Note: Running Fridays in FromGregsHead.com, is a continuing series of tips brought to you by Greg Price. These run Saturday mornings during the BusinessMaker’s Radio Show on KPRC 950AM. Audio files can be found on the PKF Texas – Entrepreneur’s Playbook® page of the PKF Texas website.
In this recession environment great ideas are plentiful, but that’s all they are if you do not have relevant, timely, and accurate information to make solid business decisions and execute strategy. It’s best to focus not only ideas during a recession, but those that make good business sense every day.
We like to advise our clients to follow R3-Retool, Retrain and Retain your personnel. With this mindset you can get the information you need to make the right decisions each day. Our recommendations include:
1. Improve or fully use what you already have
2. Re-evaluate internal processes to trim waste
3. Invest in additional systems training for your users
4. Assess how technology will improve your company
5. Leverage your intellectual capital, and
6. Adjust your spending
Here’s the best part, your employees through all types of social media are now globally connected to their friends, and, your competitors more than ever. If you are not showing them you are invested in their success, they will leave taking all the experience right out the door with them.
Keep your employees; use R3 to show them you are invested in their success. As Jimmie Johnson, former Head Football Coach of the Dallas Cowboys once said, “Let’s turn this thing around.”