5 Things Companies Should Do in a Slow Economy

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5 Things Companies Should Do in a Slow Economy Gede Manggala

Transcript of 5 Things Companies Should Do in a Slow Economy

Page 1: 5 Things Companies Should Do in a Slow Economy

5 Things Companies Should Doin a Slow Economy Gede Manggala

Page 2: 5 Things Companies Should Do in a Slow Economy

Not so much to do?

Not really.

During a slow economy orwhen sales is low, there aresome opportunities thatcompanies could do.

Here are 5 things to do.

Notes:

Cutting  coffee  supplies  OR

headcounts  are  not  on  this

recommendation  list

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1. Deep Learning onCompany's Financial Data

It's time to challenge your mostbrilliants talents and the brightestmanagers to jump deep dive onyour company's financial data.

Is every customer profitable?What % of your customerscontributes to 80% of the company'sprofit?Were the marketing expenses worththe past 3 years growth?

"Customer" term here could be replacedwith branch, area, oil/gas well, product, etc.

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2. Housekeeping

Go out. Visit your factories andworkshops. Go to the fields.

Managers, supervisors,employees: roll your sleeve.

It's time to do housekeeping andorganised your machines,equipments, tools, inventories.

Sort the needed and the unneededitems.Organize them for easy access andusage. If painting is too expensive, justclean them

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3. Take Care the SOP

Are they up-to-date tothe processes in thefield?How do we measureand track?Does the SOPs havesimple work instructionor checklist?Could we refresh theSOP for our employees;and including "tell,show, and illustrate" theprocedures?Does any procedureneed revision?

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4. Encourage Knowledge Sharing & Cross-TrainingThis is the perfect time to understand the big picture.

Marketing-Design-Engineering-Production-Supply Chain Management toconduct knowledge sharing sessions; even better, create a cross-trainingprogram. Understand the end-to-end process of your company.

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5. Support Creative and Inexpensive Activities

Ask the millennials inyour companies to leadthis.

Family GatheringMini Olympics Hackathon etc(as long as it's fun andnot expensive)

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The period of a slow business could be a greatopportunity for us to prepare for the upcoming fast race.

Let's do it.

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Lead consultant of Edraflo, a business process design & improvement firm

edraflo.com

Gede Manggala


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