| Doom and gloom seems to be everywhere in | | | | the marketplace. |
| construction and real estate these days. The | | | | Project Management. Review the jobs your company |
| subprime scandal leading to record foreclosures looks | | | | did over the past year including what went well, |
| like it will not be going away anytime soon. The credit | | | | what didn't go well, etc. Compare your performance |
| crunch originating from high defaults in the residential | | | | with your competitors and identify changes and |
| real estate market has not been kind to commercial | | | | opportunities where your company can outperform |
| construction and real estate either. Given these | | | | the competition. |
| challenges, it may be time for many companies to | | | | Finance and Accounting. Evaluate the procedures in |
| review their business strategy because what worked | | | | place. Benchmark your collections and reporting |
| well in 2006 may not work for the final quarter of | | | | systems to make sure you're getting paid on time |
| 2008 and all of 2009. Here are the areas that should | | | | and you have procedures that work. Also review |
| be reviewed: | | | | your systems to make sure that management |
| Human Capital. Defining recruiting needs is even more | | | | knows what is coming in the door over the next six |
| important in down markets. Show me a company | | | | months and can trust the accuracy of these reports. |
| with more than 30 employees and I'll show you areas | | | | Having accurate reports lets everyone know where |
| where deadwood exists. Most companies cannot | | | | the company stands and what is needed to be |
| afford deadwood in down economies. They need | | | | successful. |
| star performers capable of operating at maximum | | | | Marketing. One key item to look at in marketing is |
| efficiency to assure that the company will be | | | | the ROI. Did the money invested in marketing |
| profitable even in down times. | | | | produce the results expected i.e. profitable jobs? If |
| This type of talent, however, is rarely available on | | | | not, why not and what should changes be made? In |
| the open market. The best candidates are probably | | | | addition to ROI, take the time to evaluate the |
| working for your competitors and need to be | | | | strength of your brand though a client perception |
| approached directly if you want any chance at hiring | | | | survey and see how you're viewed versus the other |
| them. If you're not doing as well as some of your | | | | people fighting for jobs in your marketplace. |
| competitors, perhaps it's time to identify this type of | | | | IT. Information technology expenses can get out of |
| talent currently working in the industry, convince | | | | control quickly if management is not careful and is |
| them to work for your company, and level the | | | | also instrumental in most business operations today. |
| playing field with your competition. | | | | It can also be a strategic advantage in some cases. |
| Top Management and Governance. Reviewing your | | | | Review what you spend versus your competitors |
| corporate structure is essential in uncertain times to | | | | and the efficiencies you get. Then determine areas |
| make sure that the right leadership is in place. One | | | | that can be improved and develop a plan to make it |
| way to identify potential problems with the structure | | | | happen. |
| is to do a cross section of confidential interviews | | | | Looking at the key aspects of your business should |
| throughout the company to identify strengths, | | | | be done every year in good times and bad. Will it |
| weaknesses, and opportunities for improvement. | | | | guarantee success? No, but having a roadmap is |
| Another step in the process is to benchmark your | | | | always better than being lost in the car and refusing |
| corporate structure with your competitors' to get a | | | | to stop and ask for directions. |
| good evaluation on how effective your structure is in | | | | |