Needless to say, a timely issue.

Among the ideas shared with our clients are the following seven (7) items:

1) First, change your thinking about the recession being a problem. As a number have suggested earlier companies should consider this a time of opportunity. I have heard it said "A recession is a terrible thing to waste." This is, in fact, a theme of an upcoming conference I am involved in with IMCNE.

2) Management (at all levels) needs to reaffirm their positions as the role models for the rest of their organizations. If management projects a pessimistic attitude in everything they do and say their employees will mirror that mindset. Alternatively, if management considers the current environment an opportunity to improve operations, build stronger customer, partner and supplier relations and improve internal processes (and they include employees in this improvement process) a more positive attitude will prevail and the company will be in a much better competitive position when the business environment improves.

3) As referenced above now is the time to look carefully and honestly at ALL internal processes and procedures and determine where are those that can be streamlined. Again, this needs to be an inclusive process; by inclusive, include employees in the improvement project.

4) More than ever before it is critical to identify your most important customers and contact them on a regular basis. These contacts should NOT be the basis for a sales call (unless that is truly warranted), but rather to see how they are doing. Identify who they are and contact them (face-to-face is optimal). This action will be rewarded.

5) Just as it is important to strengthen your relationships with your customers it is also important to strengthen your relationships with your key suppliers. Contact them and engage in a conversation about how they are doing and how you can support them.

6) In the financial area if your receivables are up, you might want to consider accepting (or promotoing the use of) credit cards for customer purchases. Have someone else be the collection agent. It will improve your cash flow.

7) Also in the financial area see where you can extend your payable cycle. Again, be careful that you don't hurt relationships with your key suppliers and partners with the practice.

Again, this is a time of opportunity. By implementing several of the above actions you will position your firm to better seize opportunities when the environment changes.

Submitted by John Wheeler, MS,Managing Partner at Wheeler Performance Group