Business Article

 

7 Key Business Survival Tips By Dennis Sommer
CEO, Executive Business Advisers

These survival tips show how leading organizations successfully ride the dramatic ups and downs of the business cycle.

Surviving in a down business cycle and emerging as a smarter, leaner market leader requires an organization to cut costs wisely, while keeping strategic business units strong and retaining the best performing (valuable) employees.
Past experience shows that this simple strategy is very difficult to achieve when your organization faces declining cash flow, reduced budget, and the most common management cost cutting tactic, “staff cuts”.

The following survival tips have been proven time and again by the market leaders.

1. Stay Focused
Stay focused on your core competencies (what you do well). Determine which business units or products are your bread and butter and focus your efforts in that area.

2. Smart Expansion
When evaluating expansion into new markets, only evaluate the portion of the market space that applies to your organization. Do not over estimate potential opportunities based on the entire market.

3. Do Not Release Early
Make sure the product release is at the appropriate time. Do not try and create a market for your product before the customer market is ready.

4. Build On Your Strengths
Expand your business based on your organization and product strengths. Carefully plan your strategy and execute at the appropriate time.

5. Exploit Competitor Weaknesses
Target and exploit your competitors weaknesses.

6. Clean House
Always focus on reducing expenses and the bottom line whether is good times or bad. Always challenge your staff and keep the best performers.

7. Vendor Management
Review all your vendor contracts at least once a year, or better yet, ever quarter. Keep an eye out for unnecessary expenditures and erroneous invoices.

 


 

Meet – Dennis Sommer
   

Dennis Sommer – CEO, Executive Business Advisers

Dennis Sommer is a highly sought after business growth expert with over 25 years experience. His specialty is helping companies quickly improve business performance and sales revenue growth. Dennis provides deep functional and industry expertise to help companies overcome their key business challenges and build a roadmap for success.

Using his proven, copyrighted methodology, Dennis analyzes what you are doing today, recommends specific improvement action steps and helps you implement the changes needed to improve your business performance and revenue growth.  His areas of expertise include; strategic planning, sales, marketing, customer service, operations, technology, staff and leadership development.

Dennis’s business improvement and growth expertise has been featured in Entrepreneur magazine, New York Times, Fox News and many more.  

Dennis works with a diverse mix of product and professional service companies.  His clients include; large Fortune 1,000 global companies, medium size growth focused companies and small early stage specialty companies.  He works with family owned, private and public companies.  

Since 1985 Dennis has started three successful growth focused companies. A high-tech product company, a technology consulting firm and Executive Business Advisers.  Dennis is also founder of the EBA Business Success Network, an exclusive executive networking group.  

Dennis has held leadership level positions with: Accenture – a $22 billion global management consulting and technology services firm.  Computer Associates Inc. – a $4 billion enterprise software company.  LDA Systems – a $26 million regional IT consulting firm.  Jo-Ann Stores - a $1billion fabric and craft retailer.  

Dennis is also a highly sought after speaker and author.  He inspires, motivates and educates audiences with his keynotes, seminars and customized training workshops.  Dennis is an international author of 3 books and over 80 published articles on improving business and leadership performance.  

His latest best selling book is “Adviser Secrets – How to Become a Top Performer”.

 

 

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