Successful Business… In a Tough Economic Climate… Is it Possible ? Created by Frank Choriego, Wichita State University SBD...
Understanding the Global Economy <ul><li>Technology and Globalization </li></ul><ul><li>Desire for immediacy </li></ul><ul...
Is it going to get better? How? When?
What should I do NOW? <ul><li>Get Strategic </li></ul><ul><li>Become Deliberate </li></ul><ul><li>Develop Critical Thinkin...
How and Why? <ul><li>To Become… </li></ul><ul><li>To Remain… </li></ul><ul><li>To Be More… </li></ul><ul><li>PROFITABLE </...
So What are the Steps? <ul><li>Develop Goals and Objectives </li></ul><ul><li>Develop an Inventory of Resources </li></ul>...
Steps continued… <ul><li>Resources, Competencies and Competitive Advantages </li></ul><ul><ul><li>Superior Product </li></...
Steps continued… <ul><li>Strategy Development </li></ul><ul><ul><li>Maximize Strengths </li></ul></ul><ul><ul><li>Minimize...
Steps continued… <ul><li>Strategy Selection and Implementation </li></ul><ul><ul><li>Is the strategy implementable? </li><...
Steps continued… <ul><li>Evaluating and Redirecting </li></ul><ul><ul><li>Use the “yardstick” </li></ul></ul><ul><ul><li>I...
What else? <ul><li>Don’t be shy…ask for help if you need it. Who can help? </li></ul><ul><li>Suppliers </li></ul><ul><li>B...
THANK   YOU
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Tough Economic Climate

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Tough Economic Climate

  1. 1. Successful Business… In a Tough Economic Climate… Is it Possible ? Created by Frank Choriego, Wichita State University SBDC, Feb. 2009
  2. 2. Understanding the Global Economy <ul><li>Technology and Globalization </li></ul><ul><li>Desire for immediacy </li></ul><ul><ul><li>Products </li></ul></ul><ul><ul><li>Services </li></ul></ul><ul><ul><li>Lifestyles </li></ul></ul><ul><ul><li>Profits </li></ul></ul>
  3. 3. Is it going to get better? How? When?
  4. 4. What should I do NOW? <ul><li>Get Strategic </li></ul><ul><li>Become Deliberate </li></ul><ul><li>Develop Critical Thinking Skills </li></ul>
  5. 5. How and Why? <ul><li>To Become… </li></ul><ul><li>To Remain… </li></ul><ul><li>To Be More… </li></ul><ul><li>PROFITABLE </li></ul>
  6. 6. So What are the Steps? <ul><li>Develop Goals and Objectives </li></ul><ul><li>Develop an Inventory of Resources </li></ul><ul><ul><li>Strengths </li></ul></ul><ul><ul><li>Weaknesses </li></ul></ul><ul><li>Identify Environmental Conditions </li></ul><ul><ul><li>Opportunities </li></ul></ul><ul><ul><li>Threats </li></ul></ul>
  7. 7. Steps continued… <ul><li>Resources, Competencies and Competitive Advantages </li></ul><ul><ul><li>Superior Product </li></ul></ul><ul><ul><li>Superior Technology </li></ul></ul><ul><ul><li>Superior Innovation </li></ul></ul><ul><ul><li>Superior Customer Responsiveness </li></ul></ul>
  8. 8. Steps continued… <ul><li>Strategy Development </li></ul><ul><ul><li>Maximize Strengths </li></ul></ul><ul><ul><li>Minimize Weaknesses </li></ul></ul><ul><ul><li>Take Advantage of Opportunities </li></ul></ul><ul><ul><li>Avoid Threats </li></ul></ul>
  9. 9. Steps continued… <ul><li>Strategy Selection and Implementation </li></ul><ul><ul><li>Is the strategy implementable? </li></ul></ul><ul><ul><li>Can I afford to implement? </li></ul></ul><ul><ul><li>Do I have time to implement it? </li></ul></ul><ul><ul><li>Can I measure results? </li></ul></ul><ul><ul><li>Budgets, Time Lines and Milestones </li></ul></ul>
  10. 10. Steps continued… <ul><li>Evaluating and Redirecting </li></ul><ul><ul><li>Use the “yardstick” </li></ul></ul><ul><ul><li>If it doesn’t measure up… figure out why, quickly – fix it or ditch it… </li></ul></ul><ul><ul><li>If it works…can I do more of it? </li></ul></ul><ul><ul><li>Go back to number 1 Every 12 to 18 months </li></ul></ul><ul><ul><li>Deliberate, Strategic, Critical Thinker </li></ul></ul>
  11. 11. What else? <ul><li>Don’t be shy…ask for help if you need it. Who can help? </li></ul><ul><li>Suppliers </li></ul><ul><li>Bankers </li></ul><ul><li>Government – Local, Regional, Federal </li></ul><ul><li>Customers </li></ul><ul><li>Employees </li></ul>
  12. 12. THANK YOU

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