The Power of 7
18-Dec-2008
The average human can remember groups of 7 things in their short term memory
When people are asked to choose a number between 1 and 10, the most popular choice is 7 - all over the world.
7 is a number that appears in nearly every facet of human life.
7 days in a week
7 wonders of the world
7 rows of elements in the periodic table
7 colours make up white light (red, orange, yellow, green, blue, indigo and violet)
7 deadly sins
7 chakras.
7 notes in the music scale.
7 digit phone numbers (excluding area codes)
With that in mind, here are 7 tips from RESULTS.com for riding out a business recession
- ZERO-BASED THINKING. If you had to start over again would you still be doing this activity? If not - stop it now.
- FOCUS ON YOUR CORE. Focus your resources on your core strengths, your most profitable products & customers. Refine your marketing to directly target & compel your core customers.
- CULL NON-CORE unprofitable activities. Cull unprofitable clients and bad payers.
- FINANCIAL CONTROL - improve your expense controls, stock controls, and debtor controls.
- COMMUNICATE your financial position and financial goals with the staff (especially profit and liquidity). Help them think like business owners.
- MAINTAIN MARKETING - Studies show that businesses who sustain their marketing spend in tough times, have 5 times the profit growth when the economy recovers than companies that cut their spend. Measure your Return on Investment and target your marketing spend accordingly.
- EMPLOYEE ENGAGEMENT - use employee engagement tools like the Gallup Q12 to keep good staff and increase their individual productivity. “Free up the future” of unproductive, disengaged staff.
Chief Operating Officer - Global Operations - RESULTS.com
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