Insights

Business Strategy: 5 Ways to Secure Your Business


Michael Fingland

Executive Director and CEO

In this week’s Vantage Performance podcast Michael Fingland says that typically only 5-10% of businesses will be planning ahead for an economic downturn. Those that do could easily come out on top when the economy recovers, simply by following a few simple rules on streamlining your business for maximum efficiency.

Michael talks to Phil Dobbie about the five steps you should take to secure your business:

1. Repositioning your brand
2. Diversifying your customer base
3. Paying down debts
4. Selling surplus or non-core assets
5. Having a plan B.

Companies that follow this approach will be surprised by the positive impact it can have on the team culture, offering employees greater peace of mind at a time when other businesses are struggling.

 

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My philosophy is that there is always a way to solve a crisis, as long as you’re engaged early enough.

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Cooperative leadership teams that develop prioritised actions to progress towards clear strategic objectives can achieve long-term business viability.