CHARGE - what leaders should take on to make the best of an economic slowdown

"CHARGE" is what leaders should take on to make the best of an economic slowdown
(CopyRight 2009; Benjamin Goh, www.bensglobal.com)

C for Change is everywhere. Businesses have to be think of new ways to reduce cost and increase value. As such, offer a product or service or solution that will give far far greater value to your customers.

H for Hedging. Every investor can benefit by learning how to invest beyond stocks and bonds. A properly diversified portfolio that includes commodities can enhance return and reduce risk. Commodities can serve as a hedge against stock market and economic risk.

A for Acquisition and Mergers. There should be some really great deals during this time to expand your operations and market share through acquisition and merger, rather than organic growth. If you can afford it, go for it and if managed properly, will go a long way for your company's success in the future.

R for Resources Enhancement . Study your current inhouse human resource pool and re-structure your organization. This is the best time to employ the best resources at highly affordable rates. Many over-40s have been laid off and they find difficulty in getting a job during these economic downturn. Employ these people and paying them with a fixed salary and a variable salary that is dependent on the profitability of the company is but one way to entice these people to put in their very best.

G for Greater Value. Although this is not naturally true for all things, it is true for most things. As such, this is the best time to buy into real estate or essential equipment, etc., whatever that is needed to bring the company to the next competitve advantage level which was not possible before due to much higher prices.

E for Exploit Marketing. This is the best time to work on good PR (Public Relations) and showcase your value add to the market as well as your optimism about the market potential. Media loves to highlight the opposite of trends.