Surviving the Recession
2 May, 2009 in Uncategorized
We conducted a brainstorming session in a local industry association on ‘Surviving the Recession’. The results were very interesting. Some of them can be tweaked and applied to your travel and hospitality businesses:
1. Focus Area: Internal Cost Cutting
reduce rejections.
give department wise targets.
use email v/s telephone
relook at process
do a time study to put standards in place
consider collective bargaining
innovate
collaborate (eg: washing powder manufacturer transporting goods in collaboration with a storage tank manufacturer)
2. Focus Area: Reprioritize Consumer Segments
all segments have not been equally hit
supply to the government
redefine business (eg: struggling carpainter transforming into a profitable coffin maker)
identify your own strength
3. Focus Area: Technology
use google and other search engines effectively
use IT in operations to save money and add value
invest in a CRM
use google docs – its good, its free
4. Focus Area: HR
great time to hire good people
invest in training
provide growth opportunities for existing people
use (free) training videos to save
implement 5S
