5 Things Companies Should Do
in a Slow Economy
Not so much to do?
During a slow economy or
when sales is low, there are
some opportunities that
companies could do.
Here are 5 things to do.
Cutting coffee supplies OR
headcounts are not on this
1. Deep Learning on
Company's Financial Data
It's time to challenge your most
brilliants talents and the brightest
managers to jump deep dive on
your company's financial data.
Is every customer profitable?
What % of your customers
contributes to 80% of the company's
Were the marketing expenses worth
the past 3 years growth?
"Customer" term here could be replaced
with branch, area, oil/gas well, product, etc.
Go out. Visit your factories and
workshops. Go to the fields.
employees: roll your sleeve.
It's time to do housekeeping and
organised your machines,
equipments, tools, inventories.
Sort the needed and the unneeded
Organize them for easy access and
If painting is too expensive, just
3. Take Care the SOP
Are they up-to-date to
the processes in the
How do we measure
Does the SOPs have
simple work instruction
Could we refresh the
SOP for our employees;
and including "tell,
show, and illustrate" the
Does any procedure
4. Encourage Knowledge Sharing & Cross-Training
This is the perfect time to understand the big picture.
Marketing-Design-Engineering-Production-Supply Chain Management to
conduct knowledge sharing sessions; even better, create a cross-training
program. Understand the end-to-end process of your company.
5. Support Creative and Inexpensive Activities
Ask the millennials in
your companies to lead
(as long as it's fun and
The period of a slow business could be a great
opportunity for us to prepare for the upcoming fast race.
Let's do it.
Lead consultant of Edraflo, a business process design & improvement firm