The upside of a down economy

6 Office Locations. SampleServe.com specializes in sampling environmental monitoring wells and web based regulatory reporting. Sampling offices located throughout the Midwest. o    Traverse City, MI o    Detroit Area, MI o    Cincinnati, OH o    Minneapolis, MN o    Charlotte, NC o    Buffalo, NY Adversity:  The upside of a down economy (5 Points to Ponder) "Adversity has the effect of eliciting talents, which in prosperous circumstances would have lain dormant."  - Horace (Roman Poet - 65 BC - 8 BC) Adversity is opportunity! Why? It's because the reward of prosperity, is the product of adversity.  Without the adversity, the formula for prosperity is incomplete.  So start calling the adversity good instead of bad and it will prepare you to attract the solutions, and in time, the reward. In an adverse economy, companies that focus on maximizing productivity and efficiency will be well positioned when economic conditions improve. Although a slowdown in revenue can cause some to halt system and process changes, now can be the best time to evaluate those systems and processes.  The old way of doing things may not necessarily apply anymore. Give your business practices the third degree.  Some points to ponder when it comes to your environmental work: 1. When to Downsize?  That is the Question! Ask hard questions about what the future holds.  Is there confirmed future work on the books?  If not, what is the likelihood that there will be?  How are your Clients doing?  Will your clients start to cut back.  If they have already cut back, when will they likely pick up again? Hanging on past the point of feasibility is a common mistake made by many companies during a downturn.  Decisions to lay off staff, cut back on office space, or sell equipment can be difficult. However, delays in making these decisions can ultimately lead to even more drastic measures down the road.   Being proactive about decisions to change operations to save money can make the difference between surviving the down turn or not. There is no easy time to make a hard choice.  When it comes to business however, making them sooner is better than making them later.  Don't let your money go down the drain.  Stop the out pouring of money as soon as you can. 2. Staff Efficiency: Are there somethings that should be outsourced? Are there tasks that you or someone on your staff should not be doing because it is a waste of there valuable time and talent?  Can you outsource simpler tasks?  Should you pay someone a Managers wages to do a Field Technicians work?  Am I spending more on equipment than I am making in revenue from the equipment? If I only have part-time work should I really have a full-time staff? Outsourcing isn't just for large corporations anymore! 3. Negotiate: What you have been paying is not necessarily what you need to keep paying. Down economies mean increased competition for business.  Increased inventory and increased availability (time is a perishable inventory item).  Many firms are laying-off staff and selling off inventory because of decreased volumes of work, some are even closing their doors.  Although unfortunate, taking the opportunity to decrease your costs could help prevent your company from suffering the same fate. Ask your suppliers and subcontractors for a reduction in pricing.  Better yet, solicit competitive bids, your savings will likely be significant. 4. Perspective:  Is there another way to look at this? Sometimes changing your view of the situation can help you see solutions or improvements you might not have otherwise noticed.  A current popular TV show called "Undercover Boss" illustrates the potential benefits for changing perspective.  In the show, CEOs of large  companies go undercover and work at the entry-level and mid-level positions within their companies.  This change in perspective (bottom-up versus top-down) helps them to see some problems within their corporations that they would not have otherwise known.   Thousands of inventions and innovations have resulted from the process of changing perspective.  Ask yourself what are your competitors doing? Ask yourself how will we be doing business 5 years from now?  Ten Years? Viewing things from an outsiders perspective may help you identify emerging trends and new technologies that may help you become more competitive.  The "new perspective" might even help you see new markets. 5. New Ideas. Try new ideas, especially low-risk ideas that involve process changes or ones that don't involve large capitol expenditures.  Ideas that increase productivity and/or cut costs should be first.  Ideas that cut costs to your client will help you keep that client.    Keeping a good client is way easier than getting a new one.  Be proactive, lower your clients costs where you can.  Understand that your competition is looking to take your market share (your clients).  Let your clients know, you value their business and you are looking for ways to save them money.

Innovation in the face of Adversity The role of innovation in business will increase in the future and how you implement new innovative products, practices or strategies will ultimately determine your value to your customers. Embrace innovation as part of your corporate culture not just for today, but every day.    For innovative ideas and approaches on how to cut your expenses, improve information access, and reduce your exposure to our slowing economy, contact SampleServe.com for a 20-minute meeting that will change your perspective.