With mixed economic news arriving daily, it’s difficult to know just how soon the economy will recover. In the meantime, therefore, it’s likely best for carriers to continue to implement the tools and tactics to best position for success when the recovery does occur.
Here are the top five ways to come out of the recession stronger than ever:
1. Resist the urge to add more people and equipment as business picks up
a. Instead, enhance in the efficiency and profitability of existing physical and human assets by investing in the right tools. During the recession, these improvements will help organizations weather the storm. After the recovery, they will result in dramatically improved profitability.
2. As the recession has forced us all to operate “leaner,” gather some metrics on your organization’s performance during these lean times and use the data as a baseline for future comparisons.
3. Measure performance, not revenue, over the last few years. The recession has eroded revenues both in new business and existing business that you were forced to discount, and thus these revenue numbers are not a good measuring stick for performance.
a. Instead, use measurements like stops per mile, stops per day, and/or miles per day that remain relevant regardless of swings in revenue.
4. Focus on recent successes, not on the dismal results of the last few quarters. We’re all bombarded day in and day out with bad economic news. People are worried about losing their jobs, paying their bills, and their financial futures. Give them some hope. Encourage them to keep going and that things are getting better.
5. If your organization forced employees to take wage concessions, give them the money back as soon as you can. This shows them you are in this together and will develop a stronger team atmosphere. Your people are your best resource.
Some of these tips are fertile ground for future post, of course. Check back for more on how to leverage your recession-era efforts for the most success in tomorrow’s stronger economy.
With mixed economic news arriving daily, it’s difficult to know just how soon the economy will recover. In the meantime, it’s likely best for carriers to continue to implement the tools and tactics that position them for success when the recovery does occur.
