5 TIPS FOR LEADING AND WIN AGAINST INFLATION
The majority of businesses and organizations have been damaged by this pandemic, the downturn in GDP, decreasing demand, cost and price inflation, and supply chain disruption. All Wall street forecasts for economic aggregate activity to the end of 2022 are down.
Smart CEOs are looking for positive and innovative ideas to increase income while keeping staff and reshaping client relationships.
1. Never waste a crisis
Entrepreneurs have many reasons to be alarmed as a result of the pandemic. Search for opportunities rather than become worried. Play a better game and improve your knowledge of, and interaction with, the network of independent sales representatives that stand in for the company.
· Here are the three questions you should consider to guide your strategy.
· How do we maintain better relationships than everybody?
· How do we maintain great customer service?
· How do we listen to what our customers are saying?
2. Look for low-hanging fruit
What are the quick wins you can make eg use technology to cut costs and increase efficiency, cut unprofitable divisions, unprofitable customers, toxic staff etc.
3. Be open to possibilities
What can make a big difference to your business from the periphery you have not yet considered? There is always something you can use to your advantage, both now and in the future.
4. Fine-tune your relationships
It might be difficult to part ways with clients. However, unsuitable clients use up resources that may be used to develop more lucrative chances.
5. Reconsider employee remuneration
Make salaries transparent. Even though it can be uncomfortable to discuss money, CEOs should consider whether they are genuinely paying their employees a remuneration package they can live with and reflects the value they bring to the firm.