Post #700: It’s Time For a New Plan and Action. You Have Waited Long Enough.

Yes, this downturn is tough to navigate. It is difficult to know exactly what to do, but you have waited long enough. It is time to act, meaningfully, decisively, with commitment, focus and a clear plan of attack.

Here are ten guidelines you must adhere to:

• You may have dabbled with downsizing, complaining that everyone who remains is crucial to your operation and you can get no smaller. Not true. It is all about productivity–increased productivity with fewer employees. It can be done. Do it now. Downsize drastically and then rebuild, go deeper than you have gone, more than you think you need to. That is the mission.

• You are waiting for the economy to repair itself and return to the economy of yesterday. IT WILL NOT RETURN. Stop dreaming, stop wasting time or using it as an excuse. You are wasting assets and resources. The economy will not return in the next five to ten years. Make good with what we have now. Learn to be profitable in today’s market conditions. Make appropriate changes NOW.

• Do your debt workout. The debt you took on when your revenues were higher is now unaffordable with reduced revenue. Debt forgiveness is the only cure. Lose the debt and win, keep the debt and die. There is little in between. No excuses, do it now.

• Reinvent your business. Reexamine every aspect of how you do business and with whom. Make changes to suit the current economy. Rethink your entire business model. Make it better. Be radical. Make changes that will work now, in the new economy. Change how you produce, distribute, serve, price, collect, etc.

• Use the internet–it is a must-do–and use it well. This includes blogs and videos, social networks and Web 2.0.

• Understand that the consumer vision and mission have changed drastically. Get in front of these changes and succeed; reflect these changes in your marketing and business model. If you remain the same, you will lose.

• Renegotiate everything. Everything.

• Remain attached to nothing.

• Force profitability.

• Remember, nothing is sacred.

Most important is your understanding and acceptance of the notion that action is critical. You cannot ignore what is happening and neglect to make the adjustments required to support success in this new economy. Failure to make changes will be fatal.

The times, they are a-changin’.  ~Bob Dylan

Get on the bus or be left behind. It’s your call.