning system can help you get a jump on the competition. By systematically monitoring the landscape for danger signs and establishing triggers for specific actions, companies can stay one step ahead of the competition.
On a regular basis, companies should monitor both domestic and global macroeconomic data, industry-specific indices, utilization and operating rates in downstream industries, and changes in the prices of raw materials. The key here is not to analyze every data point but to identify the information that really matters for 롤 스포츠토토 business or industry -- and to interpret it correctly.
3. Get in shape -- now. Flabby, inefficient 롤 스포츠토토 face the greatest risk during tough economic times -- and are slower to recover. That's why winning 롤 스포츠토토 adopt a lean mindset even in times of plenty. Such 롤 스포츠토토 ask: Where can we trim operations, cut costs, release cash and add value? Can we outsource any processes to low-cost countries in order to reduce costs and diversify country and currency risks? Can we de-layer levels of management or personnel in order to create a leaner, more agile organization?
Take a big-picture approach to reducing costs rather than simply tinkering with 롤 스포츠토토 cost structure as it is currently configured. Develop collaborative partnerships, licensing agreements and outsourcing relationships. These actions reduce risk, streamline 롤 스포츠토토 cost structure, add flexibility and lead to new opportunities.
4. Create a prioritized action plan. 롤 스포츠토토 company's level of risk and 롤 스포츠토토 objectives for the next downturn will shape 롤 스포츠토토 action plan. Formulate in advance the steps you'll take in order to minimize the impact of the tougher economy and to realize competitive wins. Actions that create value quickly should become top priorities, because 롤 스포츠토토 response time will be a critical success factor. Also, learn to develop a capability for more rapid change.
Companies should carefully balance the time, cost, effort and relative benefits of each action. Be very clear about what 롤 스포츠토토'll do -- and what 롤 스포츠토토 won't do. Make sure that management is aligned around the plan and that roles and responsibilities are clearly defined.
5. Think counter-cyclically. Keep competitors off guard by avoiding the obvious. For instance, the usual reaction in a downturn is to tighten customer payment terms and increase collection efforts in order to boost cash flow. Instead, consider giving 롤 스포츠토토 most profitable customers or target accounts more lenient payment terms in order to capture more of their business. Make terms stricter for less attractive accounts.
Moreover, be prepared to go after 롤 스포츠토토 competitors' best, most profitable customers. While others are cutting back on customer service to reduce costs, strengthen 롤 스포츠토토 commitment to this critical area in order to make competitive inroads.
Increase investment in marketing or R&D during the 롤 스포츠토토 instead of cutting back. Still another approach is to identify and accelerate the projects that will deliver the biggest payback when the economy starts to recover.
Plan to buy when others are selling -- that is, buy in a buyer's market. Reducing debt and improving 롤 스포츠토토 cash position in advance will help ensure that you can take advantage of bargains when the economy softens.
6. Be ready for the unexpected. Finally, stay flexible -- both defensively and offensively. Don't be a slave to 롤 스포츠토토 plan. No matter how well prepared you are, the unexpected is bound to occur. 롤 스포츠토토 competitors may make unanticipated moves that challenge 롤 스포츠토토 assumptions or threaten 롤 스포츠토토 strategy. Be ready to change course and move quickly as conditions change. To further enhance strategic flexibility, try to maintain a reserve of unallocated funds or improve working capital management to free up cash.
You can't plan for unexpected opportunities and competitive moves. But if you've done 롤 스포츠토토 basic homework in advance -- 롤 스포츠토토 operations are lean, you have an action plan in place and you've managed to get a head start on the downturn -- you'll be able to respond effectively and come out ahead.
Udo Jung is a senior partner in the Frankfurt office of The Boston Consulting Group. Reinhard Messenbock is a partner in BCG's Berlin office. Harold L. Sirkin is a senior partner in the firm's Chicago office and author of the new book, "Globality: Competing with Everyone from Everywhere for Everything."
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